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§ 16-104. Backdated life insurance policies and applications prohibited

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions (Refs & Annos)
MD Code, Insurance, § 16-104
§ 16-104. Backdated life insurance policies and applications prohibited
Backdated life insurance policies
(a) An insurer may not knowingly deliver or issue for delivery in the State a policy of life insurance that purports to be issued or to take effect as of a date more than 6 months before the application for the policy was made, if, as a result, the premium on the policy is reduced below the premium that would have been payable on the policy as determined by the insuring age of the insured when the application was made.
Backdated life insurance applications
(b) An insurance producer or other representative of an insurer may not in the State prepare, submit, or accept an application for life insurance that bears a date earlier than the date when the application was made by the insured or applicant, if, as a result, the premium on the policy is reduced below the premium that would have been payable on the policy as determined by the insuring age of the insured when the application was made.
Effect of section
(c) This section does not:
(1) invalidate a contract made in violation of this section; or
(2) prohibit the exchange, alteration, or conversion of a policy of life insurance.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 2001, c. 731, § 1, eff. July 2, 2001.
Formerly Art. 48A, § 373.
MD Code, Insurance, § 16-104, MD INSURANCE § 16-104
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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