Section 410:3-a Minimum Standards for Valuation of Annuities After Certain Date.
I. Except as provided in RSA 410:3-b, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after the operative date of this section, as defined in this section, and for all annuities and pure endowments purchased on or after such operative date under group annuity and pure endowment contracts, shall be the commissioner's reserve valuation methods defined in RSA 410:4 and 410:4-a and the following tables and interest rates:
(a) For individual annuity and pure endowment contracts issued prior to August 1, 1979, excluding any disability and accidental death benefits in such contracts, the 1971 Individual Annuity Mortality Table, or any modification of this table approved by the commissioner, and 6 percent interest for single premium immediate annuity contracts, and 4 percent interest for all other individual annuity and pure endowment contracts.
(b) For individual single premium immediate annuity contracts issued on or after August 1, 1979, excluding any disability and accidental death benefits in such contracts, the 1971 Individual Annuity Mortality Table or any individual annuity mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by rule adopted by the commissioner pursuant to RSA 541-A for use in determining the minimum standard of valuation for such contracts, or any modification of these tables approved by the commissioner, and 7- 1/2 percent interest.
(c) For individual annuity and pure endowment contracts issued on or after August 1, 1979, other than single premium immediate annuity contracts, excluding any disability and accidental death benefits in such contracts, the 1971 Individual Annuity Mortality Table or any individual annuity mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by rule adopted by the commissioner pursuant to RSA 541-A for use in determining the minimum standard of valuation for such contracts, or any modification of these tables approved by the commissioner, and 5- 1/2 percent interest for single premium deferred annuity and pure endowment contracts and 4- 1/2 percent interest for all other such individual annuity and pure endowment contracts.
(d) For all annuities and pure endowments purchased prior to August 1, 1979, under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under such contracts, the 1971 Group Annuity Mortality Table, or any modification of this table approved by the commissioner, and 6 percent interest.
(e) For all annuities and pure endowments purchased on or after August 1, 1979, under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under such contracts, the 1971 Group Annuity Mortality Table or any group annuity mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by rule adopted by the commissioner pursuant to RSA 541-A for use in determining the minimum standard of valuation for such annuities and pure endowments, or any modification of these tables approved by the commissioner, and 7- 1/2 percent interest.
II. After September 1, 1973, any company may file with the commissioner a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1979, which shall be the operative date of this section for such company, provided, a company may elect a different operative date for individual annuity and pure endowment contracts from that elected for group annuity and pure endowment contracts. If a company makes no such election, the operative date of this section for such company shall be January 1, 1979.
Source. 1973, 221:3. 1979, 360:6. 1981, 182:2, eff. Aug. 1, 1981.