1. A. In General. A settlement offer made by an insurer pursuant to Regulation .04 of this chapter shall:

   1. (1) State the amount being offered;

   2. (2) Inform the claimant that, on request from the claimant, the insurer shall provide the claimant in writing:

      1. (a) A copy of the settlement offer;
      2. (b) The method used to arrive at the value of the motor vehicle, including identification of any books, manuals, or databases used;
      3. (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;
      4. (d) A list of all deductions that will be made from the value of the motor vehicle; and
      5. (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. (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.
2. 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.

Authority: Insurance Article, §27-304.1, Annotated Code of Maryland

Effective date: July 5, 2004 (31:13 Md. R. 996)

Regulation .01 amended effective March 24, 2008 (35:6 Md. R. 702)