§ 16-406. Dividends
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 16-406
§ 16-406. Dividends
(a)(1) Each participating annuity contract and each participating pure endowment contract shall contain a provision that:
(b)(1) Each contract shall contain a provision that the party entitled to the dividend may elect to have the dividend paid in cash or applied to the payment of any consideration then due.
(c) A deferred annuity contract need not provide for participation in surplus after annuity payments begin.
(d) This section does not prohibit an insurer from granting to the party entitled to the dividend the right to elect another dividend option offered by the insurer in addition to the options required by this section, whether or not the additional option is specified in the contract.
Credits
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 407.
MD Code, Insurance, § 16-406, MD INSURANCE § 16-406
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 |