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Maryland Code, Insurance § 16-219

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) If a policy of universal or variable life insurance contains a provision that allows a policyholder to reduce the face amount of the policy, the insurer shall provide a written notice to the policyholder.

(2) The notice shall state:

(i) that the policyholder's policy allows for a reduction of the face amount of the policy as an option to retain coverage;

(ii) the amount to be paid to prevent the policy from lapse; and

(iii) the insurer's customer service telephone number.

(b) The notice shall be sent to a policyholder's last known address:

(1) at the beginning of the grace period under § 16-202 of this subtitle; and

(2) at least 30 days before termination of coverage.

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Cite this article: FindLaw.com - Maryland Code, Insurance § 16-219 - last updated January 01, 2025 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-16-219/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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