§ 17-301. Standard provisions required; exceptions

   (a) Standard provisions required. -- Except as provided in subsection (b) of this section, a policy of group life insurance may not be delivered in the State unless it contains in substance:

   (1) the provisions of § 17-302 through 17-311 of this subtitle; or

   (2) provisions that in the opinion of the Commissioner are:

      (i) more favorable to the insureds; or

      (ii) at least as favorable to the insureds and more favorable to the policyholder.

(b) Exceptions. --

   (1) Sections 17-307 through 17-311 of this subtitle do not apply to policies issued to a creditor to insure debtors of the creditor.

   (2) The standard provisions required for individual life insurance policies do not apply to policies of group life insurance.

   (3) If a policy of group life insurance is on a plan other than the term plan, the policy:

      (i) shall contain a nonforfeiture provision that in the opinion of the Commissioner is equitable to the insured and the policyholder; but

      (ii) need not contain the same nonforfeiture provisions required for individual life insurance policies.

HISTORY: An. Code 1957, art. 48A, § 426; 1996, ch. 11.