reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  16-408 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 4 - Annuity and Pure Endowment Contract Provisions|Section 16-408 - Required Provisions for Reversionary Annuity Contracts

    (a)    A contract for a reversionary or survivorship annuity may not be delivered or issued for delivery in the State unless it contains in substance each provision required by this section.    (b)    (1)    Except as provided in paragraph (2) of this subsection, each contract for a reversionary or survivorship annuity shall include each provision specified in §§ 16-402 through 16-406 of this subtitle.        (2)    As to the provision required by § 16-402(d) of this subtitle, the insurer may provide for an equitable reduction of the amount of annuity payments in settlement of an overdue payment instead of providing for deduction of payments from an amount payable on settlement under the contract.    (c)    Each contract for a reversionary or survivorship annuity shall contain a provision that the contract may be reinstated within 3 years after the date of default in making stipulated payments to the insurer, on:        (1)    the production of evidence of insurability satisfactory to the insurer; and        (2)    (i)    the payment of all overdue payments and any indebtedness to the insurer on the contract with interest at a rate specified in the contract not exceeding 6% per year compounded annually; or            (ii)    the reinstatement as indebtedness on the contract of the amount stated in item (i) of this item, if this amount is within the limits allowed by the then cash value of the contract.    (d)    (1)    This section does not apply to group annuities or to annuities included in policies of life insurance.        (2)    To the extent that a provision required by this section does not apply to a single premium annuity, the provision need not be incorporated in the contract.
MD. Insurance Code Ann. §  16-409 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 4 - Annuity and Pure Endowment Contract Provisions|Section 16-409 - Rider or Supplemental Contract Provision

    An annuity contract may include a rider or supplemental contract provision that offers a contract holder reimbursement or payment for long–term home health care or long–term care in a nursing home or other related institution:        (1)    instead of or in addition to the annuity benefits payable under the contract; or        (2)    instead of all or part of the cash surrender or other nonforfeiture value of the contract.
MD. Insurance Code Ann. §  16-501 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 5 - Maryland Standard Nonforfeiture Law for Individual Deferred Annuities|Section 16-501 - Scope of Subtitle

    This subtitle does not apply to:         (1)    reinsurance;        (2)    a group annuity purchased under a retirement plan or deferred compensation plan established or maintained by an employer, including a partnership or sole proprietorship, or employee organization, or by both, other than a plan that provides individual retirement accounts or individual retirement annuities under § 408 of the Internal Revenue Code;        (3)    a premium deposit fund;        (4)    a variable annuity;        (5)    an investment annuity;        (6)    an immediate annuity;        (7)    a deferred annuity contract after annuity payments have begun;        (8)    a reversionary annuity; or        (9)    an annuity contract that is delivered outside the State through an insurance producer or other representative of the insurer issuing the contract.
MD. Insurance Code Ann. §  16-502 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 5 - Maryland Standard Nonforfeiture Law for Individual Deferred Annuities|Section 16-502 - Operative Date of Subtitle

    The operative date of this subtitle is:         (1)    a date from July 2, 1980, to June 30, 1982, both inclusive, as specified by the insurer if the insurer filed with the Commissioner written notice of an election to comply with this subtitle on a date before July 1, 1982; or        (2)    July 1, 1982.
MD. Insurance Code Ann. §  16-505 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 5 - Maryland Standard Nonforfeiture Law for Individual Deferred Annuities|Section 16-505 - Paid-Up Annuity Benefits

    (a)    Any paid-up annuity benefit available under an annuity contract shall be:        (1)    the present value of the annuity benefit on the date annuity payments are to begin; and        (2)    at least the minimum nonforfeiture amount on that date.    (b)    The present value shall be calculated using any mortality table and the interest rate specified in the annuity contract to determine minimum paid-up annuity benefits guaranteed in the contract.
MD. Insurance Code Ann. §  16-506 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 5 - Maryland Standard Nonforfeiture Law for Individual Deferred Annuities|Section 16-506 - Contracts With Cash Surrender Benefits

