§ 16–301
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 16-301 (2026)
Title 16. Life Insurance and Annuities
Subtitle 3. Maryland Standard Nonforfeiture Law for Life Insurance
§ 16–301LinkCopy Citation
(a)
This subtitle does not apply to:
(1)
reinsurance;
(2)
group life insurance;
(3)
a pure endowment;
(4)
an annuity contract or reversionary annuity contract;
(5)
a term policy of a uniform amount that:
(i)
does not provide guaranteed nonforfeiture or endowment benefits or provide for renewal;
(ii)
is for 20 years or less and expires before the insured’s age 71; and
(iii)
requires uniform premiums, payable during the entire term of the policy;
(6)
a term policy of a decreasing amount:
(i)
that does not provide guaranteed nonforfeiture or endowment benefits; and
(ii)
on which the adjusted premium, calculated under the applicable provisions of §§ 16-307 through 16-309 of this subtitle, is less than the adjusted premium on a policy or renewal of a policy of a uniform amount if the policy of the uniform amount:
(1)
does not provide guaranteed nonforfeiture or endowment benefits;
(2)
is issued at the same age and for the same initial amount of insurance;
(3)
is for 20 years or less and expires before the insured’s age 71; and
(4)
requires uniform premiums, payable during the entire term of the policy; or
(7)
a policy that:
(i)
does not provide guaranteed nonforfeiture or endowment benefits; and
(ii)
has a cash surrender value or present value for any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated under the applicable provisions of §§ 16-305 through 16-309 of this subtitle, that does not exceed 1.5% of the amount of insurance at the beginning of the same policy year.
(b)
For purposes of determining the applicability of this subtitle, the age at expiry for a joint term life insurance policy is the age at expiry of the oldest life.