Subject to certain limitations, the purpose of this subtitle is to protect persons specified in § 9–403(a) through (f) of this subtitle who are policyowners, contract owners, certificate holders, beneficiaries, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts specified in § 9–403(g) of this subtitle against failure in the performance of contractual obligations due to the impairment or insolvency of the insurer that issued the policies or contracts.
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