PARRIS N. GLENDENING, Governor

Ch. 11

(I)       BE CALCULATED SEPARATELY AS IF THE ANNUITY BENEFITS
AND LIFE INSURANCE BENEFITS WERE PROVIDED UNDER SEPARATE CONTRACTS;
AND

(II)     EQUAL THE SUM OF:

1.        THE MINIMUM NONFORFEITURE BENEFITS FOR THE
ANNUITY PART OF THE CONTRACT; AND

2.        THE MINIMUM NONFORFEITURE BENEFITS FOR THE LIFE
INSURANCE PART OF THE CONTRACT.

(C)     SAME — EXCLUSIONS IN CALCULATIONS.

NOTWITHSTANDING §§ 16-505 THROUGH 16-509 OF THIS SUBTITLE, THE
FOLLOWING SUPPLEMENTAL BENEFITS AND CONSIDERATIONS FOR THE BENEFITS
SHALL BE DISREGARDED WHEN CALCULATING THE MINIMUM NONFORFEITURE
AMOUNTS, PAID-UP ANNUITY, CASH SURRENDER, AND DEATH BENEFITS REQUIRED
UNDER THIS SUBTITLE:

(1)      BENEFITS PAYABLE FOR TOTAL AND PERMANENT DISABILITY;

(2)      BENEFITS PAYABLE AS REVERSIONARY ANNUITY OR DEFERRED
REVERSIONARY ANNUITY BENEFITS; OR

(3)      OTHER POLICY BENEFITS ADDITIONAL TO LIFE INSURANCE,
ENDOWMENT, AND ANNUITY BENEFITS.

(D)     SAME — PAID-UP BENEFITS.

ADDITIONAL BENEFITS UNDER SUBSECTION (C) OF THIS SECTION NEED NOT BE
INCLUDED IN ANY PAID-UP BENEFITS UNLESS THE ADDITIONAL BENEFITS
SEPARATELY WOULD REQUIRE MINIMUM NONFORFEITURE AMOUNTS, PAID-UP
ANNUITY, CASH SURRENDER, AND DEATH BENEFITS.

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

In subsection (b)(1) of this section, the former phrase "within the same
contract" is deleted as implicit.

In subsection (b)(2)(ii) of this section, the phrase "if any", which formerly
modified "minimum nonforfeiture benefits", is deleted as implicit.

Defined terms: "Annuity" § 1-101
"Annuity contract" § 1-101
"Life insurance" § 1-101
"Policy" § 1-101

16-510. SHORT TITLE.

THIS SUBTITLE IS THE "MARYLAND STANDARD NONFORFEITURE LAW FOR
INDIVIDUAL DEFERRED ANNUITIES".

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