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31.09.15.00.htm 31.09.15.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 09 LIFE INSURANCE AND ANNUITIES Chapter 15 Universal Life Insurance Authority: Insurance Article, §2-109, 5-312, 12-205(b)4) and (8) 16-310(c) and 27-208(a) Annotated Code of Maryland
31.09.15.01.htm 31.09.15.01. 01 Purpose.. The purpose of this chapter is to establish standards for universal life insurance policies in order to accommodate the development and issuance of universal life insurance.
31.09.15.02.htm 31.09.15.02. 02 Scope.. This chapter applies to all individual universal life insurance policies, except variable universal life insurance policies.
31.09.15.03.htm 31.09.15.03. 03 Definitions.. A. As used in this chapter, the following terms have the meanings indicted.. B. Terms Defined.. 1) "Cash surrender value" means the net cash surrender value plus any amounts outstanding as policy loans.2) "Commissioner" means the Maryland Insurance Commissioner.. 3) "Fixed premium universal life insurance policy" means a universal life insurance policy other than a flexible premium universal life insurance policy.4) "Flexible premium universal life insurance poli
31.09.15.04.htm 31.09.15.04. 04 General Calculation Method for Reserves.. A. The minimum valuation standard for universal life insurance policies shall be. 1) The Commissioner's Reserve Valuation Method, as described in §B of this regulation for such policies; and2) The mortality tables and interest rates specified in §B(2) of this regulation.. B. Commissioner's Reserve Valuation Method.. 1) The terminal reserve for the basic policy and any benefits or riders for which premiums are not p
31.09.15.05.htm 31.09.15.05. 05 Alternative Minimum Reserves.. A. If, in any policy year, the guaranteed maturity premium on a universal life insurance policy is less than the valuation net premium for the same universal life insurance policy, calculated by the valuation method actually used in calculating the reserve on the universal life insurance policy, but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the universal life insurance policy shall b
31.09.15.06.htm 31.09.15.06. 06 Nonforfeiture Values for Flexible Premium Universal Life Insurance Policies.. A. Minimum cash surrender values for flexible premium universal life insurance policies shall be determined separately for the basic policy and for any benefits and riders for which premiums are paid separately.B. The requirements in this regulation pertain to a basic policy and any benefits and riders for which premiums are not paid separately.C. The minimum cash surrender value, before adjust
31.09.15.07.htm 31.09.15.07. 07 Nonforfeiture Values for Fixed Premium Universal Life Insurance Policies.. A. For fixed premium universal life insurance policies, the minimum cash surrender values shall be determined separately for the basic policy and any benefits and riders for which premiums are paid separately.B. The requirements in this regulation pertain to a basic policy and to any benefits and riders for which premiums are not paid separately.C. The minimum cash surrender value, before adjust
31.09.15.08.htm 31.09.15.08. 08 Minimum Paid-Up Nonforfeiture Benefits.. A. If a universal life insurance policy provides for the optional election of a paid-up nonforfeiture benefit, it shall be such that its present value shall be at least equal to the cash surrender value provided for by the policy on the effective date of the election.B. The present value in §A of this regulation shall be based on mortality and interest standards at least as favorable to the policyowner as:1) In the case of a flexi
31.09.15.09.htm 31.09.15.09. 09 Mandatory Policy Provisions.. A. In addition to the applicable provisions of Insurance Article, Title 16, Annotated Code of Maryland, each universal life insurance policy shall include the provisions described in §B-H of this regulation.B. Periodic Disclosure to Policyowner.. 1) The policy shall provide that the policyowner will be sent, without charge, at least annually, a report that satisfies the requirements of Regulation .11 of this chapter, which will serve to keep t
31.09.15.10.htm 31.09.15.10. 10 Disclosure Requirements.. Disclosure of information about the policy being applied for shall follow the standards in COMAR 31.09.09.
31.09.15.11.htm 31.09.15.11. 11 Periodic Disclosure to Policyowner.. A. Annual Report.. 1) The policy shall provide that the policyowner will be sent, without charge, at least annually, a report which will serve to keep the policyowner advised of the status of the policy.2) The end of the current report period shall be not more than 3 months before the date of the mailing of the report.B. The annual report required by §A of this regulation shall include the following:.
31.09.15.12.htm 31.09.15.12. 12 Interest-Indexed Universal Life Insurance Policies.. A. Initial Filing Requirements.. 1) The following information shall be submitted in connection with any filing of interest-indexed universal life insurance policies:a) A description of how the interest credits are determined, including:. i) A description of the index;. ii) The relationship between the value of the index and the actual interest rate to be credited;.
31.09.15.13.htm 31.09.15.13. 13 Sample Statement of Actuarial Opinion.. The following form is a sample form that may be used for providing the statement of actuarial opinion as described in Regulation .12 of this chapter:Statement of Actuarial Opinion for Interest-Indexed Universal Life Insurance Policies. I, {insert name of actuary} am {insert position or relationship to Insurer} for the XYZ Life Insurance Company (The Insurer) in the state of {Insert State of Domicile of Insurer} I am a member of the
31.09.15.9999.htm 31.09.15.9999. Administrative History Effective date: January 1, 2011 (37:18 Md. R. 1215).
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