Md. Code, Insurance § 17-301
This is the official text of Md. Code, Insurance § 17-301, part of Maryland’s Code, Insurance — regulates insurance companies and the policies they sell.
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§17–301.
Official statutory text
(a) Except as provided in subsection (b) of this section, a policy of group life insurance may not be delivered in the State unless it contains in substance:
(1) the provisions of §§ 17-302 through 17-311 of this subtitle; or
(2) provisions that in the opinion of the Commissioner are:
(i) more favorable to the insureds; or
(ii) at least as favorable to the insureds and more favorable to the policyholder.
(b) (1) Sections 17-307 through 17-311 of this subtitle do not apply to policies issued to a creditor to insure debtors of the creditor.
(2) The standard provisions required for individual life insurance policies do not apply to policies of group life insurance.
(3) If a policy of group life insurance is on a plan other than the term plan, the policy:
(i) shall contain a nonforfeiture provision that in the opinion of the Commissioner is equitable to the insured and the policyholder; but
(ii) need not contain the same nonforfeiture provisions required for individual life insurance policies.
(1) the provisions of §§ 17-302 through 17-311 of this subtitle; or
(2) provisions that in the opinion of the Commissioner are:
(i) more favorable to the insureds; or
(ii) at least as favorable to the insureds and more favorable to the policyholder.
(b) (1) Sections 17-307 through 17-311 of this subtitle do not apply to policies issued to a creditor to insure debtors of the creditor.
(2) The standard provisions required for individual life insurance policies do not apply to policies of group life insurance.
(3) If a policy of group life insurance is on a plan other than the term plan, the policy:
(i) shall contain a nonforfeiture provision that in the opinion of the Commissioner is equitable to the insured and the policyholder; but
(ii) need not contain the same nonforfeiture provisions required for individual life insurance policies.
Status: in_force · Read it on the official government site
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