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31.09.02.00.htm 31.09.02.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 09 LIFE INSURANCE AND ANNUITIES Chapter 02 Variable Life Insurance Authority: Insurance Article, §2-109 and 16-601―16-603, Annotated Code of Maryland
31.09.02.01.htm 31.09.02.01. 01 Authority and Purpose.. This chapter, applicable to variable life insurance policies, is promulgated under authority of Insurance Article, 2-109 and 16-601-16-603, Annotated Code of Maryland. The issuance or delivery of life insurance policies on a variable basis in Maryland in any manner not in compliance with this chapter shall be deemed contrary to the requirements of Insurance Article, 16-601-16-603, Annotated Code of Maryland, and, further, shall be deemed to const
31.09.02.02.htm 31.09.02.02. 02 Definitions.. A. In this chapter, the following words have the meanings indicated.. B. Terms Defined.. 1) "Affiliate" of an insurer means:. a) A person, directly or indirectly, controlling, controlled by, or under common control with the insurer;b) A person who regularly furnishes investment advice to the insurer with respect to its variable life insurance separate accounts for which a specific fee or commission is charged; orc) A director, officer, partner, or employee of th
31.09.02.03.htm 31.09.02.03. 03 Qualification of Insurer to Issue Variable Life Insurance.. A. The requirements of this regulation are applicable to all insurers either seeking authority to issue variable life insurance in this State or which have authority to issue variable life insurance in this State.B. Licensing and Approval to Do Business in This State. An insurer may not deliver or issue for delivery in this State any variable life insurance policy, unless the insurer is authorized to engage in
31.09.02.04.htm 31.09.02.04. 04 Insurance Policy Requirements―Policy Qualification.. A. The Commissioner may not approve a variable life insurance form filed pursuant to this chapter unless it conforms to the requirements of this regulation.B. Filing of Variable Life Insurance Policies.. 1) All variable life insurance policies, and all riders, endorsements, applications, and other documents which are to be attached to and made a part of the policy and which relate to the variable nature of the policy, shall b
31.09.02.05.htm 31.09.02.05. 05 Reserve Liabilities for Variable Life Insurance.. A. Reserve liabilities for variable life insurance policies shall be established under Insurance Article, Title 5, Subtitle 3, Annotated Code of Maryland, in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.B. Reserve liabilities for the guaranteed minimum death benefit shall be the reserve needed to provide for the contingency of death occurring when the
31.09.02.06.htm 31.09.02.06. 06 Separate Accounts.. The following requirements apply to establishment and administration of variable life insurance separate accounts:A. Establishment and Administration of Separate Accounts.. 1) An insurer issuing variable life insurance in this State shall establish one or more separate accounts pursuant to Insurance Article, §16-601―16-603, Annotated Code of Maryland.2) Assets in the separate account shall be owned by the insurer and the insurer may not be, or hold
31.09.02.07.htm 31.09.02.07. 07 Information Furnished to Applicants.. A. An insurer delivering or issuing for delivery in this State a variable life insurance policy shall deliver to the applicant for the policy, and obtain a written acknowledgement of receipt from the applicant coincident with or before the execution of the application, the following information:1) A summary explanation, in nontechnical terms, of the principal features of the policy, including a description of the manner in which the variable
31.09.02.08.htm 31.09.02.08. 08 Applications.. The application for a variable life insurance policy shall contain:. A. A prominent statement that the death benefit may be variable or fixed under specified conditions;. B. A prominent statement that cash values may increase or decrease in accordance with the experience of the separate account (subject to any specified minimum guarantees)C. Questions designed to elicit information which enables the insurer to determine the suitability of variable life insurance
31.09.02.09.htm 31.09.02.09. 09 Reports to Policyholders.. An insurer delivering or issuing for delivery in this State a variable life insurance policy shall mail to each variable life insurance policyholder at his or her last known address the following reports:A. Within 30 days after each anniversary of the policy, a statement or statements of the cash surrender value, death benefit, any partial withdrawal or policy loan, any interest charge, and any optional payments allowed pursuant to Regulation .04E of
31.09.02.10.htm 31.09.02.10. 10 Foreign Companies.. If the law or regulation in the place of domicile of a foreign company provides a degree of protection to the policyholders and the public which is substantially similar to that provided by these regulations, the Commissioner may consider compliance with the law or regulation as compliance with these regulations.
31.09.02.11.htm 31.09.02.11. 11 Qualification of Producers for the Sale of Variable Life Insurance.. A. Qualification to Sell Variable Life Insurance.. 1) A person may not sell or offer for sale in this State any variable life insurance policy unless the person is a producer and has filed with the Commissioner, in a form satisfactory to the Commissioner, evidence that the person holds a license and other authorizations which may be required by any federal or State securities law for the solicitati
31.09.02.12.htm 31.09.02.12. 12 Voting Rights.. To the extent an insurer deems it necessary to comply with any applicable state or federal laws, with respect to any separate account, including, without limitation, a separate account which is a management investment company or unit investment trust, the insurer may provide for persons having an interest therein appropriate voting and other rights and special procedures for the conduct of the business of the account, including without limitation
31.09.02.13.htm 31.09.02.13. 13 Separability and Applicability of Other Regulations.. A. If any provision of this chapter or its application to any person or circumstance is held to be invalid, the remainder of the chapter and the application of the provision to other persons or circumstances is not affected.B. The provisions of COMAR 31.09.04 and any other regulations promulgated by the Commissioner with reference to contracts on a variable basis or with reference to life insurance or the conduct of the
31.09.02.9999.htm 31.09.02.9999. Administrative History Effective date: July 1, 1979 (6:10 Md. R. 841). Regulation .04C amended effective December 27, 1983 (10:24 Md. R. 2189). Regulation .11A amended effective August 22, 1988 (15:17 Md. R. 2048) ―. Chapter recodified from COMAR 09.30.43 to COMAR 31.09.02, July 1998. Regulation .02B amended effective May 21, 2018 (45:10 Md. R. 504). Regulation .03C amended effective May 21, 2018 (45:10 Md. R. 504).
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