Notice of New Universal Life Insurance Regulations

MARTIN O'MALLEY Governor ANTHONY G. BROWN Lt. Governor MARYLAND INSURANCE ADMINISTRATION BETH SAMMIS, Ph.D. Acting Commissioner KAREN STAKEM HORNIG Deputy Commissioner 200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202 1-800-492-6116 TTY: 1-800-735-2258 www.mdinsurance.state.md.us # BULLETIN 10-37 Date: November 3, 2010 To: Life Insurers Re: Notice of New Universal Life Insurance Regulations The purpose of this bulletin is to remind life insurers of the adoption of new universal life insurance regulations. These regulations were published in the Maryland Register on June 18, 2010 and were adopted as published on August 27, 2010, with a deferred effective date of January 1, 2011. Errata changes were published in the Maryland Register September 10 and September 24, 2010. The adopted regulations follow the requirements of the model regulation published by the National Association of Insurance Commissioners ("NAIC") on this same subject. One deviation from the NAIC model is found in COMAR 31.09.15.09, which includes certain annual reporting requirements to policyholders by insurers. These reporting requirements apply to all universal life insurance policies issued in Maryland, including those issued prior to January 1, 2011. The first annual reports will be due in 2011. Questions about this bulletin may be directed to the Life/Health Section of the Maryland Insurance Administration at 410-468-2170. Signature on file with original Brenda A. Wilson Associate Commissioner Life and Health Section