MARYLAND INSURANCE ADMINISTRATION
JUNE 24, 2004
From a register of Home Office complaints, the examiners identified 6 transactions that were misrepresentations in violation of COMAR 31.09.05.10B Unfair Trade Practices because “an agent, broker or insurer recommends the replacement or conservation of an
existing policy by use of an inaccurate presentation or contract’s premiums, benefits, dividends, or values.” identified 15 transactions that were replacements as defined
of an existing
were not processed as such 31.09.05 for not processing
the Company. The Company is replacements as required by law
in violation of (page 31-32).
Examiners referred certain cases to The Agency Enforcement Unit of the Administration to investigate misrepresentation and replacement occurrences that led to the signing of 3 Consent Orders by 3 agents for violations of:
Section 10-126(a)(1) and (11) of the Insurance Article, for not completing the required notices regarding replacement and Code of Maryland Regulations (“COMAR”)
, and Section 10-126(a) (4), (5), (6), (12) and (13) of the Insurance Article.
Section 10-126(a) (5) for willfully and materially misrepresenting the provisions of a
Section 10-126(a) (4), (5), (6), (12) and misappropriating and dishonest practices (page 34).
MET LIFE REPORT NO. 786-01