Unannotated Code of Maryland (Last Updated: May 16, 2014)

§ 18-116. Increases to premiums

Latest version.

   (a) In general. -- Except as provided in subsection (b) of this section, a premium increase under long-term care insurance may not be based on the age of the insured or certificate holder.

(b) Exception. -- A carrier may impose an across-the-board premium increase on policies or contracts of long-term care insurance that the carrier issues or delivers in the State after the carrier:

   (1) submits to the Commissioner an actuarial memorandum that supports the proposed premium increase; and

   (2) obtains the approval of the Commissioner.

(c) Effect of section. -- This section does not prohibit age-banding.

HISTORY: An. Code 1957, art. 48A, § 649; 1997, ch. 35, § 2; 2001, ch. 329.

                    
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