(a) For a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or for a plan of life insurance or annuity that is of a nature that the minimum reserves cannot be determined by the methods described in sections 539, 540, and 543, the reserves that are held under the plan must:
(1) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and
(2) Be computed by a method that is consistent with the principles of this subchapter, as determined by regulations promulgated by the Commissioner.
(b) Notwithstanding section 810 of this title or any other provision in the laws of this Territory, a policy, contract or certificate providing a plan described in subsection (a), must be affirmatively approved by the Commissioner before it can be marketed, issued, delivered or used in this Territory.