reglab/housing_qa huggingface dataset:
MD. Insurance Code Ann. §  5-308 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-308 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Reserve Valuation Method for Annuity and Pure Endowment Benefits

    (a)    (1)    Except as provided in paragraph (2) of this subsection, this section applies to all annuity contracts and pure endowment contracts.        (2)    This section does not apply to:            (i)    group annuity contracts or pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, an employee organization, or both, unless the plan provides individual retirement accounts or individual retirement annuities under § 408 of the Internal Revenue Code; or            (ii)    any 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 an annuity contract or pure endowment contract.    (b)    (1)    (i)    For benefits under an annuity contract or pure endowment contract to which this section applies, the reserve according to the Commissioners annuity reserve method shall be the greatest of the amounts determined for each respective contract year under subparagraph (ii) of this paragraph.            (ii)    For each contract year, there shall be determined the amount by which the present value, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, under the contract at the end of the contract year exceeds the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations that are required by the terms of the contract and become payable prior to the end of the contract year.        (2)    For purposes of this subsection:            (i)    the future guaranteed benefits shall be determined by using the mortality table, if any, and interest rate specified in the contract for determining guaranteed benefits; and            (ii)    the valuation considerations are the portions of the respective gross considerations applied under the terms of the contract to determine nonforfeiture values.
MD. Insurance Code Ann. §  5-309 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-309 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Minimum Reserves for Life Insurance Policies

    (a)    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)    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.
MD. Insurance Code Ann. §  5-310 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-310 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Optional Reserve Calculation

    (a)    Subject to subsection (b) of this section, the Commissioner may establish any category of policies, contracts, or benefits for which reserves may be calculated, at the option of the insurer, under a standard that produces greater aggregate reserves for the category than the aggregate reserves calculated using the minimum standard provided in this subtitle.    (b)    (1)    This subsection does not apply to annuity contracts or pure endowment contracts.        (2)    The interest rate used to calculate the reserve for a policy or contract under a standard other than the minimum standard in this subtitle may not be higher than the corresponding interest rate used to calculate any nonforfeiture benefits provided by the policy or contract.
MD. Insurance Code Ann. §  5-311 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-311 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Reserve Calculation for Valuation Net Premium Exceeding Gross Premium Charged

    (a)    (1)    Except as provided in subsection (b) of this section, if in any contract year the gross premium charged by an insurer on a policy or contract is less than the valuation net premium for the policy or contract, the minimum reserve required for the policy or contract is the greater of:            (i)    the reserve calculated according to the mortality table, interest rate, and method actually used for the policy or contract; or            (ii)    the reserve calculated by using the method actually used for the policy or contract, but:                1.    using the minimum valuation standards of mortality and of interest in §§ 5-304 and 5-306 of this subtitle; and                2.    in each contract year for which the valuation net premium exceeds the actual gross premium, using the actual gross premium instead of the valuation net premium.        (2)    (i)    Except as provided in subparagraph (ii) of this paragraph, for purposes of paragraph (1) of this subsection, the valuation net premium for a policy or contract shall be calculated by the method used in calculating the reserve on the policy or contract using the minimum valuation standards of mortality and interest rate under §§ 5-304 and 5-306 of this subtitle.            (ii)    For future renewals under a renewable term insurance policy, the modern CSO mortality table published in The Transactions of The Society of Actuaries, Vol. XXVII (1975), shall be used instead of the minimum valuation standard of mortality under § 5-304 of this subtitle.        (3)    If the gross premium rates for a policy or contract are not based consistently on a suitable accepted or credible mortality basis or table, the Commissioner may require additional reserves in accordance with § 5-103(3) of this title.    (b)    For a life insurance policy described in § 5-307(a)(3)(ii) of this subtitle:        (1)    subsection (a) of this section shall be applied substituting the method described in § 5-307 of this subtitle, without regard to § 5-307(a)(4)(iii), for the method actually used in calculating the reserve for the policy; and        (2)    the minimum reserve at each policy anniversary of the policy shall be the greater of:            (i)    the minimum reserve calculated under § 5-307 of this subtitle, including § 5-307(a)(4)(iii); or            (ii)    the minimum reserve calculated under this section.
MD. Insurance Code Ann. §  5-312 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-312 - Policies and Contracts Issued on or After Operative Date of Standard Nonforfeiture Law -- Reserve Calculation for Indeterminate Premium Plans

