Skip to Main Content
<< Back | Return to Main COMAR Search Page

9 records match your request.

FileAbstract
31.09.08.00.htm 31.09.08.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 09 LIFE INSURANCE AND ANNUITIES Chapter 08 Group Annuity Contracts Authority: Insurance Article, §1-101(d) 2-109, 12-203, 12-205, 12-209, 16-114, and 16-501, Annotated Code of Maryland
31.09.08.01.htm 31.09.08.01. 01 Purpose.. The purpose of this chapter is to regulate the issuance of group annuity contracts with the objective of providing that they not be issued on an impracticable basis or in a manner which may be hazardous to policyholders and the public.
31.09.08.02.htm 31.09.08.02. 02 Scope.. This chapter is applicable to all group annuity contracts whether issued on a fixed or a variable basis or on any basis providing a combination of both fixed and variable benefits.
31.09.08.03.htm 31.09.08.03. 03 Exceptions.. A. These regulations do not apply to:. 1) An annuity contract issued on an individual basis providing annuity benefits to individual or joint owners and providing further annuity benefits to one or more other individuals on the death of the original annuitant or joint annuitants;2) An annuity contract issued on an individual basis to provide annuity benefits to one or more persons on the death of a named individual;
31.09.08.04.htm 31.09.08.04. 04 Definition.. Group annuity" means a contract:. A. Purporting to provide annuity benefits to more than one individual;. B. Issued to:. 1) An employer or two or more employers in the same industry;. 2) An association of employers which has been in existence for at least 5 years, unless the Commissioner expressly waives the 5-year requirement;3) A labor union;. 4) An association of labor unions;. 5) An association composed of one or more labor unions and one or more employers;.
31.09.08.05.htm 31.09.08.05. 05 Employees.. In addition to those persons traditionally considered to be employees, employees may include:. A. If the employer is an individual proprietor or partnership, the proprietor or the partner;. B. If the employer is a corporation, the directors of the corporation;. C. If the business of the employer and any affiliated corporations, proprietorships, or partnerships is under common control, the employees of one or more affiliated corporations, proprietorships, or
31.09.08.06.htm 31.09.08.06. 06 Members.. Members may, but need not, include:. A. Employees of a union or association;. B. Members of a union or association who have retired;. C. Employees of the members of an eligible association; or. D. Employees of a trustee under a trust referred to in Regulation .04B(12) of this chapter if their principal duties are connected with the trusteeship.
31.09.08.07.htm 31.09.08.07. 07 Eligible Groups.. A. An insurer may not deliver in this State a contract purporting to provide annuity benefits to more than one individual unless the contract conforms to the definition of a group annuity contract contained in Regulation .04 of this chapter.B. If a contract providing annuity benefits to more than one individual is delivered in this State before the effective date of these regulations, an insurer may not include additional annuitants under the contract if the con
31.09.08.9999.htm 31.09.08.9999. Administrative History Effective date: February 23, 1987 (14:4 Md. R. 417). Regulation .07C amended and D adopted effective January 29, 1996 (23:2 Md. R. 95) ―. Chapter recodified from COMAR 09.30.71 to COMAR 31.09.08, July 1998.
<< Back | Return to Main COMAR Search Page