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31.15.04.00.htm 31.15.04.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 15 UNFAIR TRADE PRACTICES Chapter 04 Solicitation of Annuity and Deposit Fund Contracts Authority: Insurance Article, §2-109 and 27-202, Annotated Code of Maryland
31.15.04.01.htm 31.15.04.01. 01 Unfair Trade Practice.. The solicitation or sale of annuities or deposit fund contracts not in conformity with this chapter shall be deemed an Unfair Trade Practice in violation of Insurance Article, Title 27, Annotated Code of Maryland.
31.15.04.02.htm 31.15.04.02. 02 Purpose.. A. The purpose of this chapter is to require insurers to deliver to prospects for annuity contracts or for deposit funds accepted in conjunction with life insurance policies or annuity contracts, information which helps the prospect select an annuity or deposit fund, or both, appropriate to the prospect's needs, improves the prospect's understanding of the basic features of the plan under consideration and improves the prospect's ability to evalu
31.15.04.03.htm 31.15.04.03. 03 Scope.. A. To the extent provided here, this chapter shall apply to any solicitation, negotiation, or procurement of annuity contracts or deposit funds accepted in conjunction with individual life insurance policies or with annuity contracts which are subject to this chapter, occurring within this State. The chapter shall apply to an issuer of life insurance policies or annuity contracts including fraternal benefit societies.B. This chapter shall apply to:.
31.15.04.04.htm 31.15.04.04. 04 Contract Summary.. A. For the purposes of this chapter, "contract summary" means a written statement describing the elements of the annuity contract and deposit fund, including but not limited to:1) A prominently placed title as follows: STATEMENT OF BENEFIT INFORMATION. (This shall be followed by an identification of the annuity contract or deposit fund, or both, to which the statement applies.2) The name and address of the insurance agent or, if no agent is involved,
31.15.04.05.htm 31.15.04.05. 05 Disclosure Requirements.. A. The insurer shall provide to all prospective purchasers a contract summary before accepting the applicant's initial consideration for the annuity contract, or in the case of a deposit fund, before acceptance of the applicant's initial consideration for the associated life insurance policy or annuity contract, unless the annuity contract or associated life insurance policy for which the application is made provides for an unconditional refund p
31.15.04.06.htm 31.15.04.06. 06 General Regulations.. A. Each insurer shall maintain at its home office or principal office, a complete file containing one copy of each document authorized by the insurer for use pursuant to this chapter. This file shall contain one copy of each authorized form for a period of at least 3 years following the date of its last authorized use.B. An agent shall inform the prospective purchaser, before commencing a sales presentation, that the agent is acting as a lif
31.15.04.07.htm 31.15.04.07. 07 Failure to Comply.. A. Failure of an insurer to provide or deliver a contract summary as provided in Regulation .05 of this chapter shall constitute an omission which misrepresents the benefits, advantages, conditions, or terms of an annuity contract or of an insurance policy.B. An agent shall be held accountable for any contract summary or other materials which he used in connection with the solicitation. If any of these materials is prepared by a consulting computer firm
31.15.04.9999.htm 31.15.04.9999. Administrative History Effective date: January 1, 1980 (6:15 Md. R. 1271) ―. Chapter recodified from COMAR 09.30.28 to COMAR 31.15.04 effective September 7, 1998 (25:18 Md. R. 1439)
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