# Insurance (GIN)

## Title 16. Life Insurance and Annuities

### Subtitle 3. Maryland Standard Nonforfeiture Law for Life Insurance

#### Section 16-301

(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 Sec.Sec. 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 Sec.Sec. 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.

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Md. Code Ann., Ins. (as displayed at mgaleg.maryland.gov, October 16, 2026)