reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.02 - Long-Term Care Insurance-Premium Rates and Reserves › Section 31.14.02.12 - Premium Reserves

Current through Register Vol. 51, No. 14, July 12, 2024
A. General Premium Reserve Requirements.
(1) An insurer shall establish an unearned premium reserve for all long-term care insurance with respect to the period of coverage for which premiums, other than premiums paid in advance, have been paid beyond the date of valuation.
(2) If long-term care insurance premiums due and unpaid are carried as an asset, the insurer shall treat the premiums that are due and unpaid as premiums in force, subject to unearned premium reserve determination.
(3) The insurer shall carry the value of unpaid commissions, premium taxes, and the cost of collection associated with due and unpaid premiums as an offsetting liability.
(4) An insurer may appropriately discount to the valuation date the long-term care gross premiums paid in advance for a period of coverage beginning after the next premium due date that follows the date of valuation.
(5) An insurer shall hold the amount described in §A(4) of this regulation as one of the following:
(a) A separate liability; or
(b) An addition to the unearned premium reserve which would otherwise be required as a minimum.
(6) An insurer shall consider long-term care insurance contracts on premium waiver as in-force contracts when calculating the premium reserve. The insurer shall value the premium reserve for the contracts on premium waiver, as a minimum amount, at the unearned modal valuation net premium being waived.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.02 - Long-Term Care Insurance-Premium Rates and Reserves › Section 31.14.02.13 - Contract Reserves

Current through Register Vol. 51, No. 14, July 12, 2024
A. General Contract Reserve Requirements.
(1) The insurer shall establish a contract reserve in addition to claim reserves and premium reserves for long-term care insurance.
(2) An insurer shall:
(a) Use methods and procedures for long-term care contract reserves that are consistent with those for claim reserves for a long-term care contract; or
(b) If the insurer uses different methods and procedures for long-term care contract reserves than are used for long-term care claim reserves, make appropriate adjustment when necessary to assure provision for the aggregate liability.
(3) The insurer shall use the same definition of date of incurral when determining contract reserves for long-term care insurance as when determining claim reserves for long-term care insurance.
(4) When determining contract reserves for long-term care insurance, the insurer shall include recognition of the waiver of premium benefit in addition to other contract benefits provided for, valuing as a minimum the valuation net premium to be waived.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.02 - Long-Term Care Insurance-Premium Rates and Reserves › Section 31.14.02.14 - Reinsurance Effect on Reserves

Current through Register Vol. 51, No. 14, July 12, 2024
Increases to, or credits against reserves carried, arising because of reinsurance assumed or reinsurance ceded, shall be determined in a manner consistent with the minimum reserve standards set forth in Regulations .11, .12, and .13 of this chapter and with all applicable provisions of the reinsurance contracts which affect the insurer's liabilities.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.03 - Long-Term Care Partnership › Section 31.14.03.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter applies to carriers that issue or deliver partnership policies to Maryland residents.
B. The certification process described in this chapter is not a replacement for, and may not impact the form approval process set forth in, COMAR 31.04.17.
C. Nothing in this chapter exempts carriers from complying with the requirements found in COMAR 31.14.01 and .02.
D. Nothing in this chapter exempts insurance producers from complying with the training requirements found in COMAR 31.14.01.34E.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.03 - Long-Term Care Partnership › Section 31.14.03.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Applicant" means:
(a) In the case of an individual long-term care insurance policy, the person who seeks to contract for benefits; and
(b) In the case of a group long-term care insurance policy, the proposed certificate holder.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.03 - Long-Term Care Partnership › Section 31.14.03.03 - Commissioner Certification

Current through Register Vol. 51, No. 14, July 12, 2024
A. A carrier may not solicit a partnership policy in Maryland until the Commissioner has notified the carrier in writing that the Commissioner has certified the policy to be a partnership policy.
B. The Commissioner shall notify the Department in writing within 30 days after the date the Commissioner certifies a new partnership policy.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.03 - Long-Term Care Partnership › Section 31.14.03.04 - Filing Requirements for Certification

