Maryland § 16-507
Full text of Maryland Maryland Code § 16-507, with citation guidance and answers to common questions.
§ 16-507.
(a) This section applies only to annuity contracts that do not provide cash surrender benefits.
(b) The present value of a paid-up annuity benefit available as a nonforfeiture option before maturity may not be less than the sum of:
(1) the present value of that part of the maturity value of the paid-up annuity benefit under the annuity contract from considerations paid before the contract is surrendered for or changed to a deferred paid-up annuity; and
(2) any existing additional amount credited by the insurer to the contract.
(c) (1) The present value under subsection (b)(1) of this section shall be calculated for the period before the maturity date using an interest rate specified in the annuity for accumulating the net considerations to determine the maturity value.
(2) If the contract does not provide a death benefit before the start of annuity payments, the present value shall be calculated using the interest rate and mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit.
(d) The present value of a paid-up annuity benefit may not be less than the minimum nonforfeiture amount at the time of surrender.
Frequently Asked Questions About Maryland § 16-507
What does Maryland Code § 16-507 cover?
Section 16-507 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 16-507?
A common citation format is "Maryland Code § 16-507" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 16-507 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.