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31.15.01.00.htm 31.15.01.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 15 UNFAIR TRADE PRACTICES Chapter 01 Special Policies and Misleading Advertising Authority: Insurance Article, §2-109, 8-467, 8-468, 12-203, 12-204, 12-205, 16-112, and 27-202, Annotated Code of Maryland
31.15.01.01.htm 31.15.01.01. 01 Authority.. This chapter is deemed necessary for the effectuation of Insurance Article, Title 27, Annotated Code of Maryland (as amended to date) Insurance Article, 8-467 and 8-468, Annotated Code of Maryland, which concern prohibited practices regarding the sale of insurance in fraternal benefit societies, which practices are hereby defined to be unfair methods of competition and unfair or deceptive acts or practices prohibited under Title 27; Insurance Art
31.15.01.02.htm 31.15.01.02. 02 Purpose.. The purpose of this chapter is to assure fair disclosure of relevant facts in the sale of life insurance and annuity contracts. This chapter is also designed to protect citizens of Maryland as purchasers and prospective purchasers of life insurance policies or annuity contracts against the use of sales methods which are misleading because of:A. The omission of facts fairly describing the subject matter as a life insurance policy or annuity contract and the benefits
31.15.01.03.htm 31.15.01.03. 03 Applicability.. This chapter is applicable to all insurers, including fraternal benefit societies, doing a life insurance business in this State and to all persons licensed to sell life insurance under Insurance Article, Title 10, Subtitle 1, Annotated Code of Maryland, and to persons licensed under Insurance Article, 8-449(a) and 8-455, Annotated Code of Maryland.
31.15.01.04.htm 31.15.01.04. 04 Guaranteed Annual Endowments.. A. Because of the inherently confusing nature of a guaranteed annual endowment type of policy, a life insurance policy or annuity contract containing a series of guaranteed annual endowments evidenced by coupons, passbooks, or similar devices generally identified with investment or banking operations may not be approved for use, and any such policy or contract heretofore approved may not be issued or delivered in this State on or after September
31.15.01.05.htm 31.15.01.05. 05 Charter or Founders' Policies.. A. A charter policy or founders' policy is that form of life insurance policy or annuity contract usually issued by a newly organized insurer, which is sold on the basis that its availability will be limited to a specific predetermined number of units of a fixed dollar amount and which generally provides that the policyholder shall participate in the earnings resulting from either the participating policies or the nonparticipating policies sold b
31.15.01.06.htm 31.15.01.06. 06 Profit-Sharing Policies.. A. A profit-sharing policy is that form of life insurance policy or annuity contract which contains provisions representing or tending to create the understanding that the policyholder will be eligible to participate in any future distribution of general corporate profits, with special advantages not available to persons holding other types of policies issued by the insurer to individuals of the same class and equal expecB. Profit-sharing policie
31.15.01.07.htm 31.15.01.07. 07 Participating Policies.. No illustration of projected dividends under a participating individual life insurance policy or annuity contract may be used in conjunction with the sale or solicitation of the policy or contract in this State unless the projected dividend scale or the basis of the formula for determining the projected dividend scale has been filed with the Insurance Administration, either in the insurer's annual statement or otherwise, and unless the filing is
31.15.01.08.htm 31.15.01.08. 08 Policy Names or Titles.. A. An insurer, agent, or broker, may not deliver within this State, or issue for delivery within this State, any policy of life insurance or annuity contract without the use of the words "life insurance" or "annuity contract" in its name or title or the use of other language clearly indicating that the policy is a policy of life insurance or an annuity contract.B. The use of the terms "investment" "investment plan" "expansion plan" "pr
31.15.01.09.htm 31.15.01.09. 09 Misleading Sales Practices.. A. An insurer, agent, or broker may not within this State:. 1) Make any statement or reference relating to the growth of the life insurance industry or to the tax status of life insurers in connection with any solicitation of an application for life insurance or annuity contract in a context which could reasonably be understood to interest a prospect in the purchase of shares of stock in an insurer rather than in the purchase of a
31.15.01.10.htm 31.15.01.10. 10 Existing Policies and Contracts.. This chapter does not affect the validity of any life insurance policy or annuity contract in force on the effective date of this chapter. However, the previous approval by this Division of any form of life insurance policy or annuity contract prohibited by this chapter is hereby withdrawn effective September 1, 1970, and no such policy or contract may be sold after that date.
31.15.01.9999.htm 31.15.01.9999. Administrative History Effective date: September 1, 1970 ―. Chapter recodified from COMAR 09.30.25 to COMAR 31.15.01, July 1998.
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