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Ch. 498 2005 LAWS OF MARYLAND
calculation of and imposing certain conditions on certain benefits for certain
annuity contracts; authorizing the Maryland Insurance Commissioner to adopt
certain regulations; altering a certain provision of law relating to a required
provision in an annuity contract; requiring an insurer to make a certain request
regarding a certain deferment and specifying the information to be included in
the request; authorizing an insurer to make a certain deferment after obtaining
a certain approval; providing that a certain payment relieves an insurer of a
certain obligation; requiring an insurer to provide a certain statement in certain
annuity contracts; requiring certain provisions of law to be interpreted in a
manner consistent with a certain model law; repealing a certain termination
provision; and generally relating to minimum nonforfeiture amounts for
individual deferred annuity contracts.
BY repealing and reenacting, with amendments,
Article - Insurance
Section 16-503(b), (c), and (g) and 16-510
Annotated Code of Maryland
(2002 Replacement Volume and 2004 Supplement)
BY repealing
Article - Insurance
Section 16-504(b), (c), and (d)
Annotated Code of Maryland
(2002 Replacement Volume and 2004 Supplement)
BY adding to
Article - Insurance
Section 16-504(b), (c), (d), and (e) and 16-510
Annotated Code of Maryland
(2002 Replacement Volume and 2004 Supplement)
BY repealing and reenacting, with amendments,
Chapter 82 of the Acts of the General Assembly of 2003
Section 2
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Insurance
16-503.
(b) Each annuity contract shall contain a provision that when payment of
considerations under the annuity contract stops OR ON THE WRITTEN REQUEST OF
THE CONTRACT OWNER, the insurer will grant a paid-up annuity benefit on a plan
stipulated in the annuity contract in compliance with §§ 16-505 through 16-509 of
this subtitle.
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