§ 18-116.1. Contingent benefits upon lapse
West's Annotated Code of MarylandInsuranceEffective: June 1, 2019
Effective: June 1, 2019
MD Code, Insurance, § 18-116.1
§ 18-116.1. Contingent benefits upon lapse
(a) This section applies only to policies or contracts of long-term care insurance issued or delivered in the State before April 1, 2003, for which rate increase filings have been approved by the Commissioner on or after June 1, 2019.
(b) Subject to subsection (c) of this section, a carrier shall provide to an insured under a policy or contract of long-term care insurance a contingent benefit upon lapse if:
(c)(1) The contingent benefit upon lapse required under subsection (b) of this section shall be a paid-up coverage:
(2) Except for the maximum lifetime benefit calculated in accordance with paragraph (1) of this subsection, all other benefits of the policy or contract of long-term care insurance in effect on the date of the lapse of the policy or contract shall remain unchanged and may not be increased after the date of the lapse of the policy or contract.
Credits
Added by Acts 2018, c. 508, § 1, eff. Oct. 1, 2018. Amended by Acts 2019, c. 107, § 1, eff. June 1, 2019.
MD Code, Insurance, § 18-116.1, MD INSURANCE § 18-116.1
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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