(a) (1) If a policy of universal or variable life insurance contains a provision that allows a policyholder to reduce the face amount of the policy, the insurer shall provide a written notice to the policyholder. (2) The notice shall state: (i) that the policyholder’s policy allows for a reduction of the face amount of the policy as an option to retain coverage; (ii) the amount to be paid to prevent the policy from lapse; and (iii) the insurer’s customer service telephone number. (b) The notice shall be sent to a policyholder’s last known address: (1) at the beginning of the grace period under § 16–202 of this subtitle; and (2) at least 30 days before termination of coverage.
Maryland Legal Code