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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
Currentness
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 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.
End of Document