Current through Register Vol. 51, No. 14, July 12, 2024
A carrier seeking certification of a long-term care insurance policy to a partnership policy status shall file the following with the Commissioner:
A. Proof of prior approval of the long-term care insurance policy in accordance with COMAR 31.04.17, provided in the following manner:
(1) If the long-term care insurance policy that the carrier intends to use or market as a partnership policy in Maryland was approved by the Commissioner within 3 years before the date the carrier files for its certification as a partnership policy, the carrier shall provide the form number and date of approval of the previously approved long-term care insurance policy; or
(2) If the long-term care insurance policy that the carrier intends to use or market as a partnership policy was approved by the Commissioner more than 3 years before the date the carrier files for its certification as a partnership policy, the carrier shall provide a copy of the previously approved long-term care insurance policy, including the date of its approval;
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.03 - Long-Term Care Partnership › Section 31.14.03.05 - Long-Term Care Insurance Policy Requirements for Partnership Policies

Current through Register Vol. 51, No. 14, July 12, 2024
A. The partnership policy shall comply with the requirements for long-term care insurance under Insurance Article, Title 18, Subtitle 1, Annotated Code of Maryland.
B. Schedule Page Disclosure.
(1) Each long-term care insurance policy that is designed or marketed as a partnership policy shall prominently disclose in at least 12-point type, on the individual long-term care insurance policy schedule page or group certificate schedule page, the notice set forth in §B(2) of this regulation.
(2) The notice required by §B(1) of this regulation shall read as follows: "This {long-term care insurance policy, certificate, or contract} is intended to meet the standards for the Qualified State Long-Term Care Insurance Partnership program in Maryland. Nothing in this {long-term care insurance policy, certificate, or contract} is a guarantee of Medicaid eligibility nor is it a guarantee of any ability to disregard assets for purposes of Medicaid eligibility."
(3) If the only change to a previously approved schedule page is the addition of the disclosure notice required by §B(1) and (2) of this regulation, the previously approved schedule page revised to comply with §B(1) and (2) of this regulation is not required to be refiled for approval by the Commissioner.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.03 - Long-Term Care Partnership › Section 31.14.03.06 - Applications

Current through Register Vol. 51, No. 14, July 12, 2024
A. Identification of Partnership Policy Application.
(1) Except as provided in §A(2) and (3) of this regulation, the first page of each application for a partnership policy shall clearly indicate that the application is for a partnership policy.
(2) If the application is designed to be used with both partnership policies and nonpartnership long-term care insurance policies, the application shall contain a separate section that identifies the inflation protection options required for a partnership policy.
(3) If the partnership policy is provided by means of a rider or endorsement to a life insurance policy, the application shall contain a separate section that clearly identifies that the long-term care insurance coverage provided by the listed rider or endorsement qualifies as partnership coverage.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.03 - Long-Term Care Partnership › Section 31.14.03.08 - Required Provision of Information Regarding A Partnership Policy

Current through Register Vol. 51, No. 14, July 12, 2024
A. Except as provided in §C of this regulation, at the request of the insured or a representative of the Department on behalf of an insured, a carrier shall provide a completed Long-Term Care Partnership Program Policy Summary in the form set forth in §D of this regulation.
B. The completed Long-Term Care Partnership Program Policy Summary required by §A of this regulation shall be:
(1) Provided within 14 days after the date the carrier receives the request from the insured or the representative of the Department on behalf of the insured; and
(2) Given to:
(a) The insured, if the request for the Long-Term Care Partnership Program Policy Summary was received from the insured; or
(b) The insured and the representative of the Department, if the request for the Long-Term Care Partnership Program Policy Summary was received from a representative of the Department on behalf of the insured.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 14 - LONG-TERM CARE › Chapter 31.14.03 - Long-Term Care Partnership › Section 31.14.03.10 - Reporting Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Beginning October 1, 2009, and on or before October 1 of each year after October 1, 2009, each carrier that is certified to issue partnership policies in Maryland shall file a report with the Commissioner that includes the information required by §B of this regulation.
B. The report required by §A of this regulation shall include the following information:
(1) The number of insureds the carrier covers under partnership policies issued or delivered in Maryland, as of the July 1 immediately preceding the date of the report;
(2) The number of partnership policies the carrier has issued or delivered in Maryland for the 12 month period ending on the July 1 immediately preceding the date of the report;
(3) A list, by form number and date of approval, of the partnership policies that the carrier made available in Maryland as of the July 1 immediately preceding the date of the report; and
(4) The number of licensed insurance producers who were appointed by the carrier in Maryland and who met the training requirements found in COMAR 31.14.01.34A for any portion of the 12 month period ending on the July 1 immediately preceding the date of the report.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.01 - Special Policies and Misleading Advertising › Section 31.15.01.01 - Authority

