Maryland Statutes
Subtitle 3 - Maryland Standard Nonforfeiture Law for Life Insurance
Section 16-310 - Plans to Which 16-303 Through 16-309 Not Applicable

(a)    This section applies to a plan of life insurance:
        (1)    that provides that the insurer will determine future premiums based on future experience estimates; or
        (2)    the minimum values of which cannot be determined under the applicable provisions of §§ 16-303 through 16-309 of this subtitle.
    (b)    The Commissioner must be satisfied that:
        (1)    the benefits provided under the plan described in subsection (a) of this section are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by §§ 16-303 through 16-309 of this subtitle; and
        (2)    the benefits and the pattern of premiums under the plan do not mislead prospective policyholders or insureds.
    (c)    The cash surrender values and paid-up nonforfeiture benefits provided by a plan subject to this section may not be less than the minimum values and benefits required for the plan calculated by a method consistent with the principles of this subtitle, as determined by regulations adopted by the Commissioner.

Structure Maryland Statutes