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§ 16-108. Proceeds of policy held by life insurer

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, § 16-108
§ 16-108. Proceeds of policy held by life insurer
In general
(a) A life insurer may hold under agreement the proceeds of a policy issued by it on the terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with the exemptions from the claims of creditors of beneficiaries other than the policyholder, as set forth in the policy or as agreed to in writing by the life insurer and the policyholder.
Proceeds held under agreement with beneficiaries
(b) If a policyholder has not made an agreement described in subsection (a) of this section, on maturity of the policy the life insurer may hold the proceeds of the policy under an agreement with the beneficiaries.
Funds as part of life insurer’s general assets
(c) The life insurer need not segregate any funds held under this section, but may hold the funds as part of the life insurer's general assets.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 413.
MD Code, Insurance, § 16-108, MD INSURANCE § 16-108
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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