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter is deemed necessary for the effectuation of Insurance Article, Title 27, Annotated Code of Maryland (as amended to date); Insurance Article, 8-467 and 8-468, Annotated Code of Maryland, which concern prohibited practices regarding the sale of insurance in fraternal benefit societies, which practices are hereby defined to be unfair methods of competition and unfair or deceptive acts or practices prohibited under Title 27; Insurance Article, §
									16-112, Annotated Code of Maryland, regarding prohibited policy plans; and Insurance Article, 12-203, 12-204, and 12-205, Annotated Code of Maryland, concerning the filing and approval of policy forms and grounds for disapproval of these forms.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.01 - Special Policies and Misleading Advertising › Section 31.15.01.02 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
The purpose of this chapter is to assure fair disclosure of relevant facts in the sale of life insurance and annuity contracts. This chapter is also designed to protect citizens of Maryland as purchasers and prospective purchasers of life insurance policies or annuity contracts against the use of sales methods which are misleading because of:
A. The omission of facts fairly describing the subject matter as a life insurance policy or annuity contract and the benefits obtainable thereunder;
B. An undue emphasis upon facts which, however true, are not relevant to the sale of life insurance or annuities; or
C. An undue emphasis upon features which are of incidental or secondary importance to the life insurance aspects of a policy.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.01 - Special Policies and Misleading Advertising › Section 31.15.01.03 - Applicability

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter is applicable to all insurers, including fraternal benefit societies, doing a life insurance business in this State and to all persons licensed to sell life insurance under Insurance Article, Title 10, Subtitle 1, Annotated Code of Maryland, and to persons licensed under Insurance Article, 8-449(a) and 8-455, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.01 - Special Policies and Misleading Advertising › Section 31.15.01.04 - Guaranteed Annual Endowments

Current through Register Vol. 51, No. 14, July 12, 2024
A. Because of the inherently confusing nature of a guaranteed annual endowment type of policy, a life insurance policy or annuity contract containing a series of guaranteed annual endowments evidenced by coupons, passbooks, or similar devices generally identified with investment or banking operations may not be approved for use, and any such policy or contract heretofore approved may not be issued or delivered in this State on or after September 1, 1970.
B. No other life insurance policy or annuity contract containing a series of guaranteed annual endowments may be approved for use and no such policy or contract heretofore approved may be issued or delivered in this State on or after September 1, 1970, unless the following requirements are satisfied:
(1) The gross premium for the guaranteed annual endowment benefit shall be shown prominently and separately in the policy, distinct from the gross premium for the life insurance benefit;
(2) The insured shall be entitled to withdraw the guaranteed annual endowments not less frequently than at the end of the second policy year and at the end of each policy year thereafter, the amount of the endowments available for withdrawal not to be less than the aggregate premium paid for the endowments less any prior withdrawals;
(3) Payment of any guaranteed annual endowment may not be made contingent upon the payment of premiums falling due on or after the time the guaranteed annual endowment benefit has matured;
(4) The separately stated gross premium for the series of guaranteed annual endowments shall be based on reasonable assumptions and shall be consistent with the basic policy form as to interest, mortality, and expense;
(5) The amount of each of the guaranteed annual endowments shall be expressed in dollars, both in the policy and in any sales or advertising material relating to the policy, and not as a percentage of any premium or benefit;
(6) A guaranteed annual endowment may not be described, either in the policy or in any sales or advertising material, as anything other than a guaranteed benefit for which a premium is being paid by the policyholder; and
(7) At the time the policy form is filed with the Insurance Administration for approval, it shall be accompanied by the materials, including any sales presentation kit, which the insurer proposes to use in connection with the policy.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.01 - Special Policies and Misleading Advertising › Section 31.15.01.05 - Charter or Founders' Policies

