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2372 VETOES
(2) THE TERM "POLICY LOAN" INCLUDES ANY PREMIUM LOAN
MADE UNDER A POLICY TO PAY ONE OR MORE PREMIUMS THAT WERE NOT
PAID TO THE LIFE INSURER AS THEY FELL DUE.
(3) THE TERM "POLICYHOLDER" INCLUDES THE OWNER OF THE
POLICY OR THE PERSON DESIGNATED TO PAY PREMIUMS AS SHOWN ON THE
RECORDS OF THE LIFE INSURER.
(4) THE TERM "POLICY" INCLUDES CERTIFICATES ISSUED
BY A FRATERNAL BENEFIT SOCIETY AND ANNUITY CONTRACTS WHICH
PROVIDE FOR POLICY LOANS.
(K) OTHER PROVISIONS OF LAW MAY NOT APPLY TO POLICY LOAN
INTEREST RATES UNLESS MADE SPECIFICALLY APPLICABLE TO THESE
RATES.
(L) UPON REQUEST, A LIFE INSURER SHALL ANNUALLY NOTIFY THE
POLICYHOLDER OF THE CASH VALUE OF THE POLICY FOR THE CURRENT
POLICY YEAR AND CONTINUE TO NOTIFY THE POLICYHOLDER EACH YEAR.
(M) ANY INSURER OFFERING INSURANCE POLICIES WITH AN
ADJUSTABLE POLICY LOAN INTEREST RATE SHALL ESTABLISH A WRITTEN
PRICING OR DIVIDEND POLICY PROVIDING THAT THE HOLDERS OF THE
POLICIES SHALL RECEIVE A BENEFIT THE BENEFITS FROM ANY INCREASED
EARNINGS OF THE INSURER THAT RESULT FROM THE USE OF AN ADJUSTABLE
RATE, BY RECEIVING HIGHER DIVIDENDS, HIGHER CASH VALUES, LOWER
PREMIUMS, OR A COMBINATION OF BENEFITS.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act applies
only to policies issued on or after July 1, 1983.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
May 31, 1983
The Honorable Melvin A. Steinberg
President of the Senate
State House
Annapolis, Maryland 21404
Dear Mr. President:
In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed Senate Bill 506.
This bill provides that if an individual refuses to take a
chemical test for alcohol, a sworn report will be sent to the
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