State Codes and Statutes

Statutes > Vermont > Title-08 > Chapter-103 > 3784

§ 3784. Minimum standards of valuation for all other policies

(a) Except as otherwise provided in subsection (b) of this section and section 3784a of this title, the minimum standard for the valuation of all such policies and contracts issued on or after the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1941 Standard Ordinary Mortality Table shall be the commissioners' reserve valuation methods defined in sections 3785, 3788, and 3789 of this title, five percent interest for group annuity and pure endowment contracts and three and one-half percent interest for all other such policies and contracts, or in the case of policies and contracts, other than annuity and pure endowment contracts, issued on or after April 12, 1973, four percent interest for such policies issued prior to January 1, 1980, and four and one-half percent interest for such policies issued on or after January 1, 1980, and the following tables:

(1) For all ordinary policies of life insurance issued on the standard basis prior to the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1958 Standard Ordinary Mortality Table, excluding any disability and accidental death benefits in such policies, the Commissioners 1941 Standard Ordinary Mortality Table; provided that for any category of such policies issued on female risks all modified net premiums and present values referred to in this subchapter may be calculated according to an age not more than three years younger than the actual age of the insured.

(2) For all ordinary policies of life insurance issued on the standard basis on or after the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1958 Standard Ordinary Mortality Table, excluding any disability and accidental death benefits in such policies, the Commissioners 1958 Standard Ordinary Mortality Table; provided that for any category of such policies issued on female risks all modified net premiums and present values referred to in this subchapter may be calculated according to an age not more than six years younger than the actual age of the insured. For such policies issued on or after the operative date of section 3747a of the Standard Nonforfeiture Law for Life Insurance as amended (i) the Commissioners 1980 Standard Ordinary Mortality Table, or (ii) at the election of the company for any one or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with 10-Year Select Mortality Factors, or (iii) any ordinary mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies.

(3) For all industrial life insurance policies issued on the standard basis prior to the date on which nonforfeiture values of the insurer's industrial life insurance policies became based upon the Commissioners 1961 Standard Industrial Mortality Table, excluding any disability and accidental death benefits in such policies, the 1941 Standard Industrial Mortality Table.

(4) For all industrial life insurance policies issued on the standard basis on or after the date on which nonforfeiture values of the insurer's industrial life insurance policies became based upon the Commissioners 1961 Standard Industrial Mortality Table, excluding any disability and accidental death benefits in such policies, the Commissioners 1961 Standard Industrial Mortality Table or any industrial mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies.

(5) For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in such policies, the 1937 Standard Annuity Mortality Table or, at the option of the company, the Annuity Mortality Table for 1949, Ultimate, or any modification of either of these tables approved by the commissioner.

(6) For group annuity and pure endowment contracts, excluding any disability and accidental death benefits in such policies, the Group Annuity Mortality Table for 1951, any modification of such table approved by the commissioner, or, at the option of the company, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts.

(7) For total and permanent disability benefits in or supplementary to ordinary policies or contracts, for policies or contracts issued on or after January 1, 1966, the tables of period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit, or any tables of disablement rates and termination rates, adopted after 1980 by the National Association of Insurance Commissioners, that are approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies; for policies or contracts issued on or after January 1, 1961 and prior to January 1, 1966, either such tables or, at the option of the insurer, the Class (3) Disability Table (1926); and for policies issued prior to January 1, 1961, the Class (3) Disability Table (1926). Any such table shall for active lives be combined with a mortality table permitted for calculating the reserves for life insurance policies.

(8) For accidental death benefits in or supplementary to policies, for policies issued on or after January 1, 1966, the 1959 Accidental Death Benefits Table or any accidental death benefits table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies; for policies issued on or after January 1, 1961 and prior to January 1, 1966, either such table or, at the option of the insurer, the Inter-Company Double Indemnity Mortality Table; and for policies issued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality Table. Either table shall be combined with a mortality table permitted for calculating the reserves for life insurance policies.

(9) For group life insurance, life insurance issued on the substandard basis and other special benefits, such tables as may be approved by the commissioner.

(b) Except as provided in section 3784a of this title, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after the operative date of this subsection (b), as defined in subsection (c), and for all annuities and pure endowments purchased on or after such operative date under group annuity and pure endowment contracts, shall be the commissioners reserve valuation methods defined in sections 3785 and 3789 of this title and the following tables and interest rates:

(1) For individual annuity and pure endowment contracts issued prior to January 1, 1980, 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 six percent interest for single premium immediate annuity contracts, and four percent interest for all other individual annuity and pure endowment contracts.

