§ 38.2-3130. Minimum valuation standard of policies subsequently issued.
This section shall apply only to those policies and contracts issued on orafter the operative date stated in § 38.2-3214, except as provided in thisarticle and except as otherwise provided in §§ 38.2-3131 through 38.2-3136for group annuity and pure endowment contracts issued before the operativedate.
Except as otherwise provided in §§ 38.2-3131 through 38.2-3136, the minimumstandard for the valuation of all such policies and contracts shall be theCommissioners reserve valuation methods defined in §§ 38.2-3137, 38.2-3138and 38.2-3141, 3 1/2 percent interest, or for policies and contracts otherthan annuity and pure endowment contracts issued on or after July 1, 1975,four percent interest for such policies issued before July 1, 1979, 5 1/2percent interest for single premium life insurance policies and 4 1/2 percentinterest for all other policies issued on or after July 1, 1979, and thefollowing tables:
1. For all ordinary policies of life insurance issued on the standard basis,excluding any disability and accidental death benefits in those policies, theCommissioners 1941 Standard Ordinary Mortality Table for those policiesissued before the operative date of § 38.2-3215, and the Commissioners 1958Standard Ordinary Mortality Table for those policies issued on or after theoperative date of § 38.2-3215 and before the operative date of § 38.2-3209.For any category of those policies issued on female risks, all modified netpremiums and present values referred to in this section may be calculatedaccording to an age not more than six years younger than the actual age ofthe insured. For policies issued on or after the operative date of §38.2-3209 (i) the Commissioners 1980 Standard Ordinary Mortality Table, or(ii) at the election of the insurer for any one or more specified plans oflife insurance, the Commissioners 1980 Standard Ordinary Mortality Table withTen-Year Select Mortality Factors, or (iii) any ordinary mortality tableadopted after 1980 by the National Association of Insurance Commissioners andapproved by regulation promulgated by the Commission for use in determiningthe minimum standard of valuation for those policies.
2. For all industrial life insurance policies issued on the standard basis,excluding any disability and accidental death benefits in those policies, the1941 Standard Industrial Mortality Table for those policies issued before theoperative date of § 38.2-3216, and for those policies issued on or after thatoperative date the Commissioners 1961 Standard Industrial Mortality Table orany industrial mortality table adopted after 1980 by the National Associationof Insurance Commissioners and approved by regulation promulgated by theCommission for use in determining the minimum standard of valuation for thosepolicies.
3. For individual annuity and pure endowment contracts, excluding anydisability and accidental death benefits in those contracts - the 1937Standard Annuity Mortality Table or, at the insurer's option, the AnnuityMortality Table for 1949 Ultimate, or any modification of those tablesapproved by the Commission.
4. For group annuity and pure endowment contracts, excluding any disabilityand accidental death benefits in those contracts - the Group AnnuityMortality Table for 1951, any modification of that table approved by theCommission, or, at the insurer's option, any of the tables or modificationsof tables specified for individual annuity and pure endowment contracts.
5. For total and permanent disability benefits in or supplementary toordinary policies or contracts - for policies or contracts issued on or afterJanuary 1, 1966, the tables of Period 2 disablement rates and the 1930 to1950 termination rates of the 1952 Disability Study of the Society ofActuaries, with due regard to the type of benefit or any tables ofdisablement rates and termination rates adopted after 1980 by the NationalAssociation of Insurance Commissioners and approved by regulation promulgatedby the Commission for use in determining the minimum standard of valuationfor those policies; for policies or contracts issued on or after January 1,1961, and prior to January 1, 1966, either those tables or, at the insurer'soption, the Class (3) Disability Table (1926); and for policies issued beforeJanuary 1, 1961, the Class (3) Disability Table (1926). Any such table shall,for active lives, be combined with a mortality table permitted forcalculating the reserves for life insurance policies.
6. For accidental death benefits in or supplementary to policies - forpolicies issued on or after January 1, 1966, the 1959 Accidental DeathBenefits Table or any accidental death benefits table adopted after 1980 bythe National Association of Insurance Commissioners and approved byregulation promulgated by the Commission for use in determining the minimumstandard of valuation for those policies; for policies issued on or afterJanuary 1, 1961, and before January 1, 1966, either that table or, at theinsurer's option, the Inter-Company Double Indemnity Mortality Table; and forpolicies issued before January 1, 1961, the Inter-Company Double IndemnityMortality Table. Either table shall be combined with a mortality tablepermitted for calculating the reserves for life insurance policies.
7. For group life insurance, life insurance issued on the substandard basisand other special benefits, any table approved by the Commission.
(Code 1950, § 38-394; 1952, c. 317, § 38.1-456; 1959, Ex. Sess., c. 43; 1962,c. 562; 1975, c. 215; 1979, c. 437; 1982, c. 227; 1986, c. 562.)