    (a)    This section applies only to annuity contracts that provide cash surrender benefits.    (b)    Cash surrender benefits available before maturity under an annuity contract may not be less than the remainder of:        (1)    the present value as of the surrender date of the part of the maturity value of the paid-up annuity benefit that would be provided at maturity from considerations paid before the surrender date and any existing additional amount credited by the insurer to the contract; less        (2)    the appropriate amount that reflects prior withdrawals from or partial surrenders of the contract and any indebtedness to the insurer on the contract, including interest due and accrued.    (c)    The present value under subsection (b)(1) of this section shall be calculated using an interest rate not more than 1% higher than the interest rate specified in the contract for accumulating net considerations to determine the maturity value.    (d)    (1)    A cash surrender benefit may not be less than the minimum nonforfeiture amount at the time of surrender.        (2)    A death benefit under a contract subject to this section shall equal at least the cash surrender benefit.
MD. Insurance Code Ann. §  16-507 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 5 - Maryland Standard Nonforfeiture Law for Individual Deferred Annuities|Section 16-507 - Contracts Without Cash Surrender Benefits

    (a)    This section applies only to annuity contracts that do not provide cash surrender benefits.    (b)    The present value of a paid-up annuity benefit available as a nonforfeiture option before maturity may not be less than the sum of:        (1)    the present value of that part of the maturity value of the paid-up annuity benefit under the annuity contract from considerations paid before the contract is surrendered for or changed to a deferred paid-up annuity; and        (2)    any existing additional amount credited by the insurer to the contract.    (c)    (1)    The present value under subsection (b)(1) of this section shall be calculated for the period before the maturity date using an interest rate specified in the annuity for accumulating the net considerations to determine the maturity value.        (2)    If the contract does not provide a death benefit before the start of annuity payments, the present value shall be calculated using the interest rate and mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit.    (d)    The present value of a paid-up annuity benefit may not be less than the minimum nonforfeiture amount at the time of surrender.
MD. Insurance Code Ann. §  16-508 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 5 - Maryland Standard Nonforfeiture Law for Individual Deferred Annuities|Section 16-508 - Contracts With Optional Maturity Dates

    (a)    This section applies to a determination of the benefits calculated under § 16-506 or § 16-507 of this subtitle for an annuity contract that allows an election to have annuity payments begin at optional maturity dates.    (b)    The maturity date of an annuity contract described in subsection (a) of this section shall be deemed to be the latest date for which an election is allowed under the contract, but may not be later than the later of the contract anniversary immediately following the annuitant’s 70th birthday or the tenth anniversary of the contract.
MD. Insurance Code Ann. §  16-509 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 5 - Maryland Standard Nonforfeiture Law for Individual Deferred Annuities|Section 16-509 - Miscellaneous Calculation Provisions

    (a)    Any paid-up annuity, cash surrender, or death benefits available at any time other than on a contract anniversary under an annuity contract with fixed scheduled considerations shall be calculated with an allowance for the lapse of time and the payment of any scheduled considerations after the start of the contract year in which payment of considerations stops.    (b)    (1)    This subsection applies only to an annuity contract that provides by rider or supplemental contract provision both annuity benefits and life insurance benefits that exceed the greater of:            (i)    the cash surrender benefits; or            (ii)    a return of the gross considerations with interest.        (2)    The minimum nonforfeiture benefits shall:            (i)    be calculated separately as if the annuity benefits and life insurance benefits were provided under separate contracts; and            (ii)    equal the sum of:                1.    the minimum nonforfeiture benefits for the annuity part of the contract; and                2.    the minimum nonforfeiture benefits for the life insurance part of the contract.    (c)    Notwithstanding this section and §§ 16-505 through 16-508 of this subtitle, the following supplemental benefits and considerations for the benefits shall be disregarded when calculating the minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits required under this subtitle:        (1)    benefits payable for total and permanent disability;        (2)    benefits payable as reversionary annuity or deferred reversionary annuity benefits; or        (3)    other policy benefits additional to life insurance, endowment, and annuity benefits.    (d)    Additional benefits under subsection (c) of this section need not be included in any paid-up benefits unless the additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits.
MD. Insurance Code Ann. §  16-510 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 5 - Maryland Standard Nonforfeiture Law for Individual Deferred Annuities|Section 16-510 - Short Title

    This subtitle is the Maryland Standard Nonforfeiture Law for Individual Deferred Annuities and shall be interpreted in a manner consistent with the Standard Nonforfeiture Model Law for Individual Deferred Annuities published by the National Association of Insurance Commissioners.
MD. Insurance Code Ann. §  16-601 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 6 - Variable Contracts|Section 16-601 - Authority to Issue Variable Contracts

