§ 3700. Statutory purposes

§ 3700. Statutory purposes The statutory purpose of the exemption for annuity considerations in section 3718 of this title is to avoid reciprocity from other states. (Added 2013, No. 200 (Adj. Sess.), § 17.)

§ 3701. Discriminations prohibited

§ 3701. Discriminations prohibited A life insurance company doing business in the State shall not make or permit to be made any distinction or unfair discrimination between individual insureds of the same class and of equal expectation of life as to: (1) the amount of the premiums or the terms of payment thereof; or (2) […]

§ 3702. Other prohibited practices

§ 3702. Other prohibited practices A life insurance company doing business in the State or an agent thereof shall not: (1) issue a policy of insurance or make an agreement other than that plainly expressed in the policy issued to the insured; (2) pay or allow, or offer to pay or allow, as an inducement […]

§ 3703. Penalties

§ 3703. Penalties A person violating sections 3701 and 3702 of this title may be subject to an administrative penalty of not more than $2,000.00; and the license of such person or company may be suspended by the Commissioner for not less than three months nor more than six months, and for a second offense […]

§ 3704. Trust agreements

§ 3704. Trust agreements A life insurance company chartered by and doing business in this State shall have power and authority to hold in trust or otherwise the proceeds of any life insurance policy or annuity issued by it upon such terms and subject to such conditions and limitations as may be agreed upon in […]

§ 3705. Spendthrift provisions; creditors of beneficiary

§ 3705. Spendthrift provisions; creditors of beneficiary When a contract of annuity, a policy of insurance, or other contract of a life insurance company authorized to do business in this State is entered into with any person for the benefit of another, and such contract so provides, a beneficiary entitled to any of the proceeds […]

§ 3706. Exemption of proceeds—Life insurance

§ 3706. Exemption of proceeds—Life insurance (a) If a policy of insurance, whether heretofore or hereafter issued, is effected by any person on his or her own life, or on another life, in favor of a person other than himself or herself, or, except in cases of transfer with intent to defraud creditors, if a […]

§ 3707. Disability benefits

§ 3707. Disability benefits Except as may otherwise be expressly provided by the policy or contract, the proceeds or avails of all policies or contracts providing benefits on account of the insured’s disability which are supplemental to life insurance or annuity contracts heretofore or hereafter effected shall be exempt from all liability for any debt […]

§ 3708. Group insurance

§ 3708. Group insurance (a) A policy of group life insurance or group disability insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder, shall not be liable, either before or after payment, to be applied by any process to pay any debt or liability of such insured individual or […]

§ 3709. Annuity contracts—Assignability of rights

§ 3709. Annuity contracts—Assignability of rights (a) The benefits, rights, privileges, and options which under any annuity contract heretofore or hereafter issued are due or prospectively due the annuitant, shall not be subject to execution nor shall the annuitant be compelled to exercise any such rights, powers, or options, nor shall creditors be allowed to […]

§ 3710. Power to contract—Purchase of annuities or insurance by minors

§ 3710. Power to contract—Purchase of annuities or insurance by minors (a) Any person of competent legal capacity may contract for insurance. (b) Any minor not less than 15 years of age, notwithstanding his or her minority, may contract for or own annuities or insurance or affirm by novation or otherwise preexisting contracts for annuities […]

§ 3711. Charitable life gifts

§ 3711. Charitable life gifts (a) A life insurance contract may be entered into in which a person paying the consideration for such insurance has no insurable interest in the life of the individual insured, provided that a charitable, benevolent, educational, or religious institution or its agency or any other organization that qualifies under Section […]

§ 3712. Payment discharges insurer

§ 3712. Payment discharges insurer Whenever the proceeds of or payments under a life or disability insurance policy or annuity contract heretofore or hereafter issued become payable in accordance with the terms of such policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance therewith […]

§ 3713. Assignment of insurance policies or annuity contracts

§ 3713. Assignment of insurance policies or annuity contracts (a) A policy of insurance or an annuity contract may be assignable or not assignable, as provided by its terms. Subject to its terms relating to assignability, any such policy or contract, whether heretofore or hereafter issued, under the terms of which the beneficiary may be […]

§ 3714. Life policy as separate property of married woman

§ 3714. Life policy as separate property of married woman Every policy of life insurance heretofore or hereafter made payable to or for the benefit of a married woman, or after its issue heretofore or hereafter assigned, transferred or in any way made payable to a married woman, or to any person in trust for […]

§ 3715. Forms for proof of loss to be furnished

§ 3715. Forms for proof of loss to be furnished An insurer shall furnish upon written request of any person claiming to have a loss under an insurance policy issued by such insurer, forms of proof of loss for completion by such person, but such insurer shall not, by reason of the requirement so to […]

§ 3716. Claims administration not waiver

§ 3716. Claims administration not waiver Without limitation of any right or defense of an insurer otherwise, none of the following acts by or on behalf of an insurer shall be deemed to constitute a waiver of any provision of a policy or of any defense of the insurer thereunder: (1) Acknowledgment of the receipt […]

§ 3717. Annuity contracts

§ 3717. Annuity contracts A company authorized to transact the business of life insurance may grant annuities. An annuity is a contract issued for a valuable consideration under which the obligations are assumed with respect to periodic payments for a specified term or terms or where the making or continuance of all or of some […]

§ 3718. Annuity considerations

§ 3718. Annuity considerations Insurers shall be subject to taxation according to the provisions of Title 32; provided, however, that no tax shall be due or payable as to considerations received for annuity contracts. Payment by an insurer of the tax as in Title 32 required shall be in lieu of all taxes imposed by […]

§ 3718a. Charitable gift annuities

§ 3718a. Charitable gift annuities (a) Charitable gift annuity is not insurance. The issuance of a charitable gift annuity by a qualified charitable organization does not constitute engaging in the business of insurance in this State. (b) Not unfair or deceptive trade practice. The issuance of a charitable gift annuity does not constitute a violation […]