The expression “standard nonforfeiture value method” is acceptable for the description of the method of determining a cash value by deducting from the present value of future benefits, the present value of future nonforfeiture factors or adjusted premiums. When using this expression, it is necessary to state the amount of the nonforfeiture factor for the particular policy. If the nonforfeiture factor is identical with the statutory adjusted premium, the following language is acceptable if applicable: “The cash value under this policy as of any policy anniversary is the amount computed in accordance with the standard nonforfeiture value method using the adjusted premium as defined in the laws of the State in which this policy is delivered”.

Authority: Insurance Article, §§2-109, 8-433(a), 12-203(a)(1)(i) and (2) and (b), 13-110(a), 14-109(3)(iv), 14-110(a)(2)(iii)1, 14-126, 14-405(b)(8) and (9), 14-410(c), 15-904, and 16-504(e), Annotated Code of Maryland

Effective date: June 1, 1967

Amended effective May 1, 1968

Regulations .01 and .02I amended effective September 23, 1985 (12:19 Md. R. 1848)

Regulation .01 amended effective July 19, 1993 (20:14 Md. R. 1169)

Regulation .02A-1 adopted effective July 19, 1993 (20:14 Md. R. 1169)

Chapter recodified from COMAR 09.30.45 to COMAR 31.04.17 effective September 7, 1998 (25:18 Md. R. 1439)

Chapter revised effective April 25, 2005 (32:8 Md. R. 743)

Regulation .03M amended effective October 1, 2019 (46:17 Md. R. 727)

Regulation .03O adopted effective June 20, 2016 (43:12 Md. R. 668)

Regulation .13A amended effective October 3, 2011 (38:20 Md. R. 1205)