Maryland Code, INSURANCE 8-467
Terms Used In Maryland Code, INSURANCE 8-467
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) the premiums charged for certificates of insurance;
(2) the dividends or other benefits payable on certificates of insurance; or
(3) any other terms and conditions of the contracts the society makes.
(b) (1) This subsection applies to:
(i) a society;
(ii) a person acting for the society;
(iii) an insurance producer that acts on behalf of a fraternal benefit society; and
(iv) a person acting for an insurance producer that acts on behalf of a fraternal benefit society.
(2) A person may not offer, promise, allow, give, set off, or pay, directly or indirectly, any valuable consideration or inducement to or for insurance on any risk authorized to be taken by a society that is not specified in the certificate.
(c) A society member may not receive or accept, directly or indirectly:
(1) a rebate of all or part of a premium payable on a certificate;
(2) a rebate of a fraternal benefit agent’s commission on a premium payable on a certificate;
(3) any favor, advantage, or share in the dividends or other benefits to accrue on the insurance contract; or
(4) any other valuable consideration or inducement not specified in the insurance contract.