Chapter 10. Advisers
Regulation .01 Definitions.LinkCopy Citation
A.
In this chapter, the following terms have the meanings indicated.
B.
Terms Defined.
(1)
“Adviser” has the meaning stated in Insurance Article, §10-201(b), Annotated Code of Maryland.
(2)
“Licensed insurance producer” has the meaning stated in Insurance Article, §1-101(w), Annotated Code of Maryland.
Regulation .02 Representation by Member of Trade Association.LinkCopy 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.
Chapter annotations
Authority: Insurance Article, §§2-109, 10-202, and 10-203, Annotated Code of Maryland
History: Effective date: January 21, 2002 (29:1 Md. R. 26)