Ch. 637 LAWS OF MARYLAND

(b) Interest under this section shall accrue and be payable at a rate not less than
the rate of interest payable on death proceeds left on deposit with the insurer.

418A.

(A) INTEREST ON BENEFITS PAYABLE UNDER ANY GROUP LIFE
INSURANCE POLICY ISSUED IN THIS STATE SHALL ACCRUE AND BE
PAYABLE FROM THE DATE OF THE DEATH OF THE INSURED TO THE
DATE ON WHICH THE PROCEEDS OF THE POLICY ARE PAID, EXCEPT

THAT:

(1) AN INSURER IS NOT REQUIRED TO PAY INTEREST ON
BENEFITS IF THE PROCEEDS OF THE POLICY ARE PAID WITHIN 30 DAYS
AFTER THE DATE OF DEATH OF THE CERTIFICATE HOLDER; AND

INSURED, INTEREST SHALL ACCUMULATE AND BE PAYABLE FROM THE
DATE ON WHICH DUE PROOF OF DEATH IS SUBMITTED TO THE INSURER
TO THE DATE ON WHICH THE RECORDS PROCEEDS OF THE POLICY ARE
PAID.

(B) INTEREST UNDER THIS SECTION SHALL ACCRUE AND BE
PAYABLE AT A RATE NOT LESS THAN THE RATE OF INTEREST PAYABLE
ON DEATH PROCEEDS LEFT ON DEPOSIT WITH THE INSURER.

433.

The group life insurance policy shall contain a provision that the insurer will issue
to the policyholder for delivery to each person insured an individual certificate setting
forth a statement as to the insurance protection to which he is entitled, to whom the
insurance benefits are payable, and the rights and conditions set forth in §§ 418A, 434,
435 and 436.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved May 29, 1990.

CHAPTER 637
(House Bill 1010)

AN ACT concerning

Real Estate Brokers - Leases - Disclosure

FOR the purpose of including excluding certain short-term leases from certain
requirements relating to the disclosure by a licensed real estate broker or licensed
real estate salesperson that the licensee represents a seller or lessor; making

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