Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 13 - CREDIT LIFE AND CREDIT HEALTH INSURANCE
Chapter 31.13.01 - Standards for Credit Life and Credit Health Insurance
Section 31.13.01.11 - Prima Facie Premium Rates-Credit Life Insurance-Net Payoff Balance Method
Universal Citation: MD Code Reg 31.13.01.11
Current through Register Vol. 51, No. 19, September 20, 2024
A. The premium charged for credit life insurance policies issued under the net payoff balance method and having all policy provisions not less favorable to the insured debtor than those permitted by Regulation .13 of this chapter, may not exceed the following:
(1) For single premium decreasing term policies insuring one life, a premium based on $0.66 per $1,000 of the sum of the scheduled insured outstanding principal indebtedness each month over the term of insurance coverage; or
(2) For joint life policies, the premium determined in accordance with Regulation .10D of this chapter.
B. The prima facie premium rates for credit life insurance in this regulation apply to all premiums charged on or after March 1, 2001 for every class of business.
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