1. A. In General. After receipt of a settlement offer, a claimant may:

   1. (1) Accept the offer; or

   2. (2) In writing, reject the offer and make a counteroffer based on:

      1. (a) Dealer quotations for a substantially similar motor vehicle;
      2. (b) Advertisements for a substantially similar motor vehicle; or
      3. (c) Any other source of valuation for a substantially similar motor vehicle.
2. B. Duty of Insurer. If an insurer rejects a claimant's counteroffer made pursuant to §A(2) of this regulation, the insurer shall, within 5 business days, send to the claimant a written explanation in clear and understandable language of why the information relied on by the claimant in the counteroffer does not provide a more accurate valuation than the information relied on by the insurer in its offer.

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)