    (a)    (1)    A stock insurer or mutual insurer may issue individual and group variable life insurance contracts that provide for payment varying directly with the investment experience of a segregated asset account if the stock insurer or mutual insurer:            (i)    is authorized to issue life insurance contracts in the State; and            (ii)    is authorized by the Commissioner to issue individual and group variable life insurance contracts.        (2)    A stock insurer or mutual insurer may issue individual and group variable annuity contracts that provide for payment varying directly with the investment experience of a segregated asset account if the stock insurer or mutual insurer:            (i)    is authorized to issue annuity contracts in the State; and            (ii)    is authorized by the Commissioner to issue individual and group variable annuity contracts.    (b)    To be authorized to issue variable contracts, a stock insurer or mutual insurer shall comply with regulations adopted by the Commissioner.    (c)    The regulations of the Commissioner may include:        (1)    requirements for a minimum capital and surplus in excess of the amount otherwise required for the issuance of life insurance contracts and annuity contracts that are not variable contracts; and        (2)    other requirements that the Commissioner considers appropriate to safeguard the interests of variable contract holders, other policyholders, insurers, and the public.
MD. Insurance Code Ann. §  16-602 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 6 - Variable Contracts|Section 16-602 - Investments of Segregated Asset Accounts

    (a)    (1)    A segregated asset account may invest in any investments contractually permitted for the segregated asset account and specified in a plan of operation, and the restrictions, limitations, and other provisions of this article relating to investments shall not apply to the investments contained in the segregated asset account, provided that prior to delivery or issuance for delivery in the State, the form of the policy or annuity contract and the plan of operation have been filed with and approved by the Commissioner.        (2)    Preferred and common stock investments of amounts allocated to a segregated asset account may not be included in applying the 10% limitations under § 5–511(f) of this article.    (b)    The investments of a segregated asset account shall comply with the regulations of the Commissioner.    (c)    To the extent provided under the applicable contracts, the part of the assets of a segregated asset account equal to the reserves and other contract liabilities with respect to the account may not be chargeable with liabilities arising out of any other business that the insurer may conduct.
MD. Insurance Code Ann. §  16-603 (2021)
2021 Maryland Statutes|Insurance|Title 16 - Life Insurance and Annuities|Subtitle 6 - Variable Contracts|Section 16-603 - Contract Form Subject to Approval; Required Policy Provisions

    (a)    A variable life insurance policy or variable annuity contract may not be delivered or issued for delivery in the State until the form of the policy or annuity contract has been filed with and approved by the Commissioner.    (b)    By regulation, the Commissioner shall determine the grace, reinstatement, and nonforfeiture provisions and other required policy provisions that are appropriate to variable life insurance contracts and variable annuity contracts.
MD. Insurance Code Ann. §  17-101 (2021)
2021 Maryland Statutes|Insurance|Title 17 - Group Life Insurance|Subtitle 1 - General Provisions|Section 17-101 - General Requirements for Policies

    (a)    Unless approved by the Commissioner, a group life insurance policy may not be offered to a resident of the State under a group life insurance policy issued:        (1)    to a group other than one described in Subtitle 2 of this title; or        (2)    in another jurisdiction unless the type of group to be covered conforms substantially to a type of group described in Subtitle 2 of this title.    (b)    The premium for the policy shall be paid either from the policyholder’s funds or from funds contributed by the covered persons, or from both.    (c)    An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.    (d)    A policy of group life insurance may not be delivered or issued for delivery in the State if the policy excludes or restricts liability for death that is the result of an act of terrorism that the covered person did not commit and in which the covered person did not participate.    (e)    An insurer who seeks to solicit coverage for Maryland residents under a group life insurance policy issued in another jurisdiction shall include in the certificate form used in connection with the coverage a notice on the first page in 12-point bold type that states:    “The group insurance policy providing coverage under this certificate was issued in a jurisdiction other than Maryland and may not provide all of the benefits required by Maryland law.”
MD. Insurance Code Ann. §  17-102 (2021)
2021 Maryland Statutes|Insurance|Title 17 - Group Life Insurance|Subtitle 1 - General Provisions|Section 17-102 - Interest on Benefits Payable

