Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 03 - INSURANCE PRODUCERS AND OTHER INSURANCE PROFESSIONALS
Chapter 31.03.14 - Notice of Payment Options When Premium Financing is Offered
Section 31.03.14.04 - Notice of Payment Options
Universal Citation: MD Code Reg 31.03.14.04
Current through Register Vol. 51, No. 19, September 20, 2024
A. With respect to property and casualty insurance policies, an insurance producer may not finance an insurance premium unless the insurance producer first makes a disclosure to the applicant or insured that:
(1) Provides the applicant or insured with a comparison of the costs and terms of the premium finance agreement with the insurer's alternative payment plan or plans, if the insurer offers an alternative; and
(2) Is signed by the applicant or insured.
B. The disclosure required by §A of this regulation shall:
(1) State the total amount to be paid by the applicant or insured under the premium finance agreement during the policy term, including premium, any down payment, and all interest, fees, and charges incident to the premium finance agreement and resulting extension of credit; and
(2) State the total amount to be paid by the applicant or insured under the insurer's alternative payment plan or plans during the policy term, including premium, any down payment, and all fees and charges incident to the alternative payment plan or plans.
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