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

10 records match your request.

FileAbstract
31.15.03.00.htm 31.15.03.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 15 UNFAIR TRADE PRACTICES Chapter 03 Life Insurance Disclosure Authority: Insurance Article, §2-109(a)1) and 27-202, Annotated Code of Maryland
31.15.03.01.htm 31.15.03.01. 01 Purpose.. A. The purpose of this chapter is to require carriers to deliver to purchasers of life insurance information which will improve the purchaser's:1) Ability to select the most appropriate plan of life insurance for the purchaser's needs; and. 2) Understanding of the basic features of the policy which has been purchased or which is under consideration.B. This chapter does not prohibit the use of additional material which is not in violation of this c
31.15.03.02.htm 31.15.03.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Buyer's guide" means the most current version of the Life Insurance Buyer's Guide adopted by the National Association of Insurance Commissioners (NAIC)2) "Carrier" means:. a) An insurer; or. b) A fraternal benefit society.. 3) "Current scale of nonguaranteed elements" means a formula or other mechanism that produces values for an illustration as if there is no change in t
31.15.03.03.htm 31.15.03.03. 03 Scope.. A. With the exception of §C of this regulation, this chapter applies to a solicitation, negotiation, or procurement of life insurance occurring within this State.B. Regulation .05D of this chapter applies only to an existing nonexempt policy held by a policyowner residing in Maryland.C. Unless otherwise specifically included, this chapter does not apply to:. 1) Individual and group annuity contracts;. 2) Credit life insurance;. 3) Group life insurance,
31.15.03.04.htm 31.15.03.04. 04 Policy Summary.. A. A carrier shall include in a policy summary all of the following:. 1) A prominently placed title as follows: STATEMENT OF POLICY COST AND BENEFIT INFORMATION;. 2) The name and address of the insurance producer, or, if an insurance producer is not involved, a statement of the procedure to be followed in order to receive responses to inquiries regarding the policy summary;3) The full name and home office or administrative office address of the ca
31.15.03.05.htm 31.15.03.05. 05 Duties of Carriers.. A. Except as provided in §B of this regulation, the carrier shall provide a buyer's guide to all prospective purchasers before accepting the applicant's initial premium or premium deposit.B. If the policy for which application is made contains an unconditional refund provision of at least 10 days, the carrier shall provide the buyer's guide with the policy or before delivery of the policy.C. Policy Forms Not Marketed with an Illustration..
31.15.03.06.htm 31.15.03.06. 06 Preneed Funeral Contracts or Prearrangements.. A. At the time an application is made for a preneed funeral contract or prearrangement that is funded by a life insurance policy, and before accepting the applicant's initial premium or deposit, the carrier shall adequately disclose to the applicant, in writing, the following information:1) The fact that a life insurance policy is involved or being used to fund a prearrangement;. 2) The nature of the relationship among the solici
31.15.03.07.htm 31.15.03.07. 07 General Rules.. A. Each carrier shall maintain at its home office or principal office a complete file containing one copy of each document authorized by the carrier for use pursuant to this chapter.B. The file described in §A of this regulation shall contain one copy of each authorized form for a period of 3 years following the date of its last authorized use unless otherwise provided by this chapter.C. An insurance producer shall inform the prospective purchaser, before com
31.15.03.08.htm 31.15.03.08. 08 Failure to Comply.. A. Failure of a carrier to provide or deliver a buyer's guide or a policy summary as provided in Regulation .04 of this chapter shall constitute an omission that misrepresents the benefits, advantages, conditions, or terms of an insurance policy.B. An insurance producer shall be held accountable for any policy summary, comparison statement, or other materials which the insurance producer uses in connection with the solicitation of insurance.
31.15.03.9999.htm 31.15.03.9999. Administrative History Effective date: January 1, 1980 (6:15 Md. R. 1271) ―. Chapter recodified from COMAR 09.30.27 to COMAR 31.15.03 effective September 7, 1998 (25:18 Md. R. 1439) ―Regulations .01―08, Solicitation of Life Insurance, repealed and new Regulations .01―08, Life Insurance Disclosure, adopted effective May 18, 2009 (36:10 Md. R. 719)Regulation .05C amended effective December 6, 2018 (45:24 Md. R. 1164).
<< Back | Return to Main COMAR Search Page