3368

LAWS OF MARYLAND

Ch. 553

except as set forth in subsection [(m)] (N), of this
section, shall be delivered or issued for delivery in this
State unless it shall contain in substance the following
provisions, or corresponding provisions which in the opinion
of the Commissioner are at least as favorable to the
defaulting or surrendering policyholder AS ARE THE MINIMUM
REQUIREMENTS SPECIFIED IN THIS SECTION AND ARE IN ESSENTIAL
COMPLIANCE WITH SUBSECTION (M) OF THIS LAW:

(1)  That in the event of default in any premium
payment, after premiums have been paid for at least one full
year, the insurer will grant, upon proper request not later
than [sixty (60)] 60 days after the due date of the premium
in default, a paid-up nonforfeiture benefit on' a plan
stipulated in the policy, effective as of such due date, of
[such value as may be hereinafter] THE VALUE AMOUNT
HEREAFTER specified. IN LIEU OF ANY THE STIPULATED PAID-UP
NONFORFEITURE BENEFIT, THE INSURER MAY SUBSTITUTE, UPON
PROPER REQUEST NOT LATER THAN 60 DAYS AFTER THE DUE DATE OF
THE PREMIUM IN DEFAULT, AN ACTUARIALLY EQUIVALENT
ALTERNATIVE PAID-UP NONFORFEITURE BENEFIT WHICH PROVIDES A
GREATER AMOUNT OR LONGER PERIOD OF DEATH BENEFITS OR, IF
APPLICABLE, A GREATER AMOUNT OR EARLIER PAYMENT OF ENDOWMENT
BENEFITS.

(2)  That upon surrender of the policy within
[sixty (60)] 60 days after the due date of any premium
payment in default after premiums have been paid for at
least [three (3)] 3 full years in the case of ordinary
insurance, or [five (5)] 5 full years in the case of
industrial insurance, the insurer will pay, in lieu of any
paid-up nonforfeiture benefit, a cash surrender value of
such amount as may be hereinafter specified.

(3)  That a specified paid-up nonforfeiture
benefit shall become effective as specified in the policy
unless the person entitled to make such election elects
another available option not later than [sixty (60)] 60 days
after the due date of the premium in default.

(4)  That if the policy shall have become paid up
by completion of all premium payments, or if it is continued
under any paid-up nonforfeiture benefit which became
effective on or after the third policy anniversary in the
case of ordinary insurance, or the fifth policy anniversary
in the case of industrial insurance, the insurer will pay,
upon surrender of the policy within [thirty (30)] 30 days
after any policy anniversary, a cash surrender value of such
amount as may be hereinafter specified.

(5)  [A] IN THE CASE OF POLICIES WHICH CAUSE ON, A
BASIS GUARANTEED IN THE POLICY, UNSCHEDULED CHANGES IN
BENEFITS OR PREMIUMS, OR WHICH PROVIDE AN OPTION FOR CHANGES
IN BENEFITS OR PREMIUMS OTHER THAN A CHANGE TO A NEW POLICY,
A STATEMENT OF THE MORTALITY TABLE, INTEREST RATE, AND