Policies and contracts issued on or after operative date of Standard Nonforfeiture Law -- Reserve calculation for indeterminate premium plans

1. Law
2. Maryland Code
3. Insurance
4. Assets, Liabilities, Reserves, and Investments of Insurers
5. Standard Valuation Law
6. Policies and contracts issued on or after operative date of Standard Nonforfeiture Law -- Reserve calculation for indeterminate premium plans

    (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.

    (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.

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