Maryland HB 193, Chapter 533 - Life of A Minor

at b..tlQs://www.insurancecompact.org/l[l/eekly tips/compact applications for child life insurance.htm. Please be advised that the Compact will not be checking forms filed for compliance with §16-119. An application for a policy of life insurance on the life of a minor that is submitted for underwriting shall include the signature of the applicant and unless the minor is emancipated or married, the consent and signature of the parent or legal guardian with whom the minor resides 1• As part of the life insurer's written application standards and procedures for policy acceptance, the life insurer shall: (1) Request that the applicant identifies the amount, if any, of other life insurance coverage on the life of the minor that is in force or pending at the time of the application; (2) Document the applicant's response on the application; and (3) Take reasonable steps to verify the total amount of life insurance already in force or pending. If an application for a life insurance policy on the life of a minor is for a policy that has a benefit of $50,000 or less and is issued without underwriting, in addition to items 1, 2, and 3 above, the life insurer shall document the steps taken on a particular application to verify the total amount of life insurance in force or pending. For each application for a policy of life insurance on the life of a minor that is rejected, the life insurer must maintain at its home or principle office for at least 3 years after the date the application was signed a complete file of the original application, underwriting analysis, correspondence with the applicant, any other documents pertaining to the decision to reject the application. The insurer must also maintain all records sufficient to demonstrate that the applicant for a policy of life insurance on the life of a minor has an insurable interest in the life of the minor in accordance with§ 12-201, of the Insurance Article, Annotated Code of Maryland. Questions about this Bulletin may be directed to Nour Benchaaboun, Director - Life, Credit, and Annuity Review, at 410-468-2222. By: 1 In some instances this could be the same person. AL REDMER, JR. Commissioner Nancy Grodin Deputy Commissioner