R.I. Gen. Laws § 27-4.5-9

Current through 2024 Public Law 457

Section 27-4.5-9 - Reserve calculation - Indeterminate premium plans

In the case of plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on the then estimates of future experience, or in the case of any plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in §§ 27-4.5-5, 27-4.5-5.1 and 27-4.5-8, the reserves that are held under the plan shall:

(1) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and

(2) Be computed by a method that is consistent with the principles of this chapter, as determined by regulations promulgated by the commissioner of insurance.

Notwithstanding any other provision in the laws of this state, a policy, contract or certificate providing life insurance under such a plan shall be affirmatively approved by the commissioner before it can be marketed, issued, delivered or used in this state.

R.I. Gen. Laws § 27-4.5-9

Amended by 2013 Pub. Laws, ch. 20,§ 2, eff. 5/20/2013.

Amended by 2013 Pub. Laws, ch. 17,§ 2, eff. 5/20/2013.

P.L. 1993, ch. 180, § 1.