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31.09.03.00.htm 31.09.03.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 09 LIFE INSURANCE AND ANNUITIES Chapter 03 Industrial Life Insurance―Dividends Required Authority: Insurance Article, §2-109 and 16-206, Annotated Code of Maryland
31.09.03.01.htm 31.09.03.01. 01 Dividends.. All policies of industrial life insurance heretofore or hereafter issued by any life insurance company authorized to do business in Maryland and operating as a mutual insurer; and all policies of industrial life insurance issued by any life insurance company operating as a mutual insurer at the time the policies were issued but which the insurer subsequently operates as a stock insurer; and all policies of industrial life insurance issued on or a
31.09.03.02.htm 31.09.03.02. 02 Manner of Payment of Dividends.. The dividends shall be paid in the manner specified in the policy, or, if the policy does not specify a manner of payment, then the dividends shall, at the option of the insurer, or if the insurer does not make an election, then at the option of the policyholder, be:A. Applied to provide paid-up additions to the policy;. B. Paid in cash;. C. Left to accumulate at a rate of interest not less than 2-1/2 percent, the accumulated dividends a
31.09.03.9999.htm 31.09.03.9999. Administrative History Effective date: August 15, 1966. Amended effective May 1, 1968 ―. Chapter recodified from COMAR 09.30.49 to COMAR 31.09.03, July 1998.
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