(a) In the case of 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 in the case of a plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in §§ 1115, 1115A and 1118 of this title, the reserves that are held under the plan shall:
(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 Standard Valuation Law, as determined by regulations promulgated by the Commissioner.
(b) Notwithstanding any other provision in the laws of this State, a policy, contract, or certificate providing life insurance under such a plan shall be affirmatively approved by the Commissioner before it can be marketed, issued, delivered, or used in this State.
Structure Delaware Code
Chapter 11. ASSETS AND LIABILITIES
Subchapter III. Life Insurance Reserves
§ 1111. Title and definitions.
§ 1113. Actuarial opinions of reserves.
§ 1114. Computation of minimum standard.
§ 1114A. Computation of minimum standards for annuities.
§ 1114B. Computation of minimum standard by calendar year of issue.
§ 1115. Reserve valuation method—Life insurance and endowment benefits.
§ 1115A. Reserve valuation method—Annuity and pure endowment benefits.
§ 1117. Optional reserve calculation.
§ 1118. Reserve calculation—Valuation net premium exceeding the gross premium charged.
§ 1119. Reserve calculation—Indeterminate premium plans.
§ 1120. Minimum standard for accident and health insurance contracts.
§ 1121. Valuation manual for policies issued on or after the operative date of the valuation manual.
§ 1122. Requirements of a principle-based valuation.