Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 09 - LIFE INSURANCE AND ANNUITIES
Chapter 31.09.05 - Replacement of Life Insurance and Annuities
Section 31.09.05.07 - Duties of Existing Insurer

(1) Retain and be able to produce all replacement notifications received, indexed by replacing insurer, for at least 5 years or until the conclusion of the next regular market conduct examination conducted by the insurance department of the insurer's state of domicile, whichever is later; and

(2) Within 5 business days after receipt of a request from an owner of a life insurance policy or annuity contract, send a letter to the owner of the life insurance policy or annuity contract of the right to receive information regarding the existing life insurance policy or annuity contract values including, if available, an in-force illustration, or life insurance policy summary if an in-force illustration cannot be produced within 5 business days after receipt of a notice that an existing life insurance policy or annuity contract is being replaced.

(1) Premium or annuity contract contribution amounts; and

(2) Identification of the appropriate prospectus or offering circular.

(1) Upon receipt of a request to borrow, surrender, or withdraw life insurance policy values, an existing insurer shall send a notice, within 14 business days after receipt of the request, advising the owner of the life insurance policy that the release of life insurance policy values may affect the guaranteed elements, nonguaranteed elements, face amount, or surrender value of the life insurance policy from which the values are released.

(2) The existing insurer shall send the notice separate from the check if the check is sent to anyone other than the owner of the life insurance policy.

(3) In the case of consecutive automatic premium loans, the existing insurer is required to send the notice only at the time of the first loan.