Title 16. Life Insurance and Annuities — Subtitle 1. General Provisions
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 16-101 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–101LinkCopy Citation
Except as otherwise provided in this title, this title applies to contracts of life insurance and annuities, other than reinsurance, group life insurance, and group annuities.
Md. Code Ann., Ins. § 16-102 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–102LinkCopy Citation
An insurer that is authorized to issue ordinary life insurance in the State may issue wholesale life insurance.
Md. Code Ann., Ins. § 16-103 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–103LinkCopy Citation
A life insurer may not:
(1)
issue or deliver in the State a policy of life insurance or an annuity contract that provides for the payment of an assessment by a policyholder or member in addition to the premium stated in the policy or annuity contract to be charged for the life insurance or annuity; or
(2)
levy or collect an assessment prohibited by item (1) of this section.
Md. Code Ann., Ins. § 16-104 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–104LinkCopy Citation
(a)
An insurer may not knowingly deliver or issue for delivery in the State a policy of life insurance that purports to be issued or to take effect as of a date more than 6 months before the application for the policy was made, if, as a result, the premium on the policy is reduced below the premium that would have been payable on the policy as determined by the insuring age of the insured when the application was made.
(b)
An insurance producer or other representative of an insurer may not in the State prepare, submit, or accept an application for life insurance that bears a date earlier than the date when the application was made by the insured or applicant, if, as a result, the premium on the policy is reduced below the premium that would have been payable on the policy as determined by the insuring age of the insured when the application was made.
(c)
This section does not:
(1)
invalidate a contract made in violation of this section; or
(2)
prohibit the exchange, alteration, or conversion of a policy of life insurance.
Md. Code Ann., Ins. § 16-105 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–105LinkCopy Citation
(a)
This section does not apply to policies or contracts issued to an employee in connection with the funding of a pension, annuity, or profit-sharing plan that is qualified or exempt under § 401, § 403, § 404, or § 501 of the Internal Revenue Code, if participation in the plan is a condition of employment.
(b)
Each policy of life insurance or annuity contract subject to this title shall have attached to or prominently printed on its face the following information:
(1)
a notice to the policyholder that:
(i)
for 10 days after the date the policy or annuity contract is delivered to the policyholder, the policyholder may surrender the policy or annuity contract to the insurer for cancellation by giving the insurer written notice of cancellation; and
(ii)
the insurer shall return to the policyholder a pro rata premium for the unexpired term of the policy or annuity contract; or
(2)
a similar notice to the policyholder that in the opinion of the Commissioner is not less favorable to the policyholder.
Md. Code Ann., Ins. § 16-106 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–106LinkCopy Citation
(a)
On request of a policyholder, a life insurer may exchange, alter, or convert a policy of life insurance or endowment insurance or an annuity contract issued by the life insurer or any other benefits additional to the policy or annuity contract, for or into a policy that:
(1)
conforms with the laws in force on the date of the original policy or annuity contract, if the rewritten policy is, by its terms, made effective as of that date; or
(2)
conforms with the laws in force on a subsequent date as of which the rewritten policy is, by its terms, made effective.
(b)
(1)
This subsection applies only if the rewritten policy is made effective as of a date earlier than the date on which the exchange, alteration, or conversion occurs.
(2)
The amount of insurance under a rewritten policy subject to this subsection may not exceed the greater of:
(i)
the amount of insurance under the original policy or annuity contract; and
(ii)
the amount of insurance that the premium paid for the original policy or annuity contract would have purchased if the rewritten policy had been applied for originally.
(3)
If evidence of insurability is required in conjunction with an exchange, alteration, or conversion to a policy on a plan that requires a lower premium rate, or to a policy to which benefits or features are added that differ from the original policy, the rewritten policy may provide that the date on which the exchange, alteration, or conversion occurs shall be used to determine:
(i)
the applicability of an incontestability clause in the rewritten policy to the right of the insurer to contest the exchange, alteration, or conversion; or
(ii)
the applicability of a clause in the rewritten policy that limits liability in the event of the suicide of the insured.
