§ 10-7-305.2 — Future premium determination - standards

Colorado § 10-7-305.2

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Life Insurance

Text

(1) 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 the
then present 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 section 10-7-302, 10-7-303, 10-7-304, 10-7-305, or 10-7-305.1, then:

(a) 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 section 10-7-302, 10-7-303, 10-7-304, 10-7-305, or
10-7-305.1;

(b) 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;

(c) 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 part 3, as
determined by regulations promulgated by the commissioner.

Legislative History

Source: L. 81: Entire section added, p. 547, � 5, effective July 1.