§ 17-301
170 words·~1 min read·
/md/insurance/17-301A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§17–301.
(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.
(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.