(2) For individual single premium immediate annuity contracts issued on or after January 1, 1980, 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 regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such contracts, or any modification of these tables approved by the commissioner, and seven and one-half percent interest.

(3) For individual annuity and pure endowment contracts issued on or after January 1, 1980, 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 regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such contracts, or any modification of these tables approved by the commissioner, and five and one-half percent interest for single premium deferred annuity and pure endowment contracts and four and one-half percent interest for all other such individual annuity and pure endowment contracts.

(4) For all annuities and pure endowments purchased prior to January 1, 1980 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 six percent interest.

(5) For all annuities and pure endowments purchased on or after January 1, 1980 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 regulation promulgated by the commissioner for use in endowments, or any modification of these tables approved by the commissioner, and seven and one-half percent interest.

(c) Any company which shall have filed with the commissioner a written notice of its election to comply with the provisions of subsection (b) of this section as of a specified date before January 1, 1979, shall use such date as the operative date of subsection (b) for that company. However, a company may have elected a different operative date for individual annuity and pure endowment contracts from that elected for group annuity and pure endowment contracts. If a company made no such election, the operative date of subsection (b) for that company is January 1, 1979. (1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 5, § 4); amended 1973, No. 53, § 3, eff. April 12, 1973; 1981, No. 43, § 4, eff. April 21, 1981; 1983, No. 27, § 2.)

State Codes and Statutes

Statutes > Vermont > Title-08 > Chapter-103 > 3784

§ 3784. Minimum standards of valuation for all other policies

(a) Except as otherwise provided in subsection (b) of this section and section 3784a of this title, the minimum standard for the valuation of all such policies and contracts issued on or after the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1941 Standard Ordinary Mortality Table shall be the commissioners' reserve valuation methods defined in sections 3785, 3788, and 3789 of this title, five percent interest for group annuity and pure endowment contracts and three and one-half percent interest for all other such policies and contracts, or in the case of policies and contracts, other than annuity and pure endowment contracts, issued on or after April 12, 1973, four percent interest for such policies issued prior to January 1, 1980, and four and one-half percent interest for such policies issued on or after January 1, 1980, and the following tables:

(1) For all ordinary policies of life insurance issued on the standard basis prior to the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1958 Standard Ordinary Mortality Table, excluding any disability and accidental death benefits in such policies, the Commissioners 1941 Standard Ordinary Mortality Table; provided that for any category of such policies issued on female risks all modified net premiums and present values referred to in this subchapter may be calculated according to an age not more than three years younger than the actual age of the insured.

(2) For all ordinary policies of life insurance issued on the standard basis on or after the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1958 Standard Ordinary Mortality Table, excluding any disability and accidental death benefits in such policies, the Commissioners 1958 Standard Ordinary Mortality Table; provided that for any category of such policies issued on female risks all modified net premiums and present values referred to in this subchapter may be calculated according to an age not more than six years younger than the actual age of the insured. For such policies issued on or after the operative date of section 3747a of the Standard Nonforfeiture Law for Life Insurance as amended (i) the Commissioners 1980 Standard Ordinary Mortality Table, or (ii) at the election of the company for any one or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with 10-Year Select Mortality Factors, or (iii) any ordinary mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies.

(3) For all industrial life insurance policies issued on the standard basis prior to the date on which nonforfeiture values of the insurer's industrial life insurance policies became based upon the Commissioners 1961 Standard Industrial Mortality Table, excluding any disability and accidental death benefits in such policies, the 1941 Standard Industrial Mortality Table.

(4) For all industrial life insurance policies issued on the standard basis on or after the date on which nonforfeiture values of the insurer's industrial life insurance policies became based upon the Commissioners 1961 Standard Industrial Mortality Table, excluding any disability and accidental death benefits in such policies, the Commissioners 1961 Standard Industrial Mortality Table or any industrial mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies.

(5) For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in such policies, the 1937 Standard Annuity Mortality Table or, at the option of the company, the Annuity Mortality Table for 1949, Ultimate, or any modification of either of these tables approved by the commissioner.

(6) For group annuity and pure endowment contracts, excluding any disability and accidental death benefits in such policies, the Group Annuity Mortality Table for 1951, any modification of such table approved by the commissioner, or, at the option of the company, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts.

