Sec. 31.09.02.01. Authority and Purpose

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This chapter, applicable to variable life insurance policies, is promulgated under authority of Insurance Article, 2-109 and 16-601-----16-603, Annotated Code of Maryland. The issuance or delivery of life insurance policies on a variable basis in Maryland in any manner not in compliance with this chapter shall be deemed contrary to the requirements of Insurance Article, 16-601-----16-603, Annotated Code of Maryland, and, further, shall be deemed to constitute the transaction of insurance business hazardous to policyholders and the public and contrary to the public interest.

                    
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