Current through Register Vol. 51, No. 14, July 12, 2024
A. A charter policy or founders' policy is that form of life insurance policy or annuity contract usually issued by a newly organized insurer, which is sold on the basis that its availability will be limited to a specific predetermined number of units of a fixed dollar amount and which generally provides that the policyholder shall participate in the earnings resulting from either the participating policies or the nonparticipating policies sold by the insurer, or perhaps both. The prospective purchaser may be led to believe that he will receive a special advantage in any future distribution of earnings, profits, or dividends not available to those persons holding other types of policies issued by the insurer.
B. The sale of charter policies and founders' policies represents an unfair method of competition. They purport to offer certain benefits which are not authorized by statute and are without reasonable expectation of achievement. These policies misrepresent the responsibility and obligation of an insurer for equitable distribution of dividends. Therefore, a charter policy or founders' policy may not be approved for use and a charter policy or founders' policy heretofore approved may not be issued or delivered in this State on or after September 1, 1970.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.01 - Special Policies and Misleading Advertising › Section 31.15.01.06 - Profit-Sharing Policies

Current through Register Vol. 51, No. 14, July 12, 2024
A. A profit-sharing policy is that form of life insurance policy or annuity contract which contains provisions representing or tending to create the understanding that the policyholder will be eligible to participate in any future distribution of general corporate profits, with special advantages not available to persons holding other types of policies issued by the insurer to individuals of the same class and equal expectation of life.
B. Profit-sharing policies are not permitted by Insurance Article, 16-112 and 27-207, Annotated Code of Maryland, and, therefore, a profit-sharing policy may not be approved for use, and a profit-sharing policy heretofore approved may not be issued or delivered in this State on or after September 1, 1970.
C. Nothing contained in this regulation is intended to prohibit the sale of variable annuity contracts or variable life insurance policies to the extent that these contracts or policies may otherwise be permitted under the laws of this State.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.01 - Special Policies and Misleading Advertising › Section 31.15.01.07 - Participating Policies

Current through Register Vol. 51, No. 14, July 12, 2024
No illustration of projected dividends under a participating individual life insurance policy or annuity contract may be used in conjunction with the sale or solicitation of the policy or contract in this State unless the projected dividend scale or the basis of the formula for determining the projected dividend scale has been filed with the Insurance Administration, either in the insurer's annual statement or otherwise, and unless the filing is based upon a reasonable classification of risks which is not unfairly discriminatory.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.01 - Special Policies and Misleading Advertising › Section 31.15.01.08 - Policy Names or Titles

Current through Register Vol. 51, No. 14, July 12, 2024
A. An insurer, agent, or broker, may not deliver within this State, or issue for delivery within this State, any policy of life insurance or annuity contract without the use of the words "life insurance" or "annuity contract" in its name or title or the use of other language clearly indicating that the policy is a policy of life insurance or an annuity contract.
B. The use of the terms "investment", "investment plan", "expansion plan", "profit", "profits", "profit-sharing", and other similar terms in connection with a policy of life insurance or an annuity contract in a context or under such circumstances or conditions as to have the capacity or tendency to mislead a purchaser or prospective purchaser of the policy or contract to believe that he will receive, or that it is possible that he will receive, something other than a life insurance policy or annuity contract or some benefit not provided in the policy or contract or some benefit not available to other persons of the same class and equal expectation of life is unlawful and is prohibited.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.01 - Special Policies and Misleading Advertising › Section 31.15.01.10 - Existing Policies and Contracts

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter does not affect the validity of any life insurance policy or annuity contract in force on the effective date of this chapter. However, the previous approval by this Division of any form of life insurance policy or annuity contract prohibited by this chapter is hereby withdrawn effective September 1, 1970, and no such policy or contract may be sold after that date.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.01 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Advertisement" includes:
(a) Printed and published material and descriptive literature of a carrier used in or on newspapers, magazines, or any other publication, radio and TV scripts, matchbooks, blotters, calendars, posters, billboards, and similar displays;
(b) Descriptive literature and sales aids of all kinds issued by a carrier for presentation to members of the public, including but not limited to circulars, pamphlets, leaflets, booklets, depictions, illustrations, and form letters; and
(c) Prepared sales talks, presentations, and material for use by producers, and representations made by producers in accordance therewith.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.02 - Advertisement in General

Current through Register Vol. 51, No. 14, July 12, 2024
Advertisements shall be truthful and not misleading in fact or in implication. Words or phrases the meaning of which is clear only by implication or by familiarity with insurance terminology may not be used.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.03 - Advertisements of Benefits Payable, Losses Covered, or Premiums Payable