(7) For total and permanent disability benefits in or supplementary to ordinary policies or contracts, for policies or contracts issued on or after January 1, 1966, the tables of period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit, or any tables of disablement rates and termination rates, adopted after 1980 by the National Association of Insurance Commissioners, that are approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies; for policies or contracts issued on or after January 1, 1961 and prior to January 1, 1966, either such tables or, at the option of the insurer, the Class (3) Disability Table (1926); and for policies issued prior to January 1, 1961, the Class (3) Disability Table (1926). Any such table shall for active lives be combined with a mortality table permitted for calculating the reserves for life insurance policies.

(8) For accidental death benefits in or supplementary to policies, for policies issued on or after January 1, 1966, the 1959 Accidental Death Benefits Table or any accidental death benefits table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies; for policies issued on or after January 1, 1961 and prior to January 1, 1966, either such table or, at the option of the insurer, the Inter-Company Double Indemnity Mortality Table; and for policies issued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality Table. Either table shall be combined with a mortality table permitted for calculating the reserves for life insurance policies.

(9) For group life insurance, life insurance issued on the substandard basis and other special benefits, such tables as may be approved by the commissioner.

(b) Except as provided in section 3784a of this title, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after the operative date of this subsection (b), as defined in subsection (c), and for all annuities and pure endowments purchased on or after such operative date under group annuity and pure endowment contracts, shall be the commissioners reserve valuation methods defined in sections 3785 and 3789 of this title and the following tables and interest rates:

(1) For individual annuity and pure endowment contracts issued prior to January 1, 1980, 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 six percent interest for single premium immediate annuity contracts, and four percent interest for all other individual annuity and pure endowment contracts.

(2) For individual single premium immediate annuity contracts issued on or after January 1, 1980, 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 regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such contracts, or any modification of these tables approved by the commissioner, and seven and one-half percent interest.

(3) For individual annuity and pure endowment contracts issued on or after January 1, 1980, 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 regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such contracts, or any modification of these tables approved by the commissioner, and five and one-half percent interest for single premium deferred annuity and pure endowment contracts and four and one-half percent interest for all other such individual annuity and pure endowment contracts.

(4) For all annuities and pure endowments purchased prior to January 1, 1980 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 six percent interest.

(5) For all annuities and pure endowments purchased on or after January 1, 1980 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 regulation promulgated by the commissioner for use in endowments, or any modification of these tables approved by the commissioner, and seven and one-half percent interest.

(c) Any company which shall have filed with the commissioner a written notice of its election to comply with the provisions of subsection (b) of this section as of a specified date before January 1, 1979, shall use such date as the operative date of subsection (b) for that company. However, a company may have elected a different operative date for individual annuity and pure endowment contracts from that elected for group annuity and pure endowment contracts. If a company made no such election, the operative date of subsection (b) for that company is January 1, 1979. (1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 5, § 4); amended 1973, No. 53, § 3, eff. April 12, 1973; 1981, No. 43, § 4, eff. April 21, 1981; 1983, No. 27, § 2.)


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Statutes > Vermont > Title-08 > Chapter-103 > 3784

§ 3784. Minimum standards of valuation for all other policies

(a) Except as otherwise provided in subsection (b) of this section and section 3784a of this title, the minimum standard for the valuation of all such policies and contracts issued on or after the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1941 Standard Ordinary Mortality Table shall be the commissioners' reserve valuation methods defined in sections 3785, 3788, and 3789 of this title, five percent interest for group annuity and pure endowment contracts and three and one-half percent interest for all other such policies and contracts, or in the case of policies and contracts, other than annuity and pure endowment contracts, issued on or after April 12, 1973, four percent interest for such policies issued prior to January 1, 1980, and four and one-half percent interest for such policies issued on or after January 1, 1980, and the following tables:

(1) For all ordinary policies of life insurance issued on the standard basis prior to the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1958 Standard Ordinary Mortality Table, excluding any disability and accidental death benefits in such policies, the Commissioners 1941 Standard Ordinary Mortality Table; provided that for any category of such policies issued on female risks all modified net premiums and present values referred to in this subchapter may be calculated according to an age not more than three years younger than the actual age of the insured.

(2) For all ordinary policies of life insurance issued on the standard basis on or after the date on which nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1958 Standard Ordinary Mortality Table, excluding any disability and accidental death benefits in such policies, the Commissioners 1958 Standard Ordinary Mortality Table; provided that for any category of such policies issued on female risks all modified net premiums and present values referred to in this subchapter may be calculated according to an age not more than six years younger than the actual age of the insured. For such policies issued on or after the operative date of section 3747a of the Standard Nonforfeiture Law for Life Insurance as amended (i) the Commissioners 1980 Standard Ordinary Mortality Table, or (ii) at the election of the company for any one or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with 10-Year Select Mortality Factors, or (iii) any ordinary mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies.