    (a)    This section applies to:        (1)    a plan of life insurance that provides for future premiums to be determined by the insurer based on estimates of future experience; and        (2)    a plan of life insurance or annuity that is of a nature that precludes determining the minimum reserves by the methods described in §§ 5-307, 5-308, and 5-311 of this subtitle.    (b)    In accordance with regulations adopted by the Commissioner, the reserves that are held under a plan described in subsection (a) of this section shall:        (1)    be appropriate in relation to the benefits and pattern of premiums for that plan; and        (2)    be computed by a method that is consistent with the principles of this subtitle.
MD. Insurance Code Ann. §  5-315 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-315 - Submission of Data as Required in Valuation Manual

    A company shall submit the mortality data, morbidity data, policyholder behavior, expense experience, and other data as prescribed in the valuation manual.
MD. Insurance Code Ann. §  5-317 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 3 - Standard Valuation Law|Section 5-317 - Exemptions

    (a)    The Commissioner may exempt a specific product form or product line of a domestic company that holds a certificate of authority issued by the Commissioner and is doing business only in the State from the requirements of § 5–313 of this subtitle if:        (1)    the Commissioner has issued an exemption in writing to the company;        (2)    the exemption has not been revoked in writing by the Commissioner; and        (3)    the company computes reserves:            (i)    using assumptions and methods used before the operative date of the valuation manual; and            (ii)    in accordance with any requirements established by the Commissioner by regulation.    (b)    (1)    A company that is granted an exemption under subsection (a) of this section is subject to § 5–201 of this title and §§ 5–302 through 5–312 of this subtitle.        (2)    With respect to a company that is granted an exemption under subsection (a) of this section, any reference to § 5–313 of this subtitle found in § 5–201.1 of this title and §§ 5–302 through 5–312 of this subtitle is not applicable.    (c)    The Commissioner may exempt a domestic company that holds a certificate of authority issued by the Commissioner and is doing business in the State from the requirements of §§ 5–314 and 5–315 of this subtitle if the company meets the life principle–based reserves exemption criteria in the valuation manual.    (d)    For purposes of subsection (c) of this section, ordinary life premiums are measured as direct premium plus reinsurance assumed from an unaffiliated company, as reported in the annual statement for the prior calendar year.    (e)    (1)    A domestic company that meets the requirements of subsection (c) of this section shall:            (i)    compute reserves:                1.    using assumptions and methods used before the operative date of the valuation manual; and                2.    in accordance with any requirements established by the Commissioner in regulation; and            (ii)    file, before July 1 of each year, a statement with the Commissioner certifying that the domestic company meets the requirements of subsection (c) of this section for the current calendar year based on premiums and other values from the financial statements for the prior calendar year.        (2)    Before September 1 of each year, the Commissioner may reject a statement filed under paragraph (1)(ii) of this subsection and require a domestic company to comply with the valuation manual requirements for life insurance reserves.
MD. Insurance Code Ann. §  5-402 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 4 - Valuation of Investments|Section 5-402 - Valuation of Bonds

    (a)    This section applies to a bond or other evidence of indebtedness that:        (1)    has a fixed term and rate of interest;        (2)    is held by an insurer;        (3)    is amply secured; and        (4)    is not in default as to principal or interest.    (b)    (1)    A bond or other evidence of indebtedness subject to this section may be valued:            (i)    if purchased at par, at the par value; or            (ii)    if purchased above or below par:                1.    on the basis of the purchase price adjusted to bring the value to par at maturity and to yield in the meantime the effective rate of interest at which the purchase was made; or                2.    according to another accepted method of valuation that the Commissioner approves.        (2)    The purchase price may not be valued at a higher figure than the sum of:            (i)    the actual market value at the time of purchase; and            (ii)    the actual brokerage, transfer, postage, or express charges paid in the acquisition of the bond or other evidence of indebtedness.        (3)    Unless otherwise provided by a valuation that the Commissioner establishes or approves, a bond or other evidence of indebtedness may not be carried on its books at above the call price for the entire issue during any period within which the security may be called.
MD. Insurance Code Ann. §  5-403 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 4 - Valuation of Investments|Section 5-403 - Inconsistent Valuations

