Md. Code Regs. 31.03.10.02

Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.03.10.02 - Representation by Member of Trade Association

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.

Md. Code Regs. 31.03.10.02