§ 5-309. Policies and contracts issued on or after operative date of Standard Nonforfeiture Law -- Minimum reserves for life insurance policies

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   (a) Scope of section. -- This section does not apply to reserves for disability and accidental death benefits and benefits for long-term home health care and long-term care in a nursing home or other related institution included in a life insurance policy.

(b) Minimum aggregate reserves for life insurance policies. -- An insurer's aggregate reserves for all life insurance policies may not be less than the aggregate reserves calculated in accordance with:

   (1) the methods set forth in § 5-307, 5-308, 5-311, and 5-312 of this subtitle; and

   (2) the mortality tables and rates of interest used in calculating nonforfeiture benefits for those policies.

HISTORY: An. Code 1957, art. 48A, § 83; 1995, ch. 36; 1996, ch. 60.

                    
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