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31.09.01.00.htm 31.09.01.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 09 LIFE INSURANCE AND ANNUITIES Chapter 01 Wholesale Life Insurance Authority: Insurance Article, §2-109, 16-102, and 16-217, Annotated Code of Maryland
31.09.01.01.htm 31.09.01.01. 01 Definition.. A. "Wholesale life insurance" means life insurance distributed on a mass merchandising basis and administered by group methods provided, with or without evidence of insurability, by individual policies and made available to employees or members under a program sponsored by:1) An employer;. 2) An association of employers;. 3) A union or association of unions;. 4) An association of persons having the same occupation or profession;.
31.09.01.02.htm 31.09.01.02. 02 Plan of Insurance.. Wholesale life insurance policies may be issued on the yearly or more frequently renewable term plan or on any other term or on any whole life or endowment plan. If the policy is issued on the yearly or more frequently renewable term plan or any other term plan, it shall contain the right of renewal to at least age 65 nearest birthday (subject, however, to the insurer's right to refuse renewal in accordance with Regulation .05 of this chapter) an
31.09.01.03.htm 31.09.01.03. 03 Premium Rates.. A. Premium rates for wholesale life insurance policies may be less than rates customarily charged by the insurer for ordinary policies issued under the same policy plan of insurance for the same class of risk.B. Policies Issued on the Yearly or More Frequently Renewable Term Plan. The policy shall contain a table of renewable premiums for all ages up to the limiting age for renewal. Ages may be grouped for the purpose of premium rates either by one group
31.09.01.04.htm 31.09.01.04. 04 Permissible Cases.. A. Evidence of Insurability. The insurer may require evidence of insurability on individual lives.. B. Contributory and Noncontributory. Premiums for the policies may be paid by the sponsor or by the employee or member insured, or partly by the sponsor and partly by the employee or member insured.C. Employer Sponsored Case.. 1) The class or classes of persons to be insured initially shall consist of not less than two employees. An employer sponsore
31.09.01.05.htm 31.09.01.05. 05 Right to Refuse Renewal.. A. The insurer may reserve the right to nonrenew a policy in the wholesale life insurance category only for one or more of the following reasons as may be specified in the policy:1) Nonpayment of premium;. 2) Termination of the employee's employment with the sponsor, or the termination of his employment in an eligible class of employees of the sponsor;3) The termination of membership in the sponsor, or the termination of membership in an eligible cla
31.09.01.06.htm 31.09.01.06. 06 Notice of Conversion.. Whenever a conversion privilege is available under the policy or whenever a policy which is not eligible for renewal as a wholesale life insurance policy may be continued by payment of an increased premium, the insurer shall give the individual employee or member insured written notice of the right to convert or continue. The notice shall be given not more than 60 days before or more than 15 days after the termination or nonrenewal of insurance u
31.09.01.07.htm 31.09.01.07. 07 Brief Description.. Each wholesale life insurance policy shall have legibly inscribed on the first page a brief description which shall include the word "wholesale" and such other information as may be required by Insurance Article, §16-213, Annotated Code of Maryland.
31.09.01.08.htm 31.09.01.08. 08 Policy Provisions.. A. With respect to each insured employee or member, an individual policy which identifies the insured employee or member by name shall be issued covering himself or his dependents, or both. The policy shall contain all of the provisions required by B-M of this regulation, except that any provision or portion thereof which in the opinion of the Commissioner is not applicable to the plan of insurance shall, to the extent inapplicable, not be incorp
31.09.01.09.htm 31.09.01.09. 09 Combination of Life and Health Insurance.. A wholesale life insurance policy may include, or may provide by rider, health insurance benefits, in which case the policy shall contain provisions relating to the health insurance which may not be less favorable to the insured employee or member than the applicable provisions required under Insurance Article, Title 15, Annotated Code of Maryland, and under any applicable regulations issued thereunder for a policy provid
31.09.01.10.htm 31.09.01.10. 10 Policy Restrictions.. A. Prohibited Provisions. A wholesale life insurance policy may not contain any provision which is prohibited under Insurance Article, §12-209 or 16-216, Annotated Code of Maryland.B. Limitations of Liability. A wholesale life insurance policy may not contain any limitation of liability which is less favorable to the policyholder than limitations permitted under Insurance Article, §16-215, Annotated Code of Maryland.C. Separate Agreements. A
31.09.01.11.htm 31.09.01.11. 11 Validity of Noncomplying Forms.. Any wholesale life insurance policy hereafter issued and otherwise valid which contains any condition or provision not in compliance with the requirements of Insurance Article, Annotated Code of Maryland, and of any applicable regulations may not be thereby rendered invalid, but shall be construed in accordance with conditions and provisions at least as favorable as those required under Insurance Article, Annotated Code of Maryland, and the appli
31.09.01.12.htm 31.09.01.12. 12 Effective Date.. This chapter shall take effect January 1, 1969, provided, however, that for any case in existence before the effective date of this chapter and for any new case initially made effective before June 1, 1969, the insurer may issue policy forms approved by the Maryland Insurance Administration before January 1, 1969, for use as wholesale life insurance policies which approval was in effect on the initial effective date of that case, and, unless the
31.09.01.9999.htm 31.09.01.9999. Administrative History Effective date: January 1, 1969 ―. Chapter recodified from COMAR 09.30.48 to COMAR 31.09.01, July 1998.
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