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§ 17-301. Standard provisions required; exceptions

MD Ins Code § 17-301 (2019) (N/A)
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(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.

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§ 17-302. Grace period