40-754.Standards of valuation for certificates; mortality tables;maintenance of reserves in excess of those required.(a) Standards of valuation for certificates issued prior toone year after the effective date of this act shall be those providedby the laws applicable immediately prior to the effective date of this act.
(b) The minimum standards of valuation for certificates issued on orafter one year from the effective date of this article shall be based onthe following tables:
(1) For certificates of life insurance - the commissioner's 1941standard ordinary mortality table, the commissioner's 1941 standardindustrial mortality table, the commissioner's 1958 standard ordinarymortality table, the commissioner's 1980 standard ordinary mortality tableor any more recent table made applicable to life insurers;
(2) for annuity and pure endowment certificates, for total and permanentdisability benefits, for accidental death benefits and for non-cancellableaccident and health benefits - such tables as are authorized for use bylife insurers in this state.
All of the above shall be under valuation methods and standards,including interest assumptions, in accordance with the laws of this stateapplicable to life insurers issuing policies containing like benefits.
(c) The commissioner of insurance may, in the exercise of discretion,accept other standards for valuation if it is found that the reservesproduced thereby will not be less in the aggregate than reserves computedin accordance with the minimum valuation standard herein prescribed. Thecommissioner of insurance may, in the exercise of discretion, vary thestandards of mortality applicable to all benefit contracts on substandardlives or other extra hazardous lives by any society authorized to dobusiness in this state.
(d) Any society, with the consent of the commissioner of insurance ofthe state of domicile of the society and under such conditions, if any,which the commissioner may impose, may establish and maintain reserves onits certificates in excess of the reserves required thereunder, but thecontractual rights of any benefit member shall not be affected thereby.
40-754.Standards of valuation for certificates; mortality tables;maintenance of reserves in excess of those required.(a) Standards of valuation for certificates issued prior toone year after the effective date of this act shall be those providedby the laws applicable immediately prior to the effective date of this act.
(b) The minimum standards of valuation for certificates issued on orafter one year from the effective date of this article shall be based onthe following tables:
(1) For certificates of life insurance - the commissioner's 1941standard ordinary mortality table, the commissioner's 1941 standardindustrial mortality table, the commissioner's 1958 standard ordinarymortality table, the commissioner's 1980 standard ordinary mortality tableor any more recent table made applicable to life insurers;
(2) for annuity and pure endowment certificates, for total and permanentdisability benefits, for accidental death benefits and for non-cancellableaccident and health benefits - such tables as are authorized for use bylife insurers in this state.
All of the above shall be under valuation methods and standards,including interest assumptions, in accordance with the laws of this stateapplicable to life insurers issuing policies containing like benefits.
(c) The commissioner of insurance may, in the exercise of discretion,accept other standards for valuation if it is found that the reservesproduced thereby will not be less in the aggregate than reserves computedin accordance with the minimum valuation standard herein prescribed. Thecommissioner of insurance may, in the exercise of discretion, vary thestandards of mortality applicable to all benefit contracts on substandardlives or other extra hazardous lives by any society authorized to dobusiness in this state.
(d) Any society, with the consent of the commissioner of insurance ofthe state of domicile of the society and under such conditions, if any,which the commissioner may impose, may establish and maintain reserves onits certificates in excess of the reserves required thereunder, but thecontractual rights of any benefit member shall not be affected thereby.
40-754.Standards of valuation for certificates; mortality tables;maintenance of reserves in excess of those required.(a) Standards of valuation for certificates issued prior toone year after the effective date of this act shall be those providedby the laws applicable immediately prior to the effective date of this act.
(b) The minimum standards of valuation for certificates issued on orafter one year from the effective date of this article shall be based onthe following tables:
(1) For certificates of life insurance - the commissioner's 1941standard ordinary mortality table, the commissioner's 1941 standardindustrial mortality table, the commissioner's 1958 standard ordinarymortality table, the commissioner's 1980 standard ordinary mortality tableor any more recent table made applicable to life insurers;
(2) for annuity and pure endowment certificates, for total and permanentdisability benefits, for accidental death benefits and for non-cancellableaccident and health benefits - such tables as are authorized for use bylife insurers in this state.
All of the above shall be under valuation methods and standards,including interest assumptions, in accordance with the laws of this stateapplicable to life insurers issuing policies containing like benefits.
(c) The commissioner of insurance may, in the exercise of discretion,accept other standards for valuation if it is found that the reservesproduced thereby will not be less in the aggregate than reserves computedin accordance with the minimum valuation standard herein prescribed. Thecommissioner of insurance may, in the exercise of discretion, vary thestandards of mortality applicable to all benefit contracts on substandardlives or other extra hazardous lives by any society authorized to dobusiness in this state.
(d) Any society, with the consent of the commissioner of insurance ofthe state of domicile of the society and under such conditions, if any,which the commissioner may impose, may establish and maintain reserves onits certificates in excess of the reserves required thereunder, but thecontractual rights of any benefit member shall not be affected thereby.
