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§ 17-301. Standard provision requirements

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 17. Group Life Insurance
Subtitle 3. Group Life Insurance Policy Provisions (Refs & Annos)
MD Code, Insurance, § 17-301
§ 17-301. Standard provision requirements
Currentness
In general
(a) Except as provided in subsection (b) of this section, a policy of group life insurance may not be delivered in the State unless it contains in substance:
(1) the provisions of §§ 17-302 through 17-311 of this subtitle; or
(2) provisions that in the opinion of the Commissioner are:
(i) more favorable to the insureds; or
(ii) at least as favorable to the insureds and more favorable to the policyholder.
Group life insurance plans
(b)(1) Sections 17-307 through 17-311 of this subtitle do not apply to policies issued to a creditor to insure debtors of the creditor.
(2) The standard provisions required for individual life insurance policies do not apply to policies of group life insurance.
(3) If a policy of group life insurance is on a plan other than the term plan, the policy:
(i) shall contain a nonforfeiture provision that in the opinion of the Commissioner is equitable to the insured and the policyholder; but
(ii) need not contain the same nonforfeiture provisions required for individual life insurance policies.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 426.
MD Code, Insurance, § 17-301, MD INSURANCE § 17-301
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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