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§ 8-429. Value of nonforfeiture benefits, cash surrender value, loans or other options

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 8. Entities that Act as Insurers
Subtitle 4. Fraternal Benefit Societies (Refs & Annos)
Part III. Benefits
MD Code, Insurance, § 8-429
§ 8-429. Value of nonforfeiture benefits, cash surrender value, loans or other options
Currentness
Certificates issued before January 1, 1998
(a) For certificates issued before January 1, 1998, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the provisions of law applicable on December 31, 1997.
Construction with laws applying to life insurers issuing policies
(b)(1) Each paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted under a certificate may not be less than the corresponding amount ascertained under the laws of the State that apply to life insurers issuing policies containing like insurance benefits based on the same tables.
(2) This subsection applies to certificates issued on or after January 1, 1998, for which reserves are computed on:
(i) the Commissioners 1941 Standard Ordinary Mortality Table;
(ii) the Commissioners 1941 Standard Industrial Table;
(iii) the Commissioners 1958 Standard Ordinary Mortality Table;
(iv) the Commissioners 1980 Standard Mortality Table; or
(v) any more recent table authorized for use under § 5-304(b) of this article.

Credits

Added by Acts 1997, c. 183, § 1, eff. Jan. 1, 1998.
Formerly Art. 48A, § 326.
MD Code, Insurance, § 8-429, MD INSURANCE § 8-429
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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