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Session Laws, 1995
Volume 793, Page 803   View pdf image
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PARRIS N. GLENDENING, Governor                               Ch. 36

(2) RENEW A POLICY THAT IS RENEWABLE AT THE OPTION OF THE
MUTUAL INSURER WITHOUT ENDORSING THE POLICY TO PROVIDE FOR THE
CONTINGENT LIABILITY OF THE POLICYHOLDER.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, §§ 262 and 263.

In subsections (a), (e), and (f) of this section, the references to
"nonassessable" policies are substituted for the former references to policies
without "contingent liability" for consistency with subsections (b) and (c) of
this section.

In subsection (d) of this section, the reference to the "domestic mutual
insurer" is substituted for the former reference to the "insurer" for
consistency.

In subsections (e) and (f) of this section, the references to a "mutual insurer"
are substituted for the former references to an "insurer" to clarify that the
provisions of those subsections apply to mutual insurers.

Defined terms: "Alien insurer" § 1-101
"Commissioner" § 1-101
"Domestic insurer" § 1-101
"Foreign insurer" § 1-101
"Insurance business" § 1-101
"Mutual insurer" § 1-101
"Policy" § 1-101
"Stock insurer" § 1-101

3-114. PARTICIPATING POLICIES.

(A)     IN GENERAL.

A DOMESTIC STOCK INSURER OR DOMESTIC MUTUAL INSURER MAY:

(1)      ISSUE ANY OR ALL OF ITS POLICIES WITH OR WITHOUT
PARTICIPATION IN PROFITS, SAVINGS, OR UNABSORBED PARTS OF PREMIUMS;

(2)      CLASSIFY POLICIES ISSUED ON A PARTICIPATING AND
NONPARTICIPATING BASIS; AND

(3)     DETERMINE THE RIGHT TO PARTICIPATE AND THE EXTENT OF
PARTICIPATION OF ANY CLASS OF POLICIES.

(B)     STANDARDS FOR CLASSIFICATION OR DETERMINATION.

THE CLASSIFICATION OF POLICIES OR DETERMINATION OF PARTICIPATION
UNDER SUBSECTION (A) OF THIS SECTION SHALL BE REASONABLE AND MAY NOT
DISCRIMINATE UNFAIRLY BETWEEN POLICYHOLDERS WITHIN THE SAME
CLASSIFICATIONS.

(C)     LIFE INSURER.

- 803 -

 

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Session Laws, 1995
Volume 793, Page 803   View pdf image
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