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§ 5-312. Reserve calculation for indeterminate premium plans

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 5. Assets, Liabilities, Reserves, and Investments of Insurers
Subtitle 3. Standard Valuation Law (Refs & Annos)
MD Code, Insurance, § 5-312
§ 5-312. Reserve calculation for indeterminate premium plans
Application of section
(a) This section applies to:
(1) a plan of life insurance that provides for future premiums to be determined by the insurer based on estimates of future experience; and
(2) a plan of life insurance or annuity that is of a nature that precludes determining the minimum reserves by the methods described in §§ 5-307, 5-308, and 5-311 of this subtitle.
Appropriateness of reserves in accordance with subtitle
(b) In accordance with regulations adopted by the Commissioner, the reserves that are held under a plan described in subsection (a) of this section shall:
(1) be appropriate in relation to the benefits and pattern of premiums for that plan; and
(2) be computed by a method that is consistent with the principles of this subtitle.

Credits

Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 83.
MD Code, Insurance, § 5-312, MD INSURANCE § 5-312
Current through legislation effective through June 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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