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§ 8-467. Unfair discrimination and rebates prohibited

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 4. Fraternal Benefit Societies (Refs & Annos)
Part VI. Enforcement and Penalties
MD Code, Insurance, § 8-467
§ 8-467. Unfair discrimination and rebates prohibited
Currentness
Discrimination between insured members of same class and equal life expectancy
(a) A society doing insurance business in the State may not make or allow unfair discrimination between insured members of the same class and equal life expectancy in:
(1) the premiums charged for certificates of insurance;
(2) the dividends or other benefits payable on certificates of insurance; or
(3) any other terms and conditions of the contracts the society makes.
Consideration or inducement for insurance not specified in certificate
(b)(1) This subsection applies to:
(i) a society;
(ii) a person acting for the society;
(iii) an insurance producer that acts on behalf of a fraternal benefit society; and
(iv) a person acting for an insurance producer that acts on behalf of a fraternal benefit society.
(2) A person may not offer, promise, allow, give, set off, or pay, directly or indirectly, any valuable consideration or inducement to or for insurance on any risk authorized to be taken by a society that is not specified in the certificate.
Receipt or acceptance of rebates
(c) A society member may not receive or accept, directly or indirectly:
(1) a rebate of all or part of a premium payable on a certificate;
(2) a rebate of a fraternal benefit agent's commission on a premium payable on a certificate;
(3) any favor, advantage, or share in the dividends or other benefits to accrue on the insurance contract; or
(4) any other valuable consideration or inducement not specified in the insurance contract.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2001, c. 731, § 1, eff. July 2, 2001.
Formerly Art. 48A, § 346.
MD Code, Insurance, § 8-467, MD INSURANCE § 8-467
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.
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