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§ 16-401. Required provisions relating to grace periods, incontestability, misstatements of age...

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 4. Annuity and Pure Endowment Contract Provisions (Refs & Annos)
MD Code, Insurance, § 16-401
§ 16-401. Required provisions relating to grace periods, incontestability, misstatements of age or sex, and dividends
Currentness
In general
(a) Except as otherwise provided in this section, an annuity contract or pure endowment contract may not be delivered or issued for delivery in the State unless it contains in substance each applicable provision required by §§ 16-402 through 16-407 of this subtitle.
Annuities and contracts not subject to subtitle
(b) This section does not apply to:
(1) reversionary annuities or survivorship annuities;
(2) group annuities; or
(3) contracts for deferred annuities included in or on the lives of beneficiaries under policies of life insurance.
Single premium annuity contracts or single premium pure endowment contracts
(c) To the extent that a provision required by this subtitle does not apply to a single premium annuity contract or single premium pure endowment contract, the provision need not be included in the annuity contract or pure endowment contract.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 402.
MD Code, Insurance, § 16-401, MD INSURANCE § 16-401
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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