Md. Code Ann., Ins. § 16-107 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–107LinkCopy Citation
(a)
A reinstated policy of life insurance or reinstated annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period after reinstatement and with the same conditions and exceptions as the policy or annuity contract provides with respect to contestability after original issue.
(b)
(1)
A reinstated policy of life insurance or reinstated annuity contract may exclude or restrict liability to the same extent that liability might have been or was excluded or restricted when the policy or annuity contract originally was issued.
(2)
The exclusion or restriction is effective as of the date of reinstatement.
Md. Code Ann., Ins. § 16-108 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–108LinkCopy Citation
(a)
A life insurer may hold under agreement the proceeds of a policy issued by it on the terms and restrictions as to revocation by the policyholder and control by beneficiaries, and with the exemptions from the claims of creditors of beneficiaries other than the policyholder, as set forth in the policy or as agreed to in writing by the life insurer and the policyholder.
(b)
If a policyholder has not made an agreement described in subsection (a) of this section, on maturity of the policy the life insurer may hold the proceeds of the policy under an agreement with the beneficiaries.
(c)
The life insurer need not segregate any funds held under this section, but may hold the funds as part of the life insurer’s general assets.
Md. Code Ann., Ins. § 16-109 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–109LinkCopy Citation
(a)
Except as provided in subsection (b) of this section, interest on benefits payable under a policy of life insurance issued in the State accrues and is payable from the date of death of the insured to the date the proceeds of the policy are paid.
(b)
(1)
An insurer need not pay interest on benefits if the proceeds of the policy are paid within 30 days after the date of death of the insured.
(2)
If proof of death is submitted to the insurer more than 180 days after the date of death of the insured, interest accrues and is payable from the date on which proof of death is submitted to the date on which the proceeds of the policy are paid.
(c)
Interest under this section accrues and is payable at a rate not less than the rate of interest payable on death proceeds left on deposit with the insurer.
Md. Code Ann., Ins. § 16-110 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–110LinkCopy Citation
(a)
If a resident of the State dies intestate and leaves an estate that consists of assets, including life insurance proceeds, in a total amount not exceeding $1,000, an insurer may pay the life insurance proceeds to the decedent’s surviving spouse, child, or parent, without the grant of letters of administration, if the individual to whom payment is to be made provides the insurer with:
(1)
an affidavit that states that the entire estate of the decedent, including life insurance proceeds, does not exceed $1,000; or
(2)
a letter of administration as provided by the Small Estate Law, §§ 5-601 through 5-607 of the Estates and Trusts Article.
(b)
The insurer may pay the share of a minor to an institution or to a relative of the minor, with custody of the minor, without requiring the institution or relative to be appointed the legal guardian of the minor.
(c)
Payment by an insurer under this section, or under a facility of payment clause in a policy of life insurance, discharges the insurer from all further liability with respect to the life insurance proceeds.
Md. Code Ann., Ins. § 16-111 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–111LinkCopy Citation
(a)
The proceeds of a policy of life insurance or under an annuity contract on the life of an individual made for the benefit of or assigned to the spouse, child, or dependent relative of the individual are exempt from all claims of the creditors of the individual arising out of or based on an obligation created after June 1, 1945, whether or not the right to change the named beneficiary is reserved or allowed to the individual.
(b)
For purposes of this section, proceeds include death benefits, cash surrender and loan values, premiums waived, and dividends, whether used to reduce the premiums or used or applied in any other manner, except if the debtor has, after issuance of the policy, elected to receive the dividends in cash.
(c)
This section does not prohibit a creditor from collecting a debt out of the proceeds of a life insurance policy pledged by the insured as security for the debt.
(d)
A change of beneficiary, assignment, or other transfer is valid except for transfer with actual intent to hinder, delay, or defraud creditors.