    Valuations under this subtitle may not be inconsistent with applicable valuations or methods formulated or approved by the National Association of Insurance Commissioners.
MD. Insurance Code Ann. §  5-501 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 5 - Investments of Life Insurers|Section 5-501 - Scope of Subtitle

    Except for § 5-502 of this subtitle, this subtitle applies only to domestic life insurers.
MD. Insurance Code Ann. §  5-502 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 5 - Investments of Life Insurers|Section 5-502 - Investments of Foreign or Alien Life Insurers

    (a)    For purposes of this section, the domicile in the United States of an alien insurer, other than an insurer formed under the laws of Canada, is deemed to be the state where the alien insurer maintains its largest deposit of trusteed assets.    (b)    The investment portfolio of a foreign life insurer or alien life insurer shall be:        (1)    as allowed by the laws of its domicile; and        (2)    of a quality substantially as high as that required under this subtitle for similar funds of like domestic life insurers.    (c)    The Commissioner may deny or refuse to renew a certificate of authority to a foreign life insurer or alien life insurer if:        (1)    the foreign life insurer or alien life insurer has investments in one person in excess of the limit provided in § 5-507 of this subtitle; or        (2)    the Commissioner finds that its investments do not comply in substance with the investment requirements and limitations of this subtitle for domestic life insurers transacting the same kind of insurance business.
MD. Insurance Code Ann. §  5-503 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 5 - Investments of Life Insurers|Section 5-503 - Date When Eligibility of Investment Determined

    (a)    The eligibility of an investment shall be determined as of the date of the making or acquisition of the investment.    (b)    An investment limitation that is based on the amount of assets or particular funds of a life insurer shall relate to those assets or funds as shown by:        (1)    the annual statement of the life insurer as of the December 31 immediately preceding the date of acquisition of the investment by the life insurer; or        (2)    a current financial statement of the life insurer that reflects the result of merger or consolidation with another insurer, bulk reinsurance, or change in capitalization.
MD. Insurance Code Ann. §  5-504 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 5 - Investments of Life Insurers|Section 5-504 - General Qualifications of Investments

    (a)    A life insurer may not purchase an investment or security at a price above its market value.    (b)    Subsection (a) of this section does not prohibit a life insurer from acquiring control of another insurer.    (c)    This subtitle does not prohibit a life insurer from acquiring other or additional securities or property that is received:        (1)    as a dividend;        (2)    as a lawful distribution of assets; or        (3)    under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation.
MD. Insurance Code Ann. §  5-506 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 5 - Investments of Life Insurers|Section 5-506 - Prohibited Investments and Loans

    (a)    In addition to investments otherwise excluded under this article, a life insurer may not directly or indirectly invest in or lend its funds on the security of:        (1)    an investment or security that the Commissioner finds is designed to evade a prohibition of this article; or        (2)    issued shares of the life insurer’s capital stock, except:            (i)    for the purpose of mutualization under Title 3, Subtitle 1 of this article; or            (ii)    in connection with a plan approved by the Commissioner for purchase of the shares by employees or insurance producers of the life insurer.    (b)    A life insurer may not directly or indirectly make a loan to an officer or director of the life insurer, except:        (1)    a policy loan; or        (2)    a bona fide mortgage loan on the principal residence of the officer or director that has been approved or ratified by the board of directors of the life insurer.
MD. Insurance Code Ann. §  5-507 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 5 - Investments of Life Insurers|Section 5-507 - Investment in One Person

    (a)    This section does not apply to:        (1)    policy loans made under this subtitle; or        (2)    general obligations of the United States, Canada, or a state.    (b)    Unless the Commissioner approves, a life insurer may not have at one time any combination of investments in or loans on the security of the obligations, property, or securities of one person in an aggregate amount exceeding 10% of the admitted assets of the life insurer.
MD. Insurance Code Ann. §  5-508 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 5 - Investments of Life Insurers|Section 5-508 - Policy Loans