Current through Register Vol. 51, No. 14, July 12, 2024
A. Deceptive Words, Phrases, or Illustrations. Words, phrases, or illustrations may not be used in a manner which misleads or has the tendency to deceive as to the extent of any policy benefit payable, loss covered, or premium payable. An advertisement relating to any policy benefit payable, loss covered, or premium payable shall be sufficiently complete and clear as to avoid deception or the tendency to deceive.
Agency Note:
(1) The words and phrases "all", "full", "complete", comprehensive", "unlimited", "up to", "as high as", "this policy will pay your hospital and surgical bills", or "this policy will replace your income", or similar words and phrases may not be used so as to exaggerate any benefit beyond the terms of the policy, but may be used only in such manner as fairly to describe the benefit.
(2) A policy covering only one disease or a list of specified diseases may not be advertised so as to imply coverage beyond the terms of the policy. Synonymous terms may not be used to refer to any disease so as to imply broader coverage than is the fact.
(3) The benefits of a policy which pays varying amounts for the same loss occurring under different conditions or which pays benefits only when a loss occurs under certain conditions may not be advertised without disclosing the limited conditions under which the benefits referred to are provided by the policy.
(4) Phrases such as "this policy pays $1,800 for hospital room and board expenses" shall be considered incomplete unless the maximum daily benefit and the maximum time limit for hospital room and board expenses are indicated.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.04 - Necessity for Disclosing Policy Provisions Relating to Renewability, Cancellability, and Termination

Current through Register Vol. 51, No. 14, July 12, 2024
An advertisement which refers to renewability, cancellability, or termination of a policy, or which refers to a policy benefit, or which states or illustrates time or age in connection with eligibility of applicants or continuation of the policy, shall disclose the provisions relating to renewability, cancellability, and termination and any modification of benefits, losses covered, or premiums because of age or for other reasons, in a manner which does not minimize or render obscure the qualifying conditions.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.05 - Method of Disclosure of Required Information

Current through Register Vol. 51, No. 14, July 12, 2024
All information required to be disclosed by this chapter shall be set out conspicuously and in close conjunction with the statements to which the information relates or under appropriate captions of such prominence that it can not be minimized, rendered obscure, or presented in an ambiguous fashion or intermingled with the context of the advertisement so as to be confusing or misleading.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.06 - Testimonials

Current through Register Vol. 51, No. 14, July 12, 2024
Testimonials used in advertisements shall be genuine, represent the current opinion of the author, be applicable to the policy advertised and be accurately reproduced. The carrier or producer, in using a testimonial, makes as its own all of the statements contained in the testimonial, and the advertisement including these statements is subject to all of the provisions of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.07 - Use of Statistics

Current through Register Vol. 51, No. 14, July 12, 2024
An advertisement relating to the dollar amounts of claims paid, the number of persons insured, or similar statistical information relating to any carrier or policy may not be used unless it accurately reflects all of the relevant facts. The advertisement may not imply that the statistics are derived from the policy advertised unless that is the fact.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.08 - Inspection of Policy

Current through Register Vol. 51, No. 14, July 12, 2024
An offer in an advertisement of free inspection of a policy or offer of a premium refund is not a cure for misleading or deceptive statements contained in the advertisement.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.09 - Identification of Plan or Number of Policies

Current through Register Vol. 51, No. 14, July 12, 2024
A. When a choice of the amount of benefits is referred to, an advertisement shall disclose that the amount of benefits provided depends upon the plan selected and that the premium will vary with the amount of the benefits.
B. When an advertisement refers to various benefits which may be contained in two or more policies, other than group master policies, the advertisement shall disclose that the benefits are provided only through a combination of the policies.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.10 - Disparaging Comparisons and Statements

Current through Register Vol. 51, No. 14, July 12, 2024
An advertisement may not directly or indirectly make unfair or incomplete comparisons of policies or benefits or otherwise falsely disparage competitors, their policies, services, or business methods.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.11 - Jurisdictional Licensing

Current through Register Vol. 51, No. 14, July 12, 2024
A. An advertisement which is intended to be seen or heard beyond the limits of the jurisdiction in which the carrier or producer is licensed may not imply licensing beyond those limits.
B. Advertisements by direct mail carriers or producers shall indicate that the carrier or producer is licensed in a specified state or states only, or is not licensed in a specific state or states, by use of some language such as "This Company is licensed only in State A" or "This Company is not licensed in State B".
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.12 - Identity of Carrier or Producer

Current through Register Vol. 51, No. 14, July 12, 2024
The identity of the carrier or producer shall be made clear in all of its advertisements. An advertisement may not use a trade name, service mark, slogan, symbol, or other device which has the tendency to mislead or deceive as to the true identity of the carrier or producer.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.13 - Group or Quasi-Group Implications