Md. Code Ann., Ins. § 16-112 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–112LinkCopy Citation
A life insurer may not deliver in the State, as part of or in combination with an insurance, endowment, or annuity contract, and additional to the rights, dividends, and benefits arising out of the contract, an agreement or plan that:
(1)
provides for the accumulation of profits over a period of years and for payment of all or part of the accumulated profits only to members or policyholders of a designated group or class who continue as members or policyholders until the end of a specified period of years;
(2)
provides that, on the death of anyone other than a beneficiary or an insured under the contract, the owner or beneficiary of the contract shall receive the payment or granting of anything of value;
(3)
provides that all or part of the premiums or consideration for the contract, dividends, coupons, reserves, special reserves, excess interest, or money in excess of the normal reserve required to meet the contractual guarantees of the contract are to be placed or invested in special funds or segregated accounts without insurance or life contingency features, if the funds or earnings are divided among those taking the contract or their beneficiaries or assignees; or
(4)
as an inducement to or in connection with the sale or acceptance of the contract, provides for:
(i)
the sale, solicitation, or delivery of stock or shares of stock in a company;
(ii)
a benefit certificate, securities, or special advisory board contract, or other similar contracts or resolutions; or
(iii)
policy dividends bearing a stated relationship to dividends on the stock of a company.
Md. Code Ann., Ins. § 16-113 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–113LinkCopy Citation
(a)
Subject to the approval of the Commissioner, an insurer authorized to deliver or issue for delivery an annuity contract in the State may deliver or issue for delivery funding agreements.
(b)
A funding agreement may be issued to:
(1)
a person, or a subsidiary of the person, that is authorized by a state or foreign country to engage in the insurance business; or
(2)
a person, other than a person or a subsidiary of the person that is authorized to engage in the insurance business, to fund:
(i)
benefits directly or indirectly under an employee benefit plan, as defined in the federal Employee Retirement Income Security Act of 1974, that is maintained in the United States, or under a similar plan maintained in a foreign country;
(ii)
the activities of an organization exempt from taxation under § 501(c) of the Internal Revenue Code, or of a similar organization in a foreign country;
(iii)
a program, or plan as defined in § 457 of the Internal Revenue Code, of the federal government, a state or political subdivision of a state, or a foreign country or political subdivision of a foreign country;
(iv)
an agreement that provides for periodic payments in satisfaction of a claim; or
(v)
a program of an institution that has assets in excess of $25,000,000.
(c)
(1)
An amount may not be guaranteed or credited under a funding agreement except on a reasonable assumption as to investment income and expenses and on a basis equitable to all holders of funding agreements of a given class.
(2)
A funding agreement may not provide for payment to or by the insurer based on a mortality or morbidity contingency.
(d)
(1)
Under a funding agreement, an insurer may allocate amounts paid to the insurer and proceeds applied under optional modes of settlement to the insurer’s general account or to one or more separate accounts.
(2)
Amounts allocated to the insurer’s general account and any resulting accumulations shall be invested and reinvested in accordance with the provisions of this article governing investment of the reserves of life insurers.
(3)
Amounts allocated to a separate account and any resulting accumulations may be invested and reinvested subject only to §§ 5–506, 5–507, and 5–512(b), (e), (f), (g), (h), and (i) of this article and regulations adopted under subsection (e) of this section.
(e)
(1)
The Commissioner may adopt regulations governing:
(i)
the standards for approval of forms of funding agreements;
(ii)
the reserves to be maintained by insurers that issue funding agreements;
(iii)
the accounting and reporting of funds credited under funding agreements;
(iv)
the disclosure of information to holders and prospective holders of funding agreements; and
(v)
the qualification and compensation of persons that sell funding agreements on behalf of insurers.
(2)
With respect to separate accounts and any resulting accumulations, the Commissioner shall adopt regulations governing the type and amount of investments that may be made under a funding agreement.