    (a)    A life insurer may lend to its policyholder on the policy as collateral security an amount not exceeding the cash surrender value of the policy.    (b)    A policy loan is an eligible reserve investment of a life insurer.
MD. Insurance Code Ann. §  5-510 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 5 - Investments of Life Insurers|Section 5-510 - Investment Requirements

    (a)    Before investing in other classes or types of investment, each life insurer shall invest and maintain invested, in cash and securities of the classes described in subsection (b) of this section, funds in an amount not less than the minimum paid-in capital stock required under this article for authority to engage in the life insurance business.    (b)    The investments required by subsection (a) of this section may be made only in cash or the following classes of securities:        (1)    bonds or other evidences of indebtedness of the United States or an agency of the United States if the obligation is guaranteed as to principal and interest by the United States;        (2)    bonds or other evidences of indebtedness that are the direct obligations of the State or of a county, district, or municipal corporation of the State; or        (3)    bonds or other evidences of indebtedness that are direct obligations of another state.    (c)    After satisfying the minimum investment requirements of subsection (a) of this section, each life insurer shall invest and maintain invested additional funds, to bring its investments up to an amount not less than 100% of the life insurer’s required reserves, in cash or the classes of securities or investments authorized under § 5-511 of this subtitle.    (d)    A life insurer shall maintain the minimum investments required by this section free and clear from any lien or pledge, other than as a deposit required or allowed under § 4-106 of this article.    (e)    After satisfying the minimum investment requirements of this subtitle, a life insurer may invest any excess funds without limitation in investments not otherwise prohibited under this subtitle.
MD. Insurance Code Ann. §  5-601 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 6 - Investments of Insurers Other Than Life Insurers|Section 5-601 - Scope of Subtitle

    Except for § 5-602 of this subtitle, this subtitle applies to domestic insurers other than life insurers.
MD. Insurance Code Ann. §  5-602 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 6 - Investments of Insurers Other Than Life Insurers|Section 5-602 - Investments of Foreign or Alien Insurers

    (a)    For the purposes of this section, the domicile in the United States of an alien insurer, other than an insurer formed under the laws of Canada, is deemed to be the state where the alien insurer maintains its largest deposit of trusteed assets.    (b)    The investment portfolio of a foreign insurer or alien insurer, other than a life insurer, shall be:        (1)    as allowed by the laws of its domicile; and        (2)    of a quality substantially as high as that required under this subtitle for similar funds of like domestic insurers.    (c)    The Commissioner may deny or refuse to renew a certificate of authority to a foreign insurer or alien insurer if:        (1)    the foreign insurer or alien insurer has investments in one person in excess of the limit provided in § 5-606 of this subtitle; or        (2)    the Commissioner finds that its investments do not comply in substance with the investment requirements and limitations of this subtitle for domestic insurers transacting the same kind of insurance business.
MD. Insurance Code Ann. §  5-603 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 6 - Investments of Insurers Other Than Life Insurers|Section 5-603 - Date When Eligibility of Investment Determined

    (a)    The eligibility of an investment shall be determined as of the date of the making or acquisition of the investment.    (b)    An investment limitation that is based on the amount of assets or particular funds of an insurer shall relate to the assets or funds as shown by:        (1)    the annual statement of the insurer as of the December 31 immediately preceding the date of acquisition of the investment by the insurer; or        (2)    a current financial statement of the insurer filed with the Commissioner that reflects the result of merger or consolidation with another insurer, bulk reinsurance, or change in capitalization.
MD. Insurance Code Ann. §  5-604 (2021)
2021 Maryland Statutes|Insurance|Title 5 - Assets, Liabilities, Reserves, and Investments of Insurers|Subtitle 6 - Investments of Insurers Other Than Life Insurers|Section 5-604 - Authorization of Investments and Loans

    (a)    An insurer may not make an investment or loan unless the investment or loan is authorized by:        (1)    the board of directors of the insurer; or        (2)    a committee authorized by the board of directors of the insurer to supervise or make investments and loans.    (b)    The committee described in subsection (a)(2) of this section shall:        (1)    record its minutes; and        (2)    submit regular reports of the committee to the board of directors.