Md. Code Regs. 31.15.12.05

Current through Register Vol. 51, No. 25, December 13, 2024

Section 31.15.12.05 - Contents of Settlement Offer

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.

Md. Code Regs. 31.15.12.05