(3)
Notwithstanding any other provision of law, the Commissioner has sole authority to regulate:
(i)
the issuance and sale of funding agreements; and
(ii)
the persons that sell funding agreements on behalf of insurers.
(f)
(1)
The issuance or delivery of a funding agreement is not the business of life insurance, annuities, health insurance, property insurance, casualty insurance, surety insurance, marine insurance, wet marine and transportation insurance, title insurance, or reinsurance, but is an insurance business.
(2)
Solely for the purpose of application of the Tax - General Article, the funding agreements authorized by this section are deemed to be annuity contracts.
Md. Code Ann., Ins. § 16-114 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–114LinkCopy Citation
(a)
In this section, “community foundation” means a nonprofit organization that is:
(1)
formed to receive contributions and distribute money to meet cultural, educational, charitable, environmental, civic, or other similar needs of a community; and
(2)
governed by a board of private citizens who reside in the community.
(b)
An educational or religious organization, hospital, or community foundation may not make or issue in the State agreements for annuity payments with donors until it has obtained from the Commissioner a special permit issued in accordance with this section.
(c)
(1)
On application, the Commissioner may issue a special permit to make agreements for annuity payments with donors to an educational or religious organization not conducted for profit and engaged in bona fide educational or religious activities, to a hospital in the State, or to a community foundation if the educational or religious organization, hospital, or community foundation:
(i)
except as provided in paragraph (2) of this subsection, has been in active operation in the State for at least 10 years before issuance of the special permit; and
(ii)
has been granted exemption from federal income taxation under § 501 of the Internal Revenue Code.
(2)
The Commissioner may issue a special permit to a community foundation that has been in existence for at least 5 years but less than 10 years if the community foundation maintains assets in an amount up to 100% of the contributions made to the community foundation, as determined by the Commissioner.
(d)
(1)
Each special permit holder shall have and maintain assets at least equal to adequate reserves on its outstanding agreements for annuity payments with donors as indicated by its audited fiscal year–end financial statements.
(2)
In determining the reserves of a special permit holder on outstanding agreements for annuity payments with donors, a deduction shall be made for all or part of an annuity risk that is reinsured by an authorized life insurer.
(3)
(i)
Subject to paragraph (5) of this subsection, a special permit holder shall submit annually audited fiscal year–end financial statements to the Commissioner within 180 days after the end of the special permit holder’s fiscal year.
(ii)
The financial statements required under subparagraph (i) of this paragraph shall be:
(1)
presented in conformity with generally accepted accounting principles; and
(2)
audited by a certified public accountant.
(4)
The audited fiscal year–end financial statements shall be treated as confidential by the Commissioner and are not available for public inspection.
(5)
On application by the special permit holder, the Commissioner:
(i)
may waive the requirement of audited fiscal year–end financial statements; and
(ii)
may require instead additional documents or information that the Commissioner considers necessary.
(e)
A special permit issued under this section authorizes the special permit holder to receive gifts of money or other property conditional on, or in consideration of, the special permit holder’s agreement to pay an annuity to the donor or the donor’s nominee and to make and carry out agreements for annuity payments with donors.
(f)
A special permit is in effect only as long as the special permit holder is exempt from federal income taxation under § 501 of the Internal Revenue Code.
(g)
(1)
If the Commissioner finds, after notice and hearing, that a special permit holder has failed to comply with the requirements of this section or is not exempt from federal income taxation under § 501 of the Internal Revenue Code, the Commissioner may:
(i)
revoke or suspend the special permit; or
(ii)
order the special permit holder to stop making new agreements for annuity payments with donors until the requirements have been satisfied.
(2)
In case of revocation or suspension, outstanding agreements for annuity payments with donors shall remain in force.
(3)
The action of the Commissioner under this subsection is subject to judicial review under § 2–215 of this article.
