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§ 16-601. Authority of stock or mutual insurers to issue variable life insurance contracts

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 6. Variable Contracts (Refs & Annos)
MD Code, Insurance, § 16-601
§ 16-601. Authority of stock or mutual insurers to issue variable life insurance contracts
Currentness
In general
(a)(1) A stock insurer or mutual insurer may issue individual and group variable life insurance contracts that provide for payment varying directly with the investment experience of a segregated asset account if the stock insurer or mutual insurer:
(i) is authorized to issue life insurance contracts in the State; and
(ii) is authorized by the Commissioner to issue individual and group variable life insurance contracts.
(2) A stock insurer or mutual insurer may issue individual and group variable annuity contracts that provide for payment varying directly with the investment experience of a segregated asset account if the stock insurer or mutual insurer:
(i) is authorized to issue annuity contracts in the State; and
(ii) is authorized by the Commissioner to issue individual and group variable annuity contracts.
Regulations
(b) To be authorized to issue variable contracts, a stock insurer or mutual insurer shall comply with regulations adopted by the Commissioner.
Regulations relating to minimum capital and surplus in excess of amount otherwise required
(c) The regulations of the Commissioner may include:
(1) requirements for a minimum capital and surplus in excess of the amount otherwise required for the issuance of life insurance contracts and annuity contracts that are not variable contracts; and
(2) other requirements that the Commissioner considers appropriate to safeguard the interests of variable contract holders, other policyholders, insurers, and the public.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 362.
MD Code, Insurance, § 16-601, MD INSURANCE § 16-601
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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