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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 103 : LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS

Subchapter 003B : Standard Nonforfeiture Law for Life Insurance

(Cite as: 8 V.S.A. § 3769)
  • § 3769. Nonforfeiture benefits for indeterminate premium plans

    In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in sections 3762-3768 of this subchapter:

    (1) The Commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by sections 3762-3768 of this subchapter.

    (2) The Commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds.

    (3) The cash surrender values and paid-up nonforfeiture benefits provided by such plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this Standard Nonforfeiture Law for Life Insurance, as determined by subchapter 4a of this chapter and any rules adopted thereunder. (Added 2015, No. 63, § 2, eff. June 17, 2015.)