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§ 16-407. Reinstatement of contract

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, § 16-407
§ 16-407. Reinstatement of contract
Currentness
In general
(a) Each annuity contract and each pure endowment contract shall contain a provision that, unless the cash surrender value has been paid, the contract may be reinstated, within 1 year after default in making stipulated payments to the insurer, on the payment of all overdue stipulated payments and the payment or reinstatement of any other indebtedness to the insurer on the contract, with interest on the payments and other indebtedness at a rate specified in the contract not exceeding 6% per year.
Evidence of insurability
(b) If applicable, the insurer may require evidence of insurability satisfactory to the insurer.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 408.
MD Code, Insurance, § 16-407, MD INSURANCE § 16-407
Current through legislation effective through July 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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