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§ 16-219. Notice to policyholders of universal and variable life insurance of provision to redu...

West's Annotated Code of MarylandInsuranceEffective: January 1, 2021

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 2. Life Insurance Policy Provisions (Refs & Annos)
Effective: January 1, 2021
MD Code, Insurance, § 16-219
§ 16-219. Notice to policyholders of universal and variable life insurance of provision to reduce face amount of policy
In general
(a)(1) If a policy of universal or variable life insurance contains a provision that allows a policyholder to reduce the face amount of the policy, the insurer shall provide a written notice to the policyholder.
(2) The notice shall state:
(i) that the policyholder's policy allows for a reduction of the face amount of the policy as an option to retain coverage;
(ii) the amount to be paid to prevent the policy from lapse; and
(iii) the insurer's customer service telephone number.
When and where notice sent
(b) The notice shall be sent to a policyholder's last known address:
(1) at the beginning of the grace period under § 16-202 of this subtitle; and
(2) at least 30 days before termination of coverage.

Credits

Added by Acts 2020, c. 527, § 1, eff. Jan. 1, 2021.
MD Code, Insurance, § 16-219, MD INSURANCE § 16-219
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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