2015 Maryland Code
INSURANCE
Title 10 - REGULATION OF INSURANCE PROFESSIONS
Subtitle 2 - ADVISERS
§ 10-201 - Definitions

(a) In general. -- In this subtitle the following words have the meanings indicated.

** REVISOR'S NOTE

This subsection is new language used as the standard introductory language to a definition section.

(b) Adviser. -- "Adviser" means a person that, for compensation:

(1) examines or offers to examine a policy, annuity contract, or pure endowment contract for the purpose of giving, or gives or offers to give, advice or information about:

(i) the terms, conditions, benefits, coverage, or premium of a policy, annuity contract, or pure endowment contract; or

(ii) the advisability of changing, exchanging, converting, replacing, surrendering, continuing, or rejecting a policy, annuity contract, or pure endowment contract or of accepting or procuring a policy, annuity contract, or pure endowment contract from an insurer; or

(2) represents to the public that the person gives or is engaged in the business of giving advice or information to holders of policies or annuity contracts by use of the title "insurance adviser", "insurance specialist", "insurance counselor", "insurance analyst", "policyholders' adviser", "policyholders' counselor", "refund company", or other similar title:

(i) in or on advertisements, cards, signs, circulars, letterheads, or elsewhere; or

(ii) in any other manner in which public announcements are made.

** REVISOR'S NOTE

This subsection is new language derived without substantive change from the first sentence of former Art. 48A, § 182(b), except as it related to who is not deemed an insurance adviser.

** REVISOR'S NOTE

In the introductory language of this subsection, the word "compensation" is substituted for the former words "money, fee, commission or any other thing of value" for brevity and to conform to other comparable provisions of this article.

** REVISOR'S NOTE

In items (1) and (2) of this subsection, the former words "counsel" and "recommendation" are deleted as unnecessary in light of the word "advice".

** REVISOR'S NOTE

In item (1)(ii) of this subsection, the former word "expediency" is deleted as unnecessary in light of the word "advisability".

** REVISOR'S NOTE

Also in item (1)(ii) of this subsection, the former word "altering" is deleted as unnecessary in light of the word "changing".

** DEFINED TERMS:

"Annuity contract" § 1-101

** DEFINED TERMS:

"Insurance" § 1-101

** DEFINED TERMS:

"Insurer" § 1-101

** DEFINED TERMS:

"Person" § 1-101

** DEFINED TERMS:

"Policy" § 1-101

** DEFINED TERMS:

"Premium" § 1-101

**

(c) License. -- "License" means a license issued by the Commissioner to act as an adviser.

REVISOR'S NOTE

This subsection is new language added to avoid repetition of phrases such as "license issued by the Commissioner to act as an adviser".

REVISOR'S NOTE

Occasionally, the term "licensee" is used in this title for "licensed adviser". Since "license" is defined in this subsection, "licensee" need not be defined separately.

"Adviser" § 10-201

"Commissioner" § 1-101