1. (a)

   1. (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. (2) The notice shall state:

      1. (i) that the policyholder's policy allows for a reduction of the face amount of the policy as an option to retain coverage;
      2. (ii) the amount to be paid to prevent the policy from lapse; and
      3. (iii) the insurer's customer service telephone number.

2. (b) The notice shall be sent to a policyholder's last known address:

   1. (1) at the beginning of the grace period under § 16-202 of this subtitle; and
   2. (2) at least 30 days before termination of coverage.

Added by Acts 2020, c. 527, § 1, eff. Jan. 1, 2021.