A public adjuster who receives, accepts, or holds any funds on behalf of an insured toward the settlement of a claim for loss or damage shall deposit the funds in a noninterest–bearing escrow or trust account in a financial institution that is federally insured in the public adjuster’s home state or where the loss occurred.
Structure Maryland Statutes
Title 10 - Regulation of Insurance Professions
Section 10-402 - Scope of Subtitle
Section 10-403 - License Required
Section 10-404 - Qualifications of Applicants
Section 10-405 - Applications for Initial Licenses
Section 10-406 - Issuance of License
Section 10-408 - Term and Renewal of License
Section 10-408.1 - Reinstatement of License
Section 10-409 - Waiver of License Requirement for Nonresident
Section 10-409.1 - Prohibited Inducements
Section 10-410 - Denials, Suspensions, Revocations, and Refusals to Renew
Section 10-411 - Public Adjuster Contracts
Section 10-412 - Deposit of Settlement Funds