§ 16–219
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 16-219 (2026)
Title 16. Life Insurance and Annuities
Subtitle 2. Life Insurance Policy Provisions
§ 16–219LinkCopy Citation
(a)
(1)
If a policy of universal or variable life insurance contains a provision that allows a policyholder to reduce the face amount of the policy, the insurer shall provide a written notice to the policyholder.
(2)
The notice shall state:
(i)
that the policyholder’s policy allows for a reduction of the face amount of the policy as an option to retain coverage;
(ii)
the amount to be paid to prevent the policy from lapse; and
(iii)
the insurer’s customer service telephone number.
(b)
The notice shall be sent to a policyholder’s last known address:
(1)
at the beginning of the grace period under § 16–202 of this subtitle; and
(2)
at least 30 days before termination of coverage.