§ 5-304. Computation of minimum standard for valuation of life insurance policies, annuity cont...
West's Annotated Code of MarylandInsuranceEffective: October 1, 2015
Effective: October 1, 2015
MD Code, Insurance, § 5-304
§ 5-304. Computation of minimum standard for valuation of life insurance policies, annuity contracts, and pure endowment contracts
(a)(1) Except as otherwise provided in §§ 5-305 and 5-306 of this subtitle, the minimum standard for the valuation of life insurance policies, annuity contracts, and pure endowment contracts is:
(b) For an ordinary policy of life insurance issued on the standard basis, excluding any disability and accidental death benefits in the policy, the applicable table for the minimum standard for the valuation of the policy is:
(ii) at the election of the insurer, the Commissioners 1958 Standard Ordinary Mortality Table, calculating all modified net premiums and present values referred to in this subtitle for any category of policies issued on female risks according to an age not more than 6 years younger than the actual age of the insured; and
(c) For an industrial life insurance policy issued on the standard basis, excluding any disability and accidental death benefits in the policy, the applicable table for the minimum standard for the valuation of the policy is:
(d) For an individual annuity contract or pure endowment contract, excluding any disability and accidental death benefits in the contract, the applicable table for the minimum standard for the valuation of the contract is, at the option of the insurer:
(e) For a group annuity contract or pure endowment contract, excluding any disability and accidental death benefits in the contract, the applicable table for the minimum standard for the valuation of the contract is:
(f)(1) For total and permanent disability benefits in or supplementary to an ordinary policy or contract, the applicable table for the minimum standard for the valuation of the policy or contract is:
(g)(1) For accidental death benefits in or supplementary to a policy, the applicable table for the minimum standard for the valuation of the policy is:
(h) For group life insurance, life insurance issued on the substandard basis, long-term home health care and long-term care in a nursing home or other related institution, or any other special benefit, the applicable table for the minimum standard for the valuation of the policy or benefit is any table approved by the Commissioner for use in determining the minimum standard of valuation of the policy.
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 1997, c. 70, § 7, eff. Oct. 1, 1997; Acts 2015, c. 367, § 2, eff. Oct. 1, 2015.
Formerly Art. 48A, § 83.
MD Code, Insurance, § 5-304, MD INSURANCE § 5-304
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 |