    (a)    Subject to subsection (b) of this section, interest on benefits payable under a policy of group life insurance issued in the State shall accrue and be payable from the date of death of the insured until the date on which the proceeds of the policy are paid.    (b)    (1)    An insurer is not required to pay interest on benefits if the proceeds of the policy are paid within 30 days after the date of death of the insured.        (2)    If proof of death is submitted to the insurer more than 180 days after the date of death of the insured, interest shall accrue and be payable from the date on which proof of death is submitted to the insurer until the date on which the proceeds of the policy are paid.    (c)    Interest under this section shall accrue and be payable at a rate not less than the rate of interest payable on death proceeds left on deposit with the insurer.
MD. Insurance Code Ann. §  17-103 (2021)
2021 Maryland Statutes|Insurance|Title 17 - Group Life Insurance|Subtitle 1 - General Provisions|Section 17-103 - Statement to Insured Debtors

    An insurer that issues a policy to a creditor to insure debtors of the creditor shall provide to the creditor for delivery to each debtor insured under the policy a form that states that:         (1)    the life of the debtor is insured under the policy; and        (2)    a death benefit paid under the policy because of the debtor’s death shall be applied to reduce or extinguish the indebtedness.
MD. Insurance Code Ann. §  17-104 (2021)
2021 Maryland Statutes|Insurance|Title 17 - Group Life Insurance|Subtitle 1 - General Provisions|Section 17-104 - Assignment of Rights and Benefits

    (a)    An insured under a policy of group life insurance, in accordance with an arrangement among the insured, the group policyholder, and the insurer, may assign to any person any or all of the rights and benefits conferred on the insured by the policy or by law, including:        (1)    the right to have issued to the insured an individual policy of life insurance arising from conversion as set forth in §§ 17-309 through 17-311 of this title; and        (2)    the right to name a beneficiary.    (b)    An assignment made under this section, even if made before the effective date of this section:        (1)    vests in the assignee all rights and benefits that are assigned; and        (2)    entitles the insurer to deal with the assignee as the owner of all rights and benefits conferred on the insured under the policy:            (i)    in accordance with the terms of the assignment; but            (ii)    without prejudice to the insurer on account of a payment the insurer makes or an individual policy the insurer issues arising from conversion of the policy before receipt at the insurer’s home office of notice of the assignment.
MD. Insurance Code Ann. §  17-201 (2021)
2021 Maryland Statutes|Insurance|Title 17 - Group Life Insurance|Subtitle 2 - Group Policy Requirements|Section 17-201 - Employers

    (a)    Subject to the requirements of this section, a policy may be issued to an employer, or to the trustees of a fund established by an employer, in which the employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer.    (b)    (1)    The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any class or classes of employees.        (2)    The policy may provide that the term “employees” shall include:            (i)    the employees of one or more subsidiary corporations, and the employees, individual proprietors, and partners of one or more affiliated corporations, proprietorships, or partnerships if the business of the employer and of the affiliated corporations, proprietorships, or partnerships is under common control; and            (ii)    the individual proprietor or partners if the employer is an individual proprietorship or partnership.        (3)    The policy may provide that the term “employees” may include retired employees, former employees, and directors of a corporate employer.        (4)    A policy issued to insure the employees of a public body may provide that the term “employees” shall include elected or appointed officials.    (c)    (1)    The premium for the policy shall be paid either from the employer’s funds, or from funds contributed by the insured employees, or from both.        (2)    Except as provided in paragraph (3) of this subsection, a policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, except those who reject the coverage in writing.        (3)    An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
MD. Insurance Code Ann. §  17-202 (2021)
2021 Maryland Statutes|Insurance|Title 17 - Group Life Insurance|Subtitle 2 - Group Policy Requirements|Section 17-202 - Labor Unions

    (a)    Subject to the requirements of this section, a policy may be issued to a labor union, or similar employee organization, which shall be deemed to be the policyholder, to insure members of the union or organization for the benefit of persons other than the union or organization or any of its officials, representatives, or agents.    (b)    The members eligible for insurance under the policy shall be all of the members of the union or organization, or all of any class or classes of members.    (c)    (1)    The premium for the policy shall be paid either from funds of the union or organization, or from funds contributed by the insured members specifically for their insurance, or from both.        (2)    Except as provided in paragraph (3) of this subsection, a policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members, except those who reject the coverage in writing.        (3)    An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.