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§ 16-105. Right to surrender policy or annuity contract for cancellation

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, § 16-105
§ 16-105. Right to surrender policy or annuity contract for cancellation
Application of section
(a) This section does not apply to policies or contracts issued to an employee in connection with the funding of a pension, annuity, or profit-sharing plan that is qualified or exempt under § 401, § 403, § 404, or § 501 of the Internal Revenue Code, if participation in the plan is a condition of employment.
Right to surrender policy or annuity contract for cancellation
(b) Each policy of life insurance or annuity contract subject to this title shall have attached to or prominently printed on its face the following information:
(1) a notice to the policyholder that:
(i) for 10 days after the date the policy or annuity contract is delivered to the policyholder, the policyholder may surrender the policy or annuity contract to the insurer for cancellation by giving the insurer written notice of cancellation; and
(ii) the insurer shall return to the policyholder a pro rata premium for the unexpired term of the policy or annuity contract; or
(2) a similar notice to the policyholder that in the opinion of the Commissioner is not less favorable to the policyholder.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 57, § 2, eff. Oct. 1, 1997; Acts 1997, c. 70, § 7, eff. Oct. 1, 1997.
Formerly Art. 48A, § 387C.
MD Code, Insurance, § 16-105, MD INSURANCE § 16-105
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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