(h)
(1)
Except as otherwise provided in this section, a special permit holder is exempt from the provisions of this article with respect to issuing annuities.
(2)
Special permit holders are not subject to a law enacted after June 1, 1957, unless they are expressly designated in the law.
(i)
(1)
Other than by agreements for annuity payments with donors, an educational or religious organization, hospital, or community foundation may agree to:
(i)
accept conditional donations; and
(ii)
pay to the donor or the donor’s nominee a specified return established with reference to the actual net earnings of the particular donation or with reference to the actual or estimated earnings of a specified fund of the donee organization.
(2)
An educational or religious organization, hospital, or community foundation that accepts conditional donations and pays a specified return to donors under paragraph (1) of this subsection is exempt from this section and all other provisions of this article with respect to issuing annuities.
(3)
Educational or religious organizations, hospitals, or community foundations that accept conditional donations and pay specified returns to donors under this subsection are not subject to any law enacted after June 1, 1957, unless they are expressly designated in the law.
(j)
Notwithstanding the absence of express power in the charter of a domestic educational, religious, or hospital corporation or community foundation, the corporation or community foundation may make the agreements for annuity payments with donors or other agreements with respect to conditional donations that are expressly allowed by this section.
Md. Code Ann., Ins. § 16-115 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–115LinkCopy Citation
(a)
A person who engages in the business of burial insurance is subject to and shall comply with all of the provisions of this article relating to the organization, qualification, and conduct of life insurers.
(b)
This section does not limit or restrict the definitions of life insurance or life insurer in § 1-101 of this article.
Md. Code Ann., Ins. § 16-116 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–116LinkCopy Citation
(a)
In this section, “public entity” means:
(1)
a political subdivision of the State;
(2)
a unit of the State or a local government; or
(3)
a nonprofit or nonstock corporation that:
(i)
receives 50% or more of its annual operating budget from the State or a local government; and
(ii)
is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code.
(b)
Public entities may pool together to purchase life insurance or to self-insure against life risks.
Md. Code Ann., Ins. § 16-117 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–117LinkCopy Citation
(a)
In this section, “retained asset account” means any mechanism whereby the settlement of proceeds payable under a life insurance policy or an annuity contract is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into a checking or draft account, where those proceeds are retained by the insurer in accordance with a supplementary contract.
(b)
An insurer may not offer a retained asset account as the mode of settlement of the proceeds payable under a life insurance policy or an annuity contract unless the insurer:
(1)
offers the beneficiary at least one other mode of settlement of proceeds; and
(2)
complies with the provisions of subsections (c) and (d) of this section.
(c)
Except as provided in subsection (e) of this section, when a beneficiary files a claim for proceeds, if one of the settlement options is a retained asset account, the insurer shall disclose in writing to the beneficiary all the settlement options available under the policy or contract.
(d)
(1)
Except as provided in subsection (e) of this section, if an insurer offers to a beneficiary a retained asset account as a settlement option, the insurer shall provide to the beneficiary in writing:
(i)
a recommendation to consult a tax advisor, an investment advisor, or any other financial advisor regarding tax liability and investment options;
(ii)
an explanation of the features of the retained asset account, including:
(1)
the method used to determine interest rates applied to the retained asset account, when and how interest rates may change, and any dividends and other gains that may be paid or distributed to the account holder;
(2)
the custodian of the funds or assets of the retained asset account;
(3)
whether the funds in the retained asset account are guaranteed by the Federal Deposit Insurance Corporation (FDIC) and the amount of the coverage, if any;
(4)
the limitations, if any, on the numbers and amounts of withdrawals of funds from the retained asset account or investment, including any minimum or maximum withdrawal amounts;
(5)
the services provided for a fee, including a list of the fees or the method of their calculation;
(6)
the nature and frequency of statements of account;
(7)
a statement that the obligation of the insurer to pay the total policy or contract proceeds is satisfied by depositing the total proceeds in the retained asset account;
(8)
a statement that the entire proceeds are available to the account holder by the use of one check, draft, or other instrument;
(9)
a statement that the insurer or a related party may derive income, in addition to any fees charged on the retained asset account, from the total gains received on the investment of the balance of funds in the retained asset account; and
(10)
the telephone number, address, and other contact information, including Web site address, for obtaining additional information regarding the retained asset account; and
(iii)
the statement “For further information, please contact your state insurance department”.
