§ 3783 - Minimum standards of valuation for policies issued prior to the use of Commissioners 1941 Standard Ordinary Mortality Table
§ 3783. Minimum standards of valuation for policies issued prior to the use of Commissioners 1941 Standard Ordinary Mortality Table
Except as otherwise provided in subsection 3784(b) and section 3784a of this title, the minimum standard for the valuation of all such policies and contracts issued after December 31, 1902 shall be computed upon the basis of the American Experience Table of Mortality, with interest at three and one-half percent per annum. The minimum standard for the valuation of all such policies and contracts issued before January 1, 1903 shall be computed on the basis of the "Combined Experience" (or "Actuaries") Table of Mortality, with interest at four percent per annum, except that the minimum standard for the valuation of annuities and pure endowments purchased under group annuity and pure endowment contracts shall be that provided by this section but replacing the interest rates specified in this section by an interest rate of five percent per annum. The commissioner may accept a valuation of industrial life insurance policies of any insurer made by the insurance department of its state of domicile though computed on a basis different from that required by this section. This section applies only to policies and contracts issued prior to the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1941 Standard Ordinary Mortality Table. Reserves for all such policies and contracts may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by this section. (1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 5, § 3); amended 1973, No. 53, § 2, eff. April 12, 1973; 1981, No. 43, § 3, eff. April 21, 1981; 1983, No. 27, § 1.)