§ 27-4.3-6 - Nonforfeiture benefits for indeterminate premium plans.
SECTION 27-4.3-6
§ 27-4.3-6 Nonforfeiture benefits forindeterminate premium plans. – In the case of any plan of life insurance which provides for future premiumdetermination, the amounts of which are to be determined by the insurancecompany based on then estimates of future experience, or in the case of anyplan of life insurance which is of such a nature that minimum values cannot bedetermined by the methods described in §§ 27-4.3-2 – 27-4.3-5,then:
(1) The commissioner of insurance must be satisfied that thebenefits provided under the plan are substantially as favorable topolicyholders and insured as the minimum benefits required by §§27-4.3-2 – 27-4.3-5;
(2) The commissioner of insurance must be satisfied that thebenefits and the pattern of premiums of that plan are not such as to misleadprospective policyholders or insured; and
(3) The cash surrender values and paid up nonforfeiturebenefits provided by the plan must not be less than the minimum values andbenefits required for the plan computed by a method consistent with theprinciples of this standard nonforfeiture law for life insurance, as determinedby regulations promulgated by the commissioner of insurance.