PARRIS N. GLENDENING, Governor

Ch. 11

"Life insurance" § 1-101
"Policy" § 1-101
"Premium" § 1-101

16-313. SHORT TITLE.

THIS SUBTITLE IS THE "MARYLAND STANDARD NONFORFEITURE LAW FOR
LIFE INSURANCE".

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 414(a).

The word "Maryland" is added to conform to short titles throughout the
revised articles of the Code.

GENERAL REVISOR'S NOTE TO SUBTITLE:

Former Art. 48A, § 415, which governed nonforfeiture benefits under industrial life
insurance policies issued for terms longer than twenty years before the operative date of
this subtitle, is transferred to the Session Laws effective October 1, 1997, due to its
limited and diminishing applicability.

SUBTITLE 4. ANNUITY AND PURE ENDOWMENT CONTRACT PROVISIONS.
16-401. STANDARD PROVISIONS REQUIRED; EXCEPTIONS.

(A)     STANDARD PROVISIONS REQUIRED.

EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, AN ANNUITY CONTRACT
OR PURE ENDOWMENT CONTRACT MAY NOT BE DELIVERED OR ISSUED FOR
DELIVERY IN THE STATE UNLESS IT CONTAINS IN SUBSTANCE EACH APPLICABLE
PROVISION REQUIRED BY §§ 16-402 THROUGH 16-407 OF THIS SUBTITLE.

(B)     EXCEPTIONS.

THIS SECTION DOES NOT APPLY TO:

(1)      REVERSIONARY ANNUITIES OR SURVIVORSHIP ANNUITIES;

(2)      GROUP ANNUITIES; OR

(3)      CONTRACTS FOR DEFERRED ANNUITIES INCLUDED IN OR ON THE
LIVES OF BENEFICIARIES UNDER POLICIES OF LIFE INSURANCE.

(C)     SINGLE PREMIUM CONTRACTS.

TO THE EXTENT THAT A PROVISION REQUIRED BY THIS SUBTITLE DOES NOT
APPLY TO A SINGLE PREMIUM ANNUITY CONTRACT OR SINGLE PREMIUM PURE
ENDOWMENT CONTRACT, THE PROVISION NEED NOT BE INCLUDED IN THE
ANNUITY CONTRACT OR PURE ENDOWMENT CONTRACT.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 402.

In subsection (a) of this section, the word "applicable" is added to modify

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