Plain Text Law

Regulation .02 Representation by Member of Trade Association.

Regulation .02 Representation by Member of Trade Association.Copy Citation

A.
In General. A person is not required to be licensed as an adviser under Insurance Article, §10-203, Annotated Code of Maryland, in order to represent to the public that the person is a member of a trade association or similar organization that uses the term “insurance adviser” or a similar term in the name of the association or organization if the person:
(1)
Is a member in good standing of the trade association or similar organization at the time that the person makes the representation;
(2)
Does not otherwise act as an adviser or represent that the person is an adviser; and
(3)
Makes the representation in accordance with the requirements of §B of this regulation.
B.
Manner of Representation. A person who otherwise qualifies to make a representation under §A of this regulation may make the representation only if the person:
(1)
Expressly qualifies the representation by use of a disclaimer such as “not a licensed insurance adviser” or, if the person is a licensed insurance producer, “licensed insurance producer only”; or
(2)
Makes the representation:
(a)
During a meeting of the trade association or similar organization held for the purpose of conducting the association's or organization's general business activities;
(b)
In a newspaper, newsletter, e-mail, or similar publication or electronic communication that is intended to be distributed only to members of the trade association or similar organization;
(c)
While soliciting a person to become a member of the trade association or similar organization; or
(d)
During an approved continuing education class for licensed insurance producers.
C.
Manner of Disclaimer. A person who is required to make a disclaimer under §B(1) of this regulation shall make the disclaimer:
(1)
At the same time and in the same medium as the representation; and
(2)
If the representation is made in writing, on the same document or screen close to the representation.