(a) This section does not apply to policies or contracts issued to an employee in connection with the funding of a pension, annuity, or profit-sharing plan that is qualified or exempt under § 401, § 403, § 404, or § 501 of the Internal Revenue Code, if participation in the plan is a condition of employment.
(b) Each policy of life insurance or annuity contract subject to this title shall have attached to or prominently printed on its face the following information:
(1) a notice to the policyholder that:
(i) for 10 days after the date the policy or annuity contract is delivered to the policyholder, the policyholder may surrender the policy or annuity contract to the insurer for cancellation by giving the insurer written notice of cancellation; and
(ii) the insurer shall return to the policyholder a pro rata premium for the unexpired term of the policy or annuity contract; or
(2) a similar notice to the policyholder that in the opinion of the Commissioner is not less favorable to the policyholder.
Structure Maryland Statutes
Title 16 - Life Insurance and Annuities
Subtitle 1 - General Provisions
Section 16-101 - Scope of Title
Section 16-102 - Wholesale Life Insurance Authorized
Section 16-103 - Assessable Life Insurance or Annuities Prohibited
Section 16-104 - Back-Dating Policies and Applications Prohibited
Section 16-105 - Right to Surrender Policy or Contract for Cancellation
Section 16-106 - Exchange, Alteration, or Conversion of Policies and Contracts
Section 16-107 - Contestability and Liability of Reinstated Policies and Contracts
Section 16-108 - Holding Proceeds
Section 16-109 - Interest on Benefits Payable
Section 16-110 - Payment of Proceeds Without Letters of Administration
Section 16-111 - Proceeds Exempt From Creditors
Section 16-112 - Prohibited Agreements or Plans
Section 16-113 - Funding Agreements
Section 16-114 - Charitable Gift Annuities
Section 16-115 - Business of Burial Insurance
Section 16-116 - Public Entity
Section 16-117 - Retained Asset Accounts
Section 16-118 - Failure to Search Death Master File
Section 16-119 - Life Insurance on the Life of a Minor
Section 16-120 - Maintenance of Records of Insurance Transactions