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Maryland Code, Insurance § 17-301

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

(a) Except as provided in subsection (b) of this section, a policy of group life insurance may not be delivered in the State unless it contains in substance:

(1) the provisions of §§ 17-302 through 17-311 of this subtitle; or

(2) provisions that in the opinion of the Commissioner are:

(i) more favorable to the insureds; or

(ii) at least as favorable to the insureds and more favorable to the policyholder.

(b)(1) Sections 17-307 through 17-311 of this subtitle do not apply to policies issued to a creditor to insure debtors of the creditor.

(2) The standard provisions required for individual life insurance policies do not apply to policies of group life insurance.

(3) If a policy of group life insurance is on a plan other than the term plan, the policy:

(i) shall contain a nonforfeiture provision that in the opinion of the Commissioner is equitable to the insured and the policyholder; but

(ii) need not contain the same nonforfeiture provisions required for individual life insurance policies.

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Cite this article: FindLaw.com - Maryland Code, Insurance § 17-301 - last updated January 01, 2025 | https://codes.findlaw.com/md/insurance/md-code-insurance-sect-17-301/

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