Current through Register Vol. 51, No. 14, July 12, 2024
An advertisement of a particular policy may not state or imply that prospective policyholders become group or quasi-group members and as such enjoy special rates or underwriting privileges unless that is the fact.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.14 - Introductory, Initial, or Special Offers

Current through Register Vol. 51, No. 14, July 12, 2024
An advertisement may not state or imply that a particular policy or combination of policies is an introductory, initial, or special offer and that the applicant will receive advantages by accepting the offer, unless that is the fact.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.15 - Approval or Endorsement by Third Parties

Current through Register Vol. 51, No. 14, July 12, 2024
A. An advertisement may not state or imply that a carrier or a policy has been approved or a carrier's financial condition has been examined and found to be satisfactory by a governmental agency.
B. An advertisement may not state or imply that a carrier or a policy has been approved or endorsed by any individual, group of individuals, society, association, or other organization, unless that is the fact.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.16 - Service Facilities

Current through Register Vol. 51, No. 14, July 12, 2024
An advertisement may not contain untrue statements with respect to the time within which claims are paid or statements which imply that claim settlements will be liberal or generous beyond the terms of the policy.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.17 - Statements About a Carrier

Current through Register Vol. 51, No. 14, July 12, 2024
An advertisement may not contain statements which are untrue in fact or by implication misleading with respect to the carrier's assets, corporate structure, financial standing, age, or relative position in the insurance business.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.17-1 - Statements About a Carrier

Current through Register Vol. 51, No. 14, July 12, 2024
A carrier or producer may not employ an advertisement that will have the effect of discouraging the enrollment of individuals with significant health needs in health insurance coverage.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.02 - Advertisements of all Insurance Contracts Which Include any Accident, Sickness, Hospital, Surgical or Medical Coverages › Section 31.15.02.18 - Special Enforcement Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. Advertising File. Each carrier or producer shall maintain at its home or principal office a complete file containing every printed, published, or prepared advertisement of individual policies and typical printed, published, or prepared advertisements of blanket, franchise, and group policies hereafter disseminated in this or any other state whether or not licensed in the other state, with a notation attached to each advertisement which shall indicate the manner and extent of distribution and the form number of any policy advertised. The file shall be subject to regular and periodical inspection by the Commissioner. These advertisements shall be maintained in this file for a period of not less than 3 years.
B. Certificate of Compliance. Each carrier or producer required to file an annual statement which is now or which hereafter becomes subject to the provisions of this chapter shall file with the Commissioner together with its annual statement, a certificate executed by an authorized officer of the carrier or producer in which it is stated that to the best of the officer's knowledge, information, and belief the advertisements which were disseminated by the carrier or producer during the preceding statement year complied or were made to comply in all respects with the provisions of the Insurance Laws of Maryland and the regulations issued thereunder by the State Insurance Commissioner.
C. The chief executive officer of each carrier or producer to which this chapter is addressed, shall acknowledge its receipt and indicate the carrier's or producer's intention to comply.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.03 - Life Insurance Disclosure › Section 31.15.03.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
A. The purpose of this chapter is to require carriers to deliver to purchasers of life insurance information which will improve the purchaser's:
(1) Ability to select the most appropriate plan of life insurance for the purchaser's needs; and
(2) Understanding of the basic features of the policy which has been purchased or which is under consideration.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.03 - Life Insurance Disclosure › Section 31.15.03.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Buyer's guide" means the most current version of the Life Insurance Buyer's Guide adopted by the National Association of Insurance Commissioners (NAIC).
(2) "Carrier" means:
(a) An insurer; or
(b) A fraternal benefit society.
(3) "Current scale of nonguaranteed elements" means a formula or other mechanism that produces values for an illustration as if there is no change in the basis of those values after the time of illustration.
(4) "Element" means any of the following:
(a) A premium;
(b) A credited interest rate, including any bonus;
(c) A benefit;
(d) A value;
(e) A non-interest-based credit;
(f) A charge; and
(g) Any item in a formula used to determine any of the items listed in §B(4)(a)-(f) of this regulation.
(5) "Generic name" means a short title that is descriptive of the premium and benefit patterns of a policy or a rider.
(6) Nonguaranteed Element.
(a) "Nonguaranteed element" means an element that is subject to carrier discretion and not guaranteed at issue.
(b) "Nonguaranteed element" includes any element calculated using a nonguaranteed element.
(7) "Policy data" means a display or schedule of numerical values, both guaranteed and nonguaranteed for each policy year, or a series of designated policy years, of the following information:
(a) Illustrated annual, other periodic, and terminal dividends;
(b) Premiums;
(c) Death benefits;
(d) Cash surrender values; and
(e) Endowment benefits.
(8) "Policy summary" means a written statement describing the elements of the policy.
(9) "Preneed funeral contract or prearrangement" means an agreement by or for an individual before that individual's death relating to the purchase or provision of specific funeral or cemetery merchandise or services.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.03 - Life Insurance Disclosure › Section 31.15.03.03 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
A. With the exception of §C of this regulation, this chapter applies to a solicitation, negotiation, or procurement of life insurance occurring within this State.
B. Regulation .05D of this chapter applies only to an existing nonexempt policy held by a policyowner residing in Maryland.
C. Unless otherwise specifically included, this chapter does not apply to:
(1) Individual and group annuity contracts;
(2) Credit life insurance;
(3) Group life insurance, except for disclosures relating to preneed funeral contracts or prearrangements;
(4) Life insurance policies issued in connection with pension and welfare plans as defined by and subject to the federal Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C. §
											1001 et seq., as amended; or
(5) Variable life insurance under which the amount or duration of the life insurance varies according to the investment experience of a separate account.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.03 - Life Insurance Disclosure › Section 31.15.03.04 - Policy Summary

