Md. Code, Insurance § 16-306

in effect

On default of a premium payment due on a policy anniversary, the present value of any paid-up nonforfeiture benefit available under the policy, calculated as of that policy anniversary: (1) shall at least equal the cash surrender value provided under the policy, calculated as of that policy anniversary; or (2) if no cash surrender value is provided, shall equal the cash surrender value that would have been required under this subtitle absent a condition that premiums shall have been paid for at least a specified period.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gin&section=16-306&enactments=falseFetched: 10/17/2026