(2)
The information required under paragraph (1) of this subsection shall be in easy to read language.
(e)
An insurer is not required to provide the disclosures or information specified in subsections (c) and (d) of this section if:
(1)
the insurer permits the beneficiary to file the claim over the telephone;
(2)
the insurer does not require the beneficiary to file a death certificate or other paperwork to file the claim for proceeds; and
(3)
the beneficiary selects payment of a lump sum check, payable directly to the beneficiary, as the settlement option during the telephone call in which the beneficiary files the claim for proceeds.
(f)
Failure to meet any requirement of this section is an unfair trade practice and a violation of Title 27 of this article.
Md. Code Ann., Ins. § 16-118 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–118LinkCopy Citation
(a)
(1)
In this section the following words have the meanings indicated.
(2)
“Credit life insurance” has the meaning stated in § 13–101 of this article.
(3)
“Death master file” means:
(i)
the Social Security Administration’s Death Master File; or
(ii)
any other database or service that is at least as comprehensive as the Social Security Administration’s Death Master File for determining that an individual reportedly has died.
(4)
“Death master file match” means a match, resulting from a search of a death master file, of a Social Security number or a name and date of birth of an individual on the death master file with the Social Security number or the name and date of birth of an insured, annuitant, or retained asset account holder.
(5)
“Pre–need insurance contract” means a life insurance policy or certificate, annuity contract, or other insurance contract that, by assignment or otherwise, has as a purpose the funding of an agreement relating to the purchase or provision of specific funeral or cemetery merchandise or services to be provided at the time of death of an individual.
(6)
“Retained asset account” has the meaning stated in § 16–117(a) of this subtitle.
(b)
This section does not apply to:
(1)
an annuity contract that:
(i)
is used to fund an employment–based retirement plan or program; and
(ii)
does not require the insurer under the annuity contract to pay death benefits to the beneficiaries of specific plan or program participants;
(2)
a policy or certificate of life insurance that provides a death benefit under:
(i)
an employee benefit plan subject to the federal Employee Retirement Income Security Act of 1974; or
(ii)
any federal employee benefit program;
(3)
a pre–need insurance contract;
(4)
a policy or certificate of credit life insurance; or
(5)
a policy or certificate of accidental death and dismemberment insurance.
(c)
(1)
An insurer that issues, delivers, or renews a policy of life insurance or an annuity contract in the State shall perform a comparison of the insurer’s in–force life insurance policies, annuity contracts, and retained asset accounts against the latest version of a death master file to identify any death benefit payments that may be due under the policies, contracts, or retained asset accounts as a result of the death of an insured, annuitant, or retained asset account holder.
(2)
An insurer shall perform the comparison required under paragraph (1) of this subsection:
(i)
at regular intervals, on at least a semiannual basis; and
(ii)
in good faith, using criteria reasonably designed to identify individuals whose death would require the payment of benefits by the insurer under a life insurance policy, annuity contract, or retained asset account.
(3)
For a group life insurance policy, an insurer is not required to perform the comparison required under paragraph (1) of this subsection unless the insurer provides full record–keeping services to the group life insurance policy holder.
(d)
(1)
If a comparison performed by an insurer under subsection (c) of this section results in a death master file match with an insured, annuitant, or retained asset account holder, the insurer, within 90 days after the comparison was performed, shall:
(i)
conduct a good faith effort to confirm the death of the insured, annuitant, or retained asset account holder using other available records and information;
(ii)
determine whether benefits are due under the applicable life insurance policy, annuity contract, or retained asset account; and
(iii)
if benefits are due under the policy, contract, or retained asset account:
(1)
use good faith efforts to locate the beneficiary; and
(2)
provide to the beneficiary the appropriate claims forms and instructions necessary to make a claim.
