Home Table of Contents

§ 16-310. Life insurance plans with future premiums based on future experience estimates

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 3. Maryland Standard Nonforfeiture Law for Life Insurance (Refs & Annos)
MD Code, Insurance, § 16-310
§ 16-310. Life insurance plans with future premiums based on future experience estimates
Currentness
Application of section
(a) This section applies to a plan of life insurance:
(1) that provides that the insurer will determine future premiums based on future experience estimates; or
(2) the minimum values of which cannot be determined under the applicable provisions of §§ 16-303 through 16-309 of this subtitle.
Benefits favorable to policyholders and insureds
(b) The Commissioner must be satisfied that:
(1) the benefits provided under the plan described in subsection (a) of this section are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by §§ 16-303 through 16-309 of this subtitle; and
(2) the benefits and the pattern of premiums under the plan do not mislead prospective policyholders or insureds.
Cash surrender values and paid-up nonforfeiture benefits
(c) The cash surrender values and paid-up nonforfeiture benefits provided by a plan subject to this section may not be less than the minimum values and benefits required for the plan calculated by a method consistent with the principles of this subtitle, as determined by regulations adopted by the Commissioner.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 414.
MD Code, Insurance, § 16-310, MD INSURANCE § 16-310
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.
End of Document