688A.315 - Review of benefits and premiums for life insurance with future premium determination. - Nevada Statutes

688A.315  Review of benefits and premiums for life insurance with future premium determination.  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 insurer based on estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in NRS 688A.290 to 688A.340, inclusive:

      1.  The Commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by NRS 688A.290 to 688A.340, inclusive;

      2.  The Commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds; and

      3.  The cash surrender values and paid-up nonforfeiture benefits provided by the plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of the Standard Nonforfeiture Law for Life Insurance, as determined by regulations adopted by the Commissioner.

      (Added to NRS by 1983, 948)