Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 15 - UNFAIR TRADE PRACTICES
Chapter 31.15.12 - Valuation of Motor Vehicles
Section 31.15.12.05 - Contents of Settlement Offer
Universal Citation: MD Code Reg 31.15.12.05
Current through Register Vol. 51, No. 19, September 20, 2024
A. In General. A settlement offer made by an insurer pursuant to Regulation .04 of this chapter shall:
(1) State the amount being offered;
(2) Inform the claimant that, on request from the claimant, the insurer shall provide the claimant in writing:
(a) A copy of the settlement offer;
(b) The method used to arrive at the value of the motor vehicle, including identification of any books, manuals, or databases used;
(c) A detailed explanation of the insurer's calculation of the motor vehicle's total loss value, including the calculation of any value added to the motor vehicle by options;
(d) A list of all deductions that will be made from the value of the motor vehicle; and
(e) A copy of the inspection guidelines relied on by the insurer to determine the condition of the vehicle at the time of the loss; and
(3) Inform the claimant that the claimant may, in writing, reject the settlement offer and make a counteroffer in accordance with Regulation .06 of this chapter.
B. If a claimant makes a request under §A(2) of this regulation, the insurer shall provide a response within 7 business days of the date of the request.
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