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§ 18-119. Surrender of policy

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, § 18-119
§ 18-119. Surrender of policy
Currentness
Application of section
(a) This section does not apply to plans under § 125 of the Internal Revenue Code.
Deadline for surrender of policy for return of premium
(b)(1) An insured or certificate holder who is insured under a policy or contract of long-term care insurance may surrender the policy or contract within 30 days after delivery for a return of any premium paid by providing written notice of surrender to the carrier.
(2) The right of surrender may not be waived.
(3) A contract to purchase long-term care insurance shall contain the following statement:
“Notice to buyer: You may surrender the contract or policy of long-term care insurance without penalty or obligation within 30 days from the date of delivery of the policy. If you decide to surrender the contract or policy, you must provide notice of the surrender to the insurer. Any attempt to obtain a waiver of your right to surrender is unlawful. Surrender entitles you to a refund of all money within 30 business days after receipt of notice of surrender.”
Surrendered policy deemed void from effective date
(c) A policy surrendered under this section is deemed void from its effective date.

Credits

Added by Acts 1997, c. 35, § 2, eff. Oct. 1, 1997.
Formerly Art. 48A, § 646.
MD Code, Insurance, § 18-119, MD INSURANCE § 18-119
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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