§ 38.2-3130. Minimum valuation standard of policies subsequently issued.
This section shall apply only to those policies and contracts issued on orafter the operative date stated in § 38.2-3214, except as provided in thisarticle and except as otherwise provided in §§ 38.2-3131 through 38.2-3136for group annuity and pure endowment contracts issued before the operativedate.
Except as otherwise provided in §§ 38.2-3131 through 38.2-3136, the minimumstandard for the valuation of all such policies and contracts shall be theCommissioners reserve valuation methods defined in §§ 38.2-3137, 38.2-3138and 38.2-3141, 3 1/2 percent interest, or for policies and contracts otherthan annuity and pure endowment contracts issued on or after July 1, 1975,four percent interest for such policies issued before July 1, 1979, 5 1/2percent interest for single premium life insurance policies and 4 1/2 percentinterest for all other policies issued on or after July 1, 1979, and thefollowing tables:
1. For all ordinary policies of life insurance issued on the standard basis,excluding any disability and accidental death benefits in those policies, theCommissioners 1941 Standard Ordinary Mortality Table for those policiesissued before the operative date of § 38.2-3215, and the Commissioners 1958Standard Ordinary Mortality Table for those policies issued on or after theoperative date of § 38.2-3215 and before the operative date of § 38.2-3209.For any category of those policies issued on female risks, all modified netpremiums and present values referred to in this section may be calculatedaccording to an age not more than six years younger than the actual age ofthe insured. For policies issued on or after the operative date of §38.2-3209 (i) the Commissioners 1980 Standard Ordinary Mortality Table, or(ii) at the election of the insurer for any one or more specified plans oflife insurance, the Commissioners 1980 Standard Ordinary Mortality Table withTen-Year Select Mortality Factors, or (iii) any ordinary mortality tableadopted after 1980 by the National Association of Insurance Commissioners andapproved by regulation promulgated by the Commission for use in determiningthe minimum standard of valuation for those policies.
2. For all industrial life insurance policies issued on the standard basis,excluding any disability and accidental death benefits in those policies, the1941 Standard Industrial Mortality Table for those policies issued before theoperative date of § 38.2-3216, and for those policies issued on or after thatoperative date the Commissioners 1961 Standard Industrial Mortality Table orany industrial mortality table adopted after 1980 by the National Associationof Insurance Commissioners and approved by regulation promulgated by theCommission for use in determining the minimum standard of valuation for thosepolicies.
3. For individual annuity and pure endowment contracts, excluding anydisability and accidental death benefits in those contracts - the 1937Standard Annuity Mortality Table or, at the insurer's option, the AnnuityMortality Table for 1949 Ultimate, or any modification of those tablesapproved by the Commission.
4. For group annuity and pure endowment contracts, excluding any disabilityand accidental death benefits in those contracts - the Group AnnuityMortality Table for 1951, any modification of that table approved by theCommission, or, at the insurer's option, any of the tables or modificationsof tables specified for individual annuity and pure endowment contracts.
5. For total and permanent disability benefits in or supplementary toordinary policies or contracts - for policies or contracts issued on or afterJanuary 1, 1966, the tables of Period 2 disablement rates and the 1930 to1950 termination rates of the 1952 Disability Study of the Society ofActuaries, with due regard to the type of benefit or any tables ofdisablement rates and termination rates adopted after 1980 by the NationalAssociation of Insurance Commissioners and approved by regulation promulgatedby the Commission for use in determining the minimum standard of valuationfor those policies; for policies or contracts issued on or after January 1,1961, and prior to January 1, 1966, either those tables or, at the insurer'soption, the Class (3) Disability Table (1926); and for policies issued beforeJanuary 1, 1961, the Class (3) Disability Table (1926). Any such table shall,for active lives, be combined with a mortality table permitted forcalculating the reserves for life insurance policies.
6. For accidental death benefits in or supplementary to policies - forpolicies issued on or after January 1, 1966, the 1959 Accidental DeathBenefits Table or any accidental death benefits table adopted after 1980 bythe National Association of Insurance Commissioners and approved byregulation promulgated by the Commission for use in determining the minimumstandard of valuation for those policies; for policies issued on or afterJanuary 1, 1961, and before January 1, 1966, either that table or, at theinsurer's option, the Inter-Company Double Indemnity Mortality Table; and forpolicies issued before January 1, 1961, the Inter-Company Double IndemnityMortality Table. Either table shall be combined with a mortality tablepermitted for calculating the reserves for life insurance policies.
7. For group life insurance, life insurance issued on the substandard basisand other special benefits, any table approved by the Commission.
(Code 1950, § 38-394; 1952, c. 317, § 38.1-456; 1959, Ex. Sess., c. 43; 1962,c. 562; 1975, c. 215; 1979, c. 437; 1982, c. 227; 1986, c. 562.)
