MARVIN MANDEL, Governor

1207

which the Commissioner has refused a hearing. Any person
who was a party to such hearing, or whose pecuniary
interests are directly and immediately affected by any
such order or refusal and who is aggrieved thereby may,
within 30 days after (i) the order ha been mailed or
delivered to the persons entitled to receive it, or (ii)
the Commissioner's order denying rehearing or reargument
has been so mailed or delivered, or (iii) the
Commissioner's refusal to grant a hearing, appeal from
such order [on]OR hearing or such refusal of a hearing.
The appeal shall be taken to the Baltimore City Court, by
filing written notice of appeal in such court and by
filing a copy of such notice with the Commissioner.
[however] HOWEVER, in appeals from the suspension or
revocation of the certificate of authority of a domestic
insurer or of the license of an agent, broker, solicitor,
adjuster, or adviser, the person taking the appeal at his
option, in lieu of the Baltimore City Court, may take the
appeal to the circuit court of the county of Maryland in
which the insurer has its principal place of business or
the licensee resides. [In] AN appeal taken pursuant to
this subsection shall be captioned in the name of the
person filing the appeal, as the party appellant, versus
the Insurance Commissioner of the State of Maryland, as
the party appellee. In all such appeals, the
Commissioner shall be a necessary party appellee. In
addition to the person filing the appeal and the
Commissioner, any other person whose pecuniary interests
are or may be directly and immediately affected by the
matter on appeal, or who may be aggrieved thereby, upon
application to the court, may be deemed an additional
party appellant or appellee, as the court directs.

408A.

(b) In the case of annuities other than those
covered by subsection (c), there shall be a provision
that, in the event of default in premium payments, the
contract holder shall have the option of surrendering the
contract for its cash surrender value prior to the date
of commencement of annuity payments. The cash surrender
value as of the date of default shall not be less than an
amount determined as follows: in the event of default in
premium payments (1) at any time during the first
contract year, 60 percent of all considerations paid
under the contract; (2) at the end of the second contract
year, 70 percent of all considerations paid under the
contract; (3) at the end of the third contract YEAR, 73
1/3 percent of all considerations paid under the
contract; (4) at any time during the second or third
contract year, other than at the end of the second or
third year, the sura of 60 percent of all considerations
paid under the contract during the first contract year,
plus 80 percent of all considerations paid after the