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§ 16-310. Plans to which Sections 16-303 through 16-309 not applicable

MD Ins Code § 16-310 (2019) (N/A)
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(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.

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