§ 16-310
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/md/insurance/16-310A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§16–310.
(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.