Regulation · State guide
Maryland annuity rules
Top 5-year MYGA
6.30%
B++ or better, yield to surrender
- FIA S&P cap
- 17.00%
- As of
- Oct 27
What Maryland law says
Free-look period
An annuity contract sold in Maryland must give you at least 10 days after you receive it to surrender it for cancellation and get a pro rata refund of your premium.
Md. Code Ann., Ins. § 16-105, Maryland Insurance Article § 16-105 — right to cancel a life insurance policy or annuity contractVerified 2026-08-25
What your agent owes you
A producer recommending an annuity must act in your best interest and may not put their own or the insurer's financial interest ahead of yours.
COMAR 31.09.12.04, Code of Maryland Regulations 31.09.12.04 — Suitability in Annuity Transactions, best interest obligationsVerified 2026-08-25
How Maryland taxes annuity income
Maryland starts from your federal adjusted gross income, so the taxable portion of an annuity payment is taxed as Maryland income.
Md. Code Ann., Tax-Gen. § 10-203, Maryland Tax-General Article § 10-203 — Maryland adjusted gross income defined by reference to federal adjusted gross incomeVerified 2026-08-25
Who regulates annuities in Maryland
Fixed annuities are insurance products, so they are overseen by the state insurance department rather than by the SEC. The department licenses the carriers and the producers who sell them, and it takes consumer complaints.
The Maryland guaranty association
Every state has a life and health insurance guaranty association that steps in when a member insurer fails. Coverage terms are set by state law and differ by state and by product. Contact the association directly for what applies to a specific contract.
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This page is educational and is not legal, tax, or insurance advice. State rules change. Verify anything here with the Maryland insurance department before acting.
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