Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 13 - CREDIT LIFE AND CREDIT HEALTH INSURANCE
Chapter 31.13.03 - Standards for Credit Involuntary Unemployment Benefit Insurance
Section 31.13.03.19 - Notice to Debtors

(1) If a debtor is covered by a group credit involuntary unemployment benefit insurance policy providing for payment of premiums to the insurer on a monthly premium basis, the policy shall provide that in the event of termination of the policy for any reason:

(2) The notice of termination required by this section shall be given by the insurer unless the insurer is unable to identify the debtors, in which case it shall be given by the creditor.

(3) There shall be a prominent notice printed or stamped close to the schedule of benefits in the certificate form that the insurance coverage will terminate if the group policy terminates.

(4) An insurer also may include notice of additional events that would lead to termination of insurance coverage if the events are approved by the Commissioner.

(1) If a credit involuntary unemployment benefit insurance policy is issued under which the monthly benefit might not cover payment of the entire scheduled monthly loan installment or the total benefit might not cover payment of all of the unpaid scheduled installments under the loan even if the loan account and the insurance premiums are paid on a current basis, then there shall be a notice to this effect in the individual policy or in certificates of insurance issued under a group policy.

(2) The notice under §B(1) of this regulation shall be prominently printed or stamped close to the schedule of benefits in the policy and in the certificate form.

(1) Any evidence of insurability required for advances of credit;

(2) Any limit on the number of monthly benefit payments that the insurance will provide per occurrence of involuntary unemployment;

(3) Any limit on the number of monthly benefit payments that the insurance will provide over the term of the insurance;

(4) The right of the insured to cancel credit involuntary unemployment benefit coverage that has been issued without canceling any other coverage that has been issued covering the same debt;

(5) Any limit on the term of coverage;

(6) Any limit on the amount of any monthly benefit payment that the insurance will provide over the term of the insurance;

(7) Any limit on the aggregate of any monthly benefit payments that the insurance will provide over the term of the insurance; and

(8) Any requirement that the insured register with the Office of Unemployment Insurance or a recognized employment agency to be eligible for benefits.