Maine Revised Statutes Title 24-A Sec. 957-A – Superintendent’s authority to approve certain plans
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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 [PL 1983, c. 346, §8 (NEW).]
B. Be computed by a method which is consistent with the principles of this Standard Valuation Law, [PL 1983, c. 346, §8 (NEW).]
as determined by regulations promulgated by the superintendent.
[PL 1983, c. 346, §8 (NEW).]
SECTION HISTORY
PL 1983, c. 346, §8 (NEW).
Terms Used In Maine Revised Statutes Title 24-A Sec. 957-A
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.