§ 5-311. Reserve calculation for valuation net premium exceeding gross premium charged
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 5-311
§ 5-311. Reserve calculation for valuation net premium exceeding gross premium charged
(a)(1) Except as provided in subsection (b) of this section, if in any contract year the gross premium charged by an insurer on a policy or contract is less than the valuation net premium for the policy or contract, the minimum reserve required for the policy or contract is the greater of:
(2)(i) Except as provided in subparagraph (ii) of this paragraph, for purposes of paragraph (1) of this subsection, the valuation net premium for a policy or contract shall be calculated by the method used in calculating the reserve on the policy or contract using the minimum valuation standards of mortality and interest rate under §§ 5-304 and 5-306 of this subtitle.
(b) For a life insurance policy described in § 5-307(a)(3)(ii) of this subtitle:
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 83.
MD Code, Insurance, § 5-311, MD INSURANCE § 5-311
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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