PARRIS N. GLENDENING, Governor

Ch. 36

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.

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.

In items (1) and (2) of this subsection, the former words "counsel" and
"recommendation" are deleted as unnecessary in light of the word "advice¹".

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

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

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