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Maryland Enacts Comprehensive Public Adjuster Legislation ~ Article written by Holly K. Soffer, Esquire

Maryland HB 136 was enacted on April 11, 2017, and takes effect on January 1st 2018.

This new law, enacted after gathering data from public meetings with industry representatives and the Maryland Insurance Administration, makes sweeping changes to the Maryland Public Adjuster Act.  For the most part, Maryland adopted provisions of the NAIC Model Act, with variations that “Marylandize” that Act, establish parity with other licensed insurance professionals in Maryland, and ensure consumer protection. AAPIA is proud to have testified in favor of this legislation.

Among the many changes to the law are:

·         new definitions that mirror the Model Act

·         new and modern licensing procedures, allowing for reciprocity with other states

·         ethical requirements that follow the Model Act

·         conflict of interest disclosure requirements, again using Model Act provisions

·         major changes to required contract terms and disclosures in the contract

·         establishment of rules regarding holding funds in escrow

·         other minor provisions following the Model Act

If you are licensed in Maryland, be on notice that your current contract may not be compliant with the new law, especially all of the new disclosure requirements.  

Article written by Holly K. Soffer, Esquire