§ 27-25-25 - Valuation.
SECTION 27-25-25
§ 27-25-25 Valuation. – (a) Standards of valuation for certificates issued prior to January 1, 1986,shall be those provided by the laws applicable immediately prior to January 1,1985.
(b) The minimum standards of valuation for certificatesissued on or after January 1, 1986 shall be based on the following tables:
(i) For certificates of life insurance, the commissioner's1941 standard ordinary mortality table, the commissioner's 1941 standardindustrial mortality table, the commissioner's 1958 standard ordinary mortalitytable, the commissioner's 1980 standard ordinary mortality table, or any morerecent table made applicable to life insurers; and
(ii) For annuity and pure endowment certificates, for totaland permanent disability benefits, for accidental death benefits and fornon-cancelable accident and health benefits, these tables authorized for use bylife insurers in this state;
(2) All of the above shall be under valuation methods andstandards, including interest assumptions, in accordance with the laws of thisstate applicable to life insurers issuing policies containing like benefits.
(c) The commissioner of insurance may, in his or herdiscretion, accept other standards for valuation if the commissioner finds thatthe reserves produced will not be less in the aggregate than reserves computedin accordance with the minimum valuation standard prescribed in this section.The commissioner of insurance may, in his or her discretion, vary the standardsof mortality applicable to all benefit contracts on substandard lives or otherextra hazardous lives by any society authorized to do business in this state.
(d) Any society, with the consent of the commissioner ofinsurance of the state of domicile of the society and under the conditions, ifany, which the commissioner may impose, may establish and maintain reserves onits certificates in excess of the reserves required under those conditions, butthe contractual rights of any benefit member shall not be affected by thereserves.