Legislation

Title: Insurance - Universal and Variable Life Insurance - Notice
Sponsored by: Chair, Finance Committee (By Request - Departmental - Maryland Insurance Administration)
Status: Enacted under Article II, Section 17(c) of the Maryland Constitution - Chapter 527
Analysis: Fiscal and Policy Note (Revised)

Synopsis

Requiring certain insurers to send a written notice to policyholders of universal or variable life insurance if the policy contains a provision that allows the policyholder to reduce the face amount of the policy; requiring that the notice state that the policy allows for a reduction of the face amount as an option to retain coverage and a certain amount to be paid; and requiring that the notice be sent to the policyholder's last known address at the beginning of a certain grace period and at least 30 days before the termination of coverage.

Committees

Original:: Finance

Opposite:: Health and Government Operations Click to view Recorded Media

Committee Testimony

Witness List

Details

Bill File Type: Pre-Filed

Effective Date(s): January 1, 2021

By Request of the Governor

History

Legislation History
Chamber Senate Calendar Date 9/16/2019 Legislative Date 9/16/2019 Action Pre-filed Proceedings
Chamber Senate Calendar Date 1/08/2020 Legislative Date 1/08/2020 Action First Reading Finance Proceedings
Chamber Senate Calendar Date 12/19/2019 Legislative Date 12/19/2019 Action Hearing 1/16 at 1:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Insurance - Universal and Variable Life Insurance - Notice Proceedings
Chamber Calendar Date Legislative Date Action Vote - Senate - Committee - Finance Proceedings Click to view Recorded Media
Chamber Senate Calendar Date 1/23/2020 Legislative Date 1/23/2020 Action Favorable with Amendments Report by Finance Proceedings
Chamber Senate Calendar Date 1/24/2020 Legislative Date 1/24/2020 Action Favorable with Amendments {517974/1 Adopted Proceedings 13 Click to view Recorded Media
Chamber Senate Calendar Date 1/24/2020 Legislative Date 1/24/2020 Action Second Reading Passed with Amendments Proceedings 13 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Text - Third - Insurance - Universal and Variable Life Insurance - Notice Proceedings
Chamber Senate Calendar Date 1/28/2020 Legislative Date 1/28/2020 Action Third Reading Passed (46-0) Proceedings 15 Click to view Recorded Media
Chamber House Calendar Date 1/29/2020 Legislative Date 1/29/2020 Action Referred Health and Government Operations Proceedings 16 Click to view Recorded Media
Chamber House Calendar Date 3/14/2020 Legislative Date 3/14/2020 Action Hearing 3/17 at 1:00 p.m. Proceedings
Chamber House Calendar Date 3/15/2020 Legislative Date 3/15/2020 Action Hearing canceled Proceedings
Chamber House Calendar Date 3/15/2020 Legislative Date 3/15/2020 Action Hearing 3/16 at 11:00 a.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - House - Committee - Health and Government Operations Proceedings Click to view Recorded Media
Chamber House Calendar Date 3/16/2020 Legislative Date 3/16/2020 Action Favorable Report by Health and Government Operations Proceedings
Chamber House Calendar Date 3/16/2020 Legislative Date 3/12/2020 Action Favorable Adopted Second Reading Passed Proceedings 49BClick to view Recorded Media
Chamber House Calendar Date 3/17/2020 Legislative Date 3/14/2020 Action Third Reading Passed (134-0) Proceedings 51AClick to view Recorded Media
Chamber Senate Calendar Date 3/18/2020 Legislative Date 3/15/2020 Action Returned Passed Proceedings 53CClick to view Recorded Media
Chamber Post Passage Calendar Date 5/08/2020 Legislative Date 5/08/2020 Action Enacted under Article II, Section 17(c) of the Maryland Constitution - Chapter 527 Proceedings
Chamber Calendar Date Legislative Date Action Text - Chapter - Insurance - Universal and Variable Life Insurance - Notice Proceedings

Chamber	Calendar Date	Legislative Date	Action	Proceedings
Senate	9/16/2019	9/16/2019	Pre-filed
Senate	1/08/2020	1/08/2020	First Reading Finance
Senate	12/19/2019	12/19/2019	Hearing 1/16 at 1:00 p.m.
			Text - First - Insurance - Universal and Variable Life Insurance - Notice
			Vote - Senate - Committee - Finance	Click to view Recorded Media
Senate	1/23/2020	1/23/2020	Favorable with Amendments Report by Finance
Senate	1/24/2020	1/24/2020	Favorable with Amendments {517974/1 Adopted	13 Click to view Recorded Media
Senate	1/24/2020	1/24/2020	Second Reading Passed with Amendments	13 Click to view Recorded Media
			Text - Third - Insurance - Universal and Variable Life Insurance - Notice
Senate	1/28/2020	1/28/2020	Third Reading Passed (46-0)	15 Click to view Recorded Media
House	1/29/2020	1/29/2020	Referred Health and Government Operations	16 Click to view Recorded Media
House	3/14/2020	3/14/2020	Hearing 3/17 at 1:00 p.m.
House	3/15/2020	3/15/2020	Hearing canceled
House	3/15/2020	3/15/2020	Hearing 3/16 at 11:00 a.m.
			Vote - House - Committee - Health and Government Operations	Click to view Recorded Media
House	3/16/2020	3/16/2020	Favorable Report by Health and Government Operations
House	3/16/2020	3/12/2020	Favorable Adopted Second Reading Passed	49BClick to view Recorded Media
House	3/17/2020	3/14/2020	Third Reading Passed (134-0)	51AClick to view Recorded Media
Senate	3/18/2020	3/15/2020	Returned Passed	53CClick to view Recorded Media
Post Passage	5/08/2020	5/08/2020	Enacted under Article II, Section 17(c) of the Maryland Constitution - Chapter 527
			Text - Chapter - Insurance - Universal and Variable Life Insurance - Notice

File Code

Subjects

Statutes