(3) For all industrial life insurance policies issued on the standard basis prior to the date on which nonforfeiture values of the insurer's industrial life insurance policies became based upon the Commissioners 1961 Standard Industrial Mortality Table, excluding any disability and accidental death benefits in such policies, the 1941 Standard Industrial Mortality Table.

(4) For all industrial life insurance policies issued on the standard basis on or after the date on which nonforfeiture values of the insurer's industrial life insurance policies became based upon the Commissioners 1961 Standard Industrial Mortality Table, excluding any disability and accidental death benefits in such policies, the Commissioners 1961 Standard Industrial Mortality Table or any industrial mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies.

(5) For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in such policies, the 1937 Standard Annuity Mortality Table or, at the option of the company, the Annuity Mortality Table for 1949, Ultimate, or any modification of either of these tables approved by the commissioner.

(6) For group annuity and pure endowment contracts, excluding any disability and accidental death benefits in such policies, the Group Annuity Mortality Table for 1951, any modification of such table approved by the commissioner, or, at the option of the company, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts.

(7) For total and permanent disability benefits in or supplementary to ordinary policies or contracts, for policies or contracts issued on or after January 1, 1966, the tables of period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit, or any tables of disablement rates and termination rates, adopted after 1980 by the National Association of Insurance Commissioners, that are approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies; for policies or contracts issued on or after January 1, 1961 and prior to January 1, 1966, either such tables or, at the option of the insurer, the Class (3) Disability Table (1926); and for policies issued prior to January 1, 1961, the Class (3) Disability Table (1926). Any such table shall for active lives be combined with a mortality table permitted for calculating the reserves for life insurance policies.

(8) For accidental death benefits in or supplementary to policies, for policies issued on or after January 1, 1966, the 1959 Accidental Death Benefits Table or any accidental death benefits table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such policies; for policies issued on or after January 1, 1961 and prior to January 1, 1966, either such table or, at the option of the insurer, the Inter-Company Double Indemnity Mortality Table; and for policies issued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality Table. Either table shall be combined with a mortality table permitted for calculating the reserves for life insurance policies.

(9) For group life insurance, life insurance issued on the substandard basis and other special benefits, such tables as may be approved by the commissioner.

(b) Except as provided in section 3784a of this title, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after the operative date of this subsection (b), as defined in subsection (c), and for all annuities and pure endowments purchased on or after such operative date under group annuity and pure endowment contracts, shall be the commissioners reserve valuation methods defined in sections 3785 and 3789 of this title and the following tables and interest rates:

(1) For individual annuity and pure endowment contracts issued prior to January 1, 1980, 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 six percent interest for single premium immediate annuity contracts, and four percent interest for all other individual annuity and pure endowment contracts.

(2) For individual single premium immediate annuity contracts issued on or after January 1, 1980, 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 regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such contracts, or any modification of these tables approved by the commissioner, and seven and one-half percent interest.

(3) For individual annuity and pure endowment contracts issued on or after January 1, 1980, 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 regulation promulgated by the commissioner for use in determining the minimum standard of valuation for such contracts, or any modification of these tables approved by the commissioner, and five and one-half percent interest for single premium deferred annuity and pure endowment contracts and four and one-half percent interest for all other such individual annuity and pure endowment contracts.

(4) For all annuities and pure endowments purchased prior to January 1, 1980 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 six percent interest.

(5) For all annuities and pure endowments purchased on or after January 1, 1980 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 regulation promulgated by the commissioner for use in endowments, or any modification of these tables approved by the commissioner, and seven and one-half percent interest.

(c) Any company which shall have filed with the commissioner a written notice of its election to comply with the provisions of subsection (b) of this section as of a specified date before January 1, 1979, shall use such date as the operative date of subsection (b) for that company. However, a company may have elected a different operative date for individual annuity and pure endowment contracts from that elected for group annuity and pure endowment contracts. If a company made no such election, the operative date of subsection (b) for that company is January 1, 1979. (1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 5, § 4); amended 1973, No. 53, § 3, eff. April 12, 1973; 1981, No. 43, § 4, eff. April 21, 1981; 1983, No. 27, § 2.)


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