§ 38.2-3210. Same; life insurance providing future premium determination
For any plan of life insurance providing for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or for any plan of life insurance for which minimum values cannot be determined by the methods described in §§ 38.2-3202 through 38.2-3209, then:
1. The Commission shall be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by §§ 38.2-3202 through 38.2-3209;
2. The Commission shall be satisfied that the benefits and the pattern of premiums of the plan are not misleading to prospective policyholders or insureds; and
3. The cash surrender values and paid-up nonforfeiture benefits provided by the plan shall not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of §§ 38.2-3202 through 38.2-3213, as determined by the Commission.
(1982, c. 228, § 38.1-465.4; 1986, c. 562.)
Sections: Previous 38.2-3203 38.2-3204 38.2-3205 38.2-3206 38.2-3207 38.2-3208 38.2-3209 38.2-3210 38.2-3211 38.2-3212 38.2-3213 38.2-3214 38.2-3215 38.2-3216 38.2-3217 NextLast modified: April 16, 2009