Section 5-309 - Same - Minimum reserves for life insurance policies.
§ 5-309. Same - Minimum reserves for life insurance policies.
(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.
[An. Code 1957, art. 48A, § 83; 1995, ch. 36; 1996, ch. 60.]