Ch. 11

1996 LAWS OF MARYLAND

In subsection (b) of this section, the former term "rules" is deleted in light of
the term "regulations". See the General Revisor's Note to this article.

In subsection (c) of this section, the defined term "insurer" is substituted for
the former term "company" for clarity and consistency with terminology used
throughout this article.

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

16-603. FORM OF CONTRACT; REQUIRED POLICY PROVISIONS.

(A)     FORM OF CONTRACT.

A VARIABLE LIFE INSURANCE POLICY OR VARIABLE ANNUITY CONTRACT MAY
NOT BE DELIVERED OR ISSUED FOR DELIVERY IN THE STATE UNTIL THE FORM OF
THE POLICY OR ANNUITY CONTRACT HAS BEEN FILED WITH AND APPROVED BY THE
COMMISSIONER.

(B)     REQUIRED POLICY PROVISIONS.

BY REGULATION, THE COMMISSIONER SHALL DETERMINE THE GRACE,
REINSTATEMENT, AND NONFORFEITURE PROVISIONS AND OTHER REQUIRED
POLICY PROVISIONS THAT ARE APPROPRIATE TO VARIABLE LIFE INSURANCE
CONTRACTS AND VARIABLE ANNUITY CONTRACTS.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 48A, § 362(c).

In subsection (b) of this section, the former word "pertinent" is deleted as
included in the word "appropriate".

Defined terms: "Annuity contract" § 1-101
"Commissioner" § 1-101
"Policy" § 1-101

TITLE 17. GROUP LIFE INSURANCE.

SUBTITLE 1. GENERAL PROVISIONS.

17-101. GENERAL REQUIREMENTS FOR POLICIES.

(A) IN GENERAL.

A POLICY OF LIFE INSURANCE THAT INSURES THE LIVES OF MORE THAN ONE
INDIVIDUAL MAY NOT BE DELIVERED IN THE STATE UNLESS THE POLICY:

(1)      IS DELIVERED TO A GROUP DESCRIBED IN SUBTITLE 2 OF THIS
TITLE; AND

(2)      COMPLIES WITH THE OTHER APPLICABLE PROVISIONS OF THIS
TITLE.

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