§ 38.2-3130. Minimum valuation standard of policies subsequently issued.
This section shall apply only to those policies and contracts issued on orafter the operative date stated in § 38.2-3214, except as provided in thisarticle and except as otherwise provided in §§ 38.2-3131 through 38.2-3136for group annuity and pure endowment contracts issued before the operativedate.
Except as otherwise provided in §§ 38.2-3131 through 38.2-3136, the minimumstandard for the valuation of all such policies and contracts shall be theCommissioners reserve valuation methods defined in §§ 38.2-3137, 38.2-3138and 38.2-3141, 3 1/2 percent interest, or for policies and contracts otherthan annuity and pure endowment contracts issued on or after July 1, 1975,four percent interest for such policies issued before July 1, 1979, 5 1/2percent interest for single premium life insurance policies and 4 1/2 percentinterest for all other policies issued on or after July 1, 1979, and thefollowing tables:
1. For all ordinary policies of life insurance issued on the standard basis,excluding any disability and accidental death benefits in those policies, theCommissioners 1941 Standard Ordinary Mortality Table for those policiesissued before the operative date of § 38.2-3215, and the Commissioners 1958Standard Ordinary Mortality Table for those policies issued on or after theoperative date of § 38.2-3215 and before the operative date of § 38.2-3209.For any category of those policies issued on female risks, all modified netpremiums and present values referred to in this section may be calculatedaccording to an age not more than six years younger than the actual age ofthe insured. For policies issued on or after the operative date of §38.2-3209 (i) the Commissioners 1980 Standard Ordinary Mortality Table, or(ii) at the election of the insurer for any one or more specified plans oflife insurance, the Commissioners 1980 Standard Ordinary Mortality Table withTen-Year Select Mortality Factors, or (iii) any ordinary mortality tableadopted after 1980 by the National Association of Insurance Commissioners andapproved by regulation promulgated by the Commission for use in determiningthe minimum standard of valuation for those policies.
2. For all industrial life insurance policies issued on the standard basis,excluding any disability and accidental death benefits in those policies, the1941 Standard Industrial Mortality Table for those policies issued before theoperative date of § 38.2-3216, and for those policies issued on or after thatoperative date the Commissioners 1961 Standard Industrial Mortality Table orany industrial mortality table adopted after 1980 by the National Associationof Insurance Commissioners and approved by regulation promulgated by theCommission for use in determining the minimum standard of valuation for thosepolicies.
3. For individual annuity and pure endowment contracts, excluding anydisability and accidental death benefits in those contracts - the 1937Standard Annuity Mortality Table or, at the insurer's option, the AnnuityMortality Table for 1949 Ultimate, or any modification of those tablesapproved by the Commission.
4. For group annuity and pure endowment contracts, excluding any disabilityand accidental death benefits in those contracts - the Group AnnuityMortality Table for 1951, any modification of that table approved by theCommission, or, at the insurer's option, any of the tables or modificationsof tables specified for individual annuity and pure endowment contracts.
5. For total and permanent disability benefits in or supplementary toordinary policies or contracts - for policies or contracts issued on or afterJanuary 1, 1966, the tables of Period 2 disablement rates and the 1930 to1950 termination rates of the 1952 Disability Study of the Society ofActuaries, with due regard to the type of benefit or any tables ofdisablement rates and termination rates adopted after 1980 by the NationalAssociation of Insurance Commissioners and approved by regulation promulgatedby the Commission for use in determining the minimum standard of valuationfor those policies; for policies or contracts issued on or after January 1,1961, and prior to January 1, 1966, either those tables or, at the insurer'soption, the Class (3) Disability Table (1926); and for policies issued beforeJanuary 1, 1961, the Class (3) Disability Table (1926). Any such table shall,for active lives, be combined with a mortality table permitted forcalculating the reserves for life insurance policies.
6. For accidental death benefits in or supplementary to policies - forpolicies issued on or after January 1, 1966, the 1959 Accidental DeathBenefits Table or any accidental death benefits table adopted after 1980 bythe National Association of Insurance Commissioners and approved byregulation promulgated by the Commission for use in determining the minimumstandard of valuation for those policies; for policies issued on or afterJanuary 1, 1961, and before January 1, 1966, either that table or, at theinsurer's option, the Inter-Company Double Indemnity Mortality Table; and forpolicies issued before January 1, 1961, the Inter-Company Double IndemnityMortality Table. Either table shall be combined with a mortality tablepermitted for calculating the reserves for life insurance policies.
7. For group life insurance, life insurance issued on the substandard basisand other special benefits, any table approved by the Commission.
(Code 1950, § 38-394; 1952, c. 317, § 38.1-456; 1959, Ex. Sess., c. 43; 1962,c. 562; 1975, c. 215; 1979, c. 437; 1982, c. 227; 1986, c. 562.)
