In addition to the applicable provisions of Insurance Article, Title 16, Annotated Code of Maryland, each universal life insurance policy shall include the provisions described in §§B-H of this regulation. Periodic Disclosure to Policyowner. The policy shall provide that the policyowner will be sent, without charge, at least annually, a report that satisfies the requirements of Regulation .11 of this chapter, which will serve to keep the policyowner advised as to the status of the policy. The end of the current report period shall be not more than 3 months before the date of the mailing of the report. Policy Guarantees. The policy shall provide guarantees of minimum interest credits and maximum mortality and expense charges. All values and data shown in the policy shall be based on guarantees. Calculation of Cash Surrender Values. The policy shall contain at least a general description of the calculation of cash surrender values including the following information: The guaranteed maximum expense charges and loads; Any limitation on the crediting of additional interest; The guaranteed minimum rate or rates of interest; The guaranteed maximum mortality charges; Any other guaranteed charges; and Any surrender or partial withdrawal charges. The interest credits in §D(1)(b) of this regulation may not remain conditional for a period longer than 24 months. Changes in Basic Coverage. If the policyowner has the right to change the basic coverage, any limitation on the amount or timing of the change of basic coverage shall be stated in the policy. If the policyowner has the right to increase the basic coverage, the policy shall state whether a new period of contestability or suicide, or both, is applicable to the additional coverage. Grace Period and Lapse. The policy shall provide for written notice to be sent to the policyowner's last known address at least 30 days before termination of coverage. Flexible Premium Policies. A flexible premium policy shall provide for a grace period of at least 30 days after lapse. Unless otherwise defined in the policy, lapse shall occur on the date on which the net cash surrender value first equals zero. Misstatement of Age or Sex. Except as stated in §G(2) of this regulation, if there is a misstatement of age or sex in the policy, the amount of the death benefit shall be that which would be purchased by the most recent mortality charge at the correct age or sex. The commissioner may approve other methods of adjustment than those described in §G(1) of this regulation for misstatement of age which are deemed satisfactory. Maturity Date. If a policy provides for a maturity date, end date, or date after which the policy will no longer be in force, then the policy shall also contain a statement, in close proximity to that date, that it is possible that coverage may not continue to the maturity date even if scheduled premiums are paid in a timely manner, if such is the case.