§ 16-208. Interest rates for policy loans
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 16-208
§ 16-208. Interest rates for policy loans
(b) Each policy of life insurance issued on or after July 1, 1983, shall contain a provision that:
(c)(1) If the maximum rate of interest is determined under subsection (b)(2) of this section, the policy shall include provisions that disclose the frequency at which the rate will be determined for the policy.
(d) For a policy with an adjustable policy loan interest rate, at the intervals specified in the policy:
(e)(1) This subsection applies only to a policy with an adjustable policy loan interest rate.
(f)(1) This subsection applies only to a policy with an adjustable policy loan interest rate.
(g) Unless made specifically applicable to policy loan interest rates, other provisions of law do not apply to policy loan interest rates.
(h) On request, a life insurer shall notify the policyholder each year of the cash value of the policy for the current policy year.
(i) A life insurer that offers policies with an adjustable policy loan interest rate shall establish a written pricing or dividend policy that provides that the policyholders shall receive the benefits from increased earnings of the insurer that result from the use of an adjustable rate by receiving higher dividends, higher cash values, lower premiums, or a combination of benefits.
Credits
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 394A.
MD Code, Insurance, § 16-208, MD INSURANCE § 16-208
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document |