§ 16–310
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 16-310 (2026)
Title 16. Life Insurance and Annuities
Subtitle 3. Maryland Standard Nonforfeiture Law for Life Insurance
§ 16–310LinkCopy Citation
(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.