§ 5-301. Definitions
West's Annotated Code of MarylandInsuranceEffective: October 1, 2015
Effective: October 1, 2015
MD Code, Insurance, § 5-301
§ 5-301. Definitions
(b) “Accident and health insurance contract” has the meaning stated in § 5-201.1(a) of this title.
(c) “Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare an opinion required by § 5-201.1 of this title.
(e) “Deposit-type contract” has the meaning stated in § 5-201.1(a) of this title.
(f) “Life insurance policy” has the meaning stated in § 5-201.1(a) of this title.
(h) “Operative date of the valuation manual” has the meaning stated in § 5-201.1(a) of this title.
(i)(1) “Policyholder behavior” means any action a policyholder, contract holder, or any other person with the right to elect options, including a certificate holder, may take under a life insurance policy, an accident and health insurance contract, or a deposit-type contract issued on or after the operative date of the valuation manual.
(2) “Policyholder behavior” includes behavior relating to lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by a life insurance policy, an accident and health insurance contract, or a deposit-type contract issued on or after the operative date of the valuation manual.
(3) “Policyholder behavior” does not include an event of mortality or morbidity that results in benefits prescribed in their essential aspects by the terms of a life insurance policy, an accident and health insurance contract, or a deposit-type contract issued on or after the operative date of the valuation manual.
(j) “Principle-based valuation” means a reserve valuation that:
(l) “Tail risk” means a risk that occurs when:
Credits
Added by Acts 2015, c. 367, § 2, eff. Oct. 1, 2015.
MD Code, Insurance, § 5-301, MD INSURANCE § 5-301
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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