24-A §957-A. Superintendent's authority to approve certain plans - Maine Statutes

Title 24-A: MAINE INSURANCE CODE

Chapter 11: ASSETS AND LIABILITIES

Subchapter 3: LIFE INSURANCE RESERVES

§957-A. Superintendent's authority to approve certain plans

1. In the case of any plan of life insurance which 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 any plan of life insurance or annuity which is of such a nature that the minimum reserves cannot be determined by the methods described in sections 954 and 957, the reserves which are held under any plan of that type must:

A. Be appropriate in relation to the benefits and the pattern of premiums for that plan; and [1983, c. 346, §8 (NEW).]

B. Be computed by a method which is consistent with the principles of this Standard Valuation Law, [1983, c. 346, §8 (NEW).]

as determined by regulations promulgated by the superintendent.

[ 1983, c. 346, §8 (NEW) .]

SECTION HISTORY

1983, c. 346, §8 (NEW).