Maryland § 5-301
Full text of Maryland Maryland Code § 5-301, with citation guidance and answers to common questions.
§ 5-301.
(a) In this subtitle the following words have the meanings indicated.
(b) “Accident and health insurance contract” has the meaning stated in § 5–201.1(a) of this title.
(c) “Appointed actuary” means a qualified actuary who is appointed in accordance with the valuation manual to prepare an opinion required by § 5–201.1 of this title.
(d) “Company” has the meaning stated in § 5–201.1(a) of this title.
(e) “Deposit–type contract” has the meaning stated in § 5–201.1(a) of this title.
(f) “Life insurance policy” has the meaning stated in § 5–201.1(a) of this title.
(g) “NAIC” means the National Association of Insurance Commissioners.
(h) “Operative date of the valuation manual” has the meaning stated in § 5–201.1(a) of this title.
(i) (1) “Policyholder behavior” means any action a policyholder, contract holder, or any other person with the right to elect options, including a certificate holder, may take under a life insurance policy, an accident and health insurance contract, or a deposit–type contract issued on or after the operative date of the valuation manual.
(2) “Policyholder behavior” includes behavior relating to lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by a life insurance policy, an accident and health insurance contract, or a deposit–type contract issued on or after the operative date of the valuation manual.
(3) “Policyholder behavior” does not include an event of mortality or morbidity that results in benefits prescribed in their essential aspects by the terms of a life insurance policy, an accident and health insurance contract, or a deposit–type contract issued on or after the operative date of the valuation manual.
(j) “Principle–based valuation” means a reserve valuation that:
(1) uses one or more methods or one or more assumptions determined by a company; and
(2) meets the requirements of § 5–314 of this subtitle.
(k) “Qualified actuary” has the meaning stated in § 5–201.1(a) of this title.
(l) “Tail risk” means a risk that occurs when:
(1) the frequency of low probability events is higher than expected under a normal probability distribution; or
(2) events of very significant size or magnitude are observed.
(m) “Valuation manual” has the meaning stated in § 5–201.1(a) of this title.
Frequently Asked Questions About Maryland § 5-301
What does Maryland Code § 5-301 cover?
Section 5-301 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 5-301?
A common citation format is "Maryland Code § 5-301" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 5-301 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.