Ch. 11

1996 LAWS OF MARYLAND

"Insurer" § 1-101
"Premium" § 1-101
"Reinsurance" § 1-101

16-502. OPERATIVE DATE OF SUBTITLE.

THE OPERATIVE DATE OF THIS SUBTITLE IS:

(1)     A DATE FROM JULY 2, 1980, TO JUNE 30, 1982, BOTH INCLUSIVE, AS
SPECIFIED BY THE INSURER IF THE INSURER FILED WITH THE COMMISSIONER
WRITTEN NOTICE OF AN ELECTION TO COMPLY WITH THIS SUBTITLE ON A DATE
BEFORE JULY 1, 1982; OR

(2)     JULY 1, 1982.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 408B(j).

This section' is revised to state the operative date of this subtitle because the
contingent application window for former Art. 48A, § 408B is now closed.
Therefore, provisions in former Art. 48A, § 408B(j) that authorize an insurer
to file a certain notice with the Commissioner are deleted as obsolete.

In item (2) of this section, the date "July 1, 1982" is substituted for the former
phrase "the second anniversary of the effective date of this section" for clarity.
The effective date of former Art. 48A, § 408B, enacted by Chapter 876, Acts
of the General Assembly of 1980, was July 1, 1980.

Defined terms: "Commissioner" § 1-101
"Insurer" § 1-101

16-503. REQUIRED CONTRACT PROVISIONS.

(A)     IN GENERAL.

AN ANNUITY CONTRACT MAY NOT BE DELIVERED OR ISSUED FOR DELIVERY
IN THE STATE ON OR AFTER THE OPERATIVE DATE OF THIS SUBTITLE UNLESS THE
ANNUITY CONTRACT CONTAINS:

(1)      EACH APPLICABLE PROVISION OF SUBSECTIONS (B) THROUGH (G)
OF THIS SECTION; OR

(2)      CORRESPONDING PROVISIONS THAT THE COMMISSIONER BELIEVES
ARE AT LEAST. AS FAVORABLE TO THE CONTRACT HOLDER AFTER PAYMENT OF
CONSIDERATIONS UNDER THE ANNUITY CONTRACT STOPS.

(B)     PAID-UP ANNUITY BENEFIT.

EACH ANNUITY CONTRACT SHALL CONTAIN A PROVISION THAT WHEN
PAYMENT OF CONSIDERATIONS UNDER THE ANNUITY CONTRACT STOPS, 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.

- 434 -