Current through Register Vol. 51, No. 14, July 12, 2024
A. A carrier shall include in a policy summary all of the following:
(1) A prominently placed title as follows: STATEMENT OF POLICY COST AND BENEFIT INFORMATION;
(2) The name and address of the insurance producer, or, if an insurance producer is not involved, a statement of the procedure to be followed in order to receive responses to inquiries regarding the policy summary;
(3) The full name and home office or administrative office address of the carrier in which the life insurance policy is to be or has been written;
(4) The generic name of the basic policy and each rider;
(5) The following amounts, when applicable, for the first 5 policy years and representative policy years thereafter sufficient to clearly illustrate the premium and benefit patterns, including at least one age from 60 years old through 65 years old and policy maturity:
(a) The annual premium for the basic policy;
(b) The annual premium for each optional rider;
(c) The amount payable upon death at the beginning of the policy year regardless of the cause of death, other than suicide or other specifically enumerated exclusions, which is provided by the basic policy and each optional rider, with benefits provided under the basic policy and each rider shown separately;
(d) The total guaranteed cash surrender values at the end of the year with values shown separately for the basic policy and each rider; and
(e) Any endowment amounts payable under the policy which are not included under cash surrender values above; and
(6) The date on which the policy summary is prepared.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 15 - UNFAIR TRADE PRACTICES › Chapter 31.15.03 - Life Insurance Disclosure › Section 31.15.03.05 - Duties of Carriers

Current through Register Vol. 51, No. 14, July 12, 2024
A. Except as provided in §B of this regulation, the carrier shall provide a buyer's guide to all prospective purchasers before accepting the applicant's initial premium or premium deposit.
B. If the policy for which application is made contains an unconditional refund provision of at least 10 days, the carrier shall provide the buyer's guide with the policy or before delivery of the policy.
C. Policy Forms Not Marketed with an Illustration.
(1) When a carrier issues a form not marketed with an illustration, the carrier shall comply with the requirements in §C(2) of this regulation.
(2) Requirements for Forms Not Marketed with an Illustration.
(a) The carrier shall provide a policy summary, showing guarantees only, to prospective purchasers.
(b) The policy summary shall consist of a separate document with all required information set out in a manner that does not minimize or render any portion of the summary obscure.
(c) Any amounts that remain level for 2 or more years of the policy may be represented by a single number if it is clearly indicated what amounts are applicable for each policy year.
(d) The amounts listed in Regulation .04A(5) of this chapter shall be listed in total, not on a per thousand or per unit basis.
(e) If more than one insured is covered under one policy or rider, death benefits shall be displayed separately:
(i) For each insured; or
(ii) For each class of insureds if death benefits do not differ within the class.
(f) Zero amounts shall be displayed numerically or as a blank space.
(g) Delivery of the policy summary shall be consistent with the time for delivery of the buyer's guide as specified in §§A and B of this regulation.