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§ 16-508. Contracts with optional maturity dates

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 5. Maryland Standard Nonforfeiture Law for Individual Deferred Annuities (Refs & Annos)
MD Code, Insurance, § 16-508
§ 16-508. Contracts with optional maturity dates
Currentness
Application of section
(a) This section applies to a determination of the benefits calculated under § 16-506 or § 16-507 of this subtitle for an annuity contract that allows an election to have annuity payments begin at optional maturity dates.
Maturity date of annuity contract
(b) The maturity date of an annuity contract described in subsection (a) of this section shall be deemed to be the latest date for which an election is allowed under the contract, but may not be later than the later of the contract anniversary immediately following the annuitant's 70th birthday or the tenth anniversary of the contract.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 408B.
MD Code, Insurance, § 16-508, MD INSURANCE § 16-508
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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