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§ 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
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 all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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