Maryland § 3-114
Full text of Maryland Maryland Code § 3-114, with citation guidance and answers to common questions.
§ 3-114.
(a) A domestic stock insurer or domestic mutual insurer may:
(1) issue any or all of its policies with or without participation in profits, savings, or unabsorbed parts of premiums;
(2) classify policies issued on a participating and nonparticipating basis; and
(3) determine the right to participate and the extent of participation of any class of policies.
(b) The classification of policies or determination of participation under subsection (a) of this section shall be reasonable and may not discriminate unfairly between policyholders within the same classifications.
(c) A life insurer may issue both participating and nonparticipating policies only if the right or absence of the right to participate is reasonably related to the premium charged.
Frequently Asked Questions About Maryland § 3-114
What does Maryland Code § 3-114 cover?
Section 3-114 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 § 3-114?
A common citation format is "Maryland Code § 3-114" (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 § 3-114 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.