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§ 18-116. Increases to premiums

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 18. Long-Term Care Insurance (Refs & Annos)
MD Code, Insurance, § 18-116
§ 18-116. Increases to premiums
Restrictions
(a) Except as provided in subsection (b) of this section, a premium increase under long-term care insurance may not be based on the age of the insured or certificate holder.
Across-the-board premium increases
(b) A carrier may impose an across-the-board premium increase on policies or contracts of long-term care insurance that the carrier issues or delivers in the State after the carrier:
(1) submits to the Commissioner an actuarial memorandum that supports the proposed premium increase; and
(2) obtains the approval of the Commissioner.
Age-banding
(c) This section does not prohibit age-banding.

Credits

Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997. Amended by Acts 2001, c. 329, § 1, eff. Oct. 1, 2001.
Formerly Art. 48A, § 649.
MD Code, Insurance, § 18-116, MD INSURANCE § 18-116
Current through legislation effective through May 9, 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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