(2)
An insurer shall document the good faith efforts made to:
(i)
confirm the death of an insured, annuitant, or retained asset account holder under paragraph (1)(i) of this subsection; and
(ii)
locate a beneficiary under paragraph (1)(iii)1 of this subsection.
(3)
To the extent permitted by law, an insurer may disclose the minimum necessary personal information about an insured, an annuitant, a retained asset account holder, or a beneficiary to a person that the insurer reasonably believes may be able to assist the insurer in locating a beneficiary as required under paragraph (1)(iii)1 of this subsection.
(e)
An insurer may not charge an insured, an annuitant, a retained asset account holder, a beneficiary, or any other person for any fees or costs incurred by the insurer in connection with complying with subsections (c) and (d) of this section.
(f)
The Commissioner may adopt regulations to implement this section.
Md. Code Ann., Ins. § 16-119 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–119LinkCopy Citation
(a)
(1)
A life insurer may refuse an application for a policy of life insurance on the life of a minor only if the refusal is consistent with § 27–501(a)(2) of this article.
(2)
An application for a policy of life insurance on the life of a minor that is submitted for underwriting shall include:
(i)
the signature of the applicant; and
(ii)
unless the minor is emancipated or married, the consent and signature of the parent or legal guardian with whom the minor resides.
(3)
The life insurer shall include on the first page of the application for a policy of life insurance on the life of a minor, on a disclosure provided to the applicant at the time of application, or on an endorsement to the policy the following statement in 12 point bold type:
“A person who feloniously and intentionally kills, conspires to kill, or procures the killing of the insured and who is a named beneficiary of a life insurance policy on the insured is not entitled to a benefit under the policy.”.
(b)
As part of the life insurer’s written standards and procedures for policy application and acceptance, the life insurer shall:
(1)
request that the applicant for a policy of life insurance on the life of a minor identify the amount of other life insurance coverage on the life of the minor that is in force or pending at the time of the application;
(2)
document the applicant’s response on the application; and
(3)
take reasonable steps to verify the amount of other life insurance in force or pending.
(c)
If an application for a life insurance policy on the life of a minor is for a policy that has a benefit of $50,000 or less and is issued without underwriting, the life insurer shall:
(1)
request that the applicant for a policy of life insurance on the life of a minor identify the amount, if any, of other life insurance coverage on the life of the minor that is in force or pending at the time of the application;
(2)
document the applicant’s response on the application;
(3)
take reasonable steps to verify the total amount of life insurance in force or pending; and
(4)
document the steps taken on a particular application to verify the total amount of life insurance in force or pending.
(d)
(1)
For each application for a policy of life insurance on the life of a minor that is rejected by a life insurer, the life insurer shall maintain at the life insurer’s home or principal office, for at least 3 years after the date the application was signed by the applicant, a complete file containing:
(i)
the original signed application;
(ii)
the life insurer’s underwriting analysis;
(iii)
any correspondence with the applicant; and
(iv)
any other documents pertinent to the decision to reject the application.
(2)
The life insurer shall obtain and keep records sufficient to demonstrate that the applicant for a policy of life insurance on the life of a minor has an insurable interest in the life of the minor in accordance with § 12–201 of this article.
Md. Code Ann., Ins. § 16-120 (2026)
Title 16. Life Insurance and Annuities
Subtitle 1. General Provisions
§ 16–120LinkCopy Citation
Except as otherwise provided in this title, an insurer shall maintain records of insurance transactions related to each individual or group policy of life insurance and each individual or group annuity for a period of at least 7 years after the policy or annuity is no longer in effect.