§ 16-506. Contracts with cash surrender benefits
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 16-506
§ 16-506. Contracts with cash surrender benefits
(a) This section applies only to annuity contracts that provide cash surrender benefits.
(b) Cash surrender benefits available before maturity under an annuity contract may not be less than the remainder of:
(c) The present value under subsection (b)(1) of this section shall be calculated using an interest rate not more than 1% higher than the interest rate specified in the contract for accumulating net considerations to determine the maturity value.
Credits
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 70, § 7, eff. Oct. 1, 1997.
Formerly Art. 48A, § 408B.
MD Code, Insurance, § 16-506, MD INSURANCE § 16-506
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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