§ 38.2-3131. Minimum valuation standard for annuities subsequently issued.
A. Except as provided in §§ 38.2-3132 through 38.2-3136, the minimum standardfor the valuation of all individual annuity and pure endowment contractsissued on or after the operative date of this section as defined herein, andfor all annuities and pure endowments purchased on or after that date undergroup annuity and pure endowment contracts, shall be the Commissionersreserve valuation methods defined in §§ 38.2-3137 and 38.2-3138 and thefollowing tables and interest rates:
1. For individual annuity and pure endowment contracts issued before July 1,1979, excluding any disability and accidental death benefits in thosecontracts - the 1971 Individual Annuity Mortality Table, or any modificationof that table approved by the Commission, and six percent interest for singlepremium immediate annuity contracts, and four percent interest for all otherindividual annuity and pure endowment contracts.
2. For individual single premium immediate annuity contracts issued on orafter July 1, 1979, excluding any disability and accidental death benefits inthose contracts - the 1971 Individual Annuity Mortality Table or anyindividual annuity mortality table 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 contracts, or any modification of those tables approved by theCommission, and 7 1/2 percent interest.
3. For individual annuity and pure endowment contracts issued on or afterJuly 1, 1979, other than single premium immediate annuity contracts,excluding any disability and accidental death benefits in those individualannuity and pure endowment contracts - the 1971 Individual Annuity MortalityTable or any individual annuity mortality table adopted after 1980 by theNational Association of Insurance Commissioners and approved by regulationpromulgated by the Commission for use in determining the minimum standard ofvaluation for those contracts, or any modification of those tables approvedby the Commission, and 5 1/2 percent interest for single premium deferredannuity and pure endowment contracts and 4 1/2 percent interest for all otherindividual annuity and pure endowment contracts.
4. For all annuities and pure endowments purchased before July 1, 1979, undergroup annuity and pure endowment contracts, excluding any disability andaccidental death benefits purchased under those contracts - the 1971 GroupAnnuity Mortality Table, or any modification of that table approved by theCommission, and six percent interest.
5. For all annuities and pure endowments purchased on or after July 1, 1979,under group annuity and pure endowment contracts, excluding any disabilityand accidental death benefits purchased under those contracts - the 1971Group Annuity Mortality Table or any group annuity mortality table adoptedafter 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 annuities and pure endowments, orany modification of those tables approved by the Commission, and 7 1/2percent interest.
B. After July 1, 1975, any insurer may file with the Commission a writtennotice of its election to comply with the provisions of this section after aspecified date before January 1, 1979, which shall be the operative date ofthis section for that insurer; however, an insurer may elect a differentoperative date for individual annuity and pure endowment contracts from thatelected for group annuity and pure endowment contracts. If an insurer makesno such election, the operative date of this section for that insurer shallbe January 1, 1979.
(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.)
§ 38.2-3131. Minimum valuation standard for annuities subsequently issued.
A. Except as provided in §§ 38.2-3132 through 38.2-3136, the minimum standardfor the valuation of all individual annuity and pure endowment contractsissued on or after the operative date of this section as defined herein, andfor all annuities and pure endowments purchased on or after that date undergroup annuity and pure endowment contracts, shall be the Commissionersreserve valuation methods defined in §§ 38.2-3137 and 38.2-3138 and thefollowing tables and interest rates:
1. For individual annuity and pure endowment contracts issued before July 1,1979, excluding any disability and accidental death benefits in thosecontracts - the 1971 Individual Annuity Mortality Table, or any modificationof that table approved by the Commission, and six percent interest for singlepremium immediate annuity contracts, and four percent interest for all otherindividual annuity and pure endowment contracts.
2. For individual single premium immediate annuity contracts issued on orafter July 1, 1979, excluding any disability and accidental death benefits inthose contracts - the 1971 Individual Annuity Mortality Table or anyindividual annuity mortality table 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 contracts, or any modification of those tables approved by theCommission, and 7 1/2 percent interest.
3. For individual annuity and pure endowment contracts issued on or afterJuly 1, 1979, other than single premium immediate annuity contracts,excluding any disability and accidental death benefits in those individualannuity and pure endowment contracts - the 1971 Individual Annuity MortalityTable or any individual annuity mortality table adopted after 1980 by theNational Association of Insurance Commissioners and approved by regulationpromulgated by the Commission for use in determining the minimum standard ofvaluation for those contracts, or any modification of those tables approvedby the Commission, and 5 1/2 percent interest for single premium deferredannuity and pure endowment contracts and 4 1/2 percent interest for all otherindividual annuity and pure endowment contracts.
4. For all annuities and pure endowments purchased before July 1, 1979, undergroup annuity and pure endowment contracts, excluding any disability andaccidental death benefits purchased under those contracts - the 1971 GroupAnnuity Mortality Table, or any modification of that table approved by theCommission, and six percent interest.
5. For all annuities and pure endowments purchased on or after July 1, 1979,under group annuity and pure endowment contracts, excluding any disabilityand accidental death benefits purchased under those contracts - the 1971Group Annuity Mortality Table or any group annuity mortality table adoptedafter 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 annuities and pure endowments, orany modification of those tables approved by the Commission, and 7 1/2percent interest.
B. After July 1, 1975, any insurer may file with the Commission a writtennotice of its election to comply with the provisions of this section after aspecified date before January 1, 1979, which shall be the operative date ofthis section for that insurer; however, an insurer may elect a differentoperative date for individual annuity and pure endowment contracts from thatelected for group annuity and pure endowment contracts. If an insurer makesno such election, the operative date of this section for that insurer shallbe January 1, 1979.
(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.)
§ 38.2-3131. Minimum valuation standard for annuities subsequently issued.
A. Except as provided in §§ 38.2-3132 through 38.2-3136, the minimum standardfor the valuation of all individual annuity and pure endowment contractsissued on or after the operative date of this section as defined herein, andfor all annuities and pure endowments purchased on or after that date undergroup annuity and pure endowment contracts, shall be the Commissionersreserve valuation methods defined in §§ 38.2-3137 and 38.2-3138 and thefollowing tables and interest rates:
1. For individual annuity and pure endowment contracts issued before July 1,1979, excluding any disability and accidental death benefits in thosecontracts - the 1971 Individual Annuity Mortality Table, or any modificationof that table approved by the Commission, and six percent interest for singlepremium immediate annuity contracts, and four percent interest for all otherindividual annuity and pure endowment contracts.
2. For individual single premium immediate annuity contracts issued on orafter July 1, 1979, excluding any disability and accidental death benefits inthose contracts - the 1971 Individual Annuity Mortality Table or anyindividual annuity mortality table 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 contracts, or any modification of those tables approved by theCommission, and 7 1/2 percent interest.
3. For individual annuity and pure endowment contracts issued on or afterJuly 1, 1979, other than single premium immediate annuity contracts,excluding any disability and accidental death benefits in those individualannuity and pure endowment contracts - the 1971 Individual Annuity MortalityTable or any individual annuity mortality table adopted after 1980 by theNational Association of Insurance Commissioners and approved by regulationpromulgated by the Commission for use in determining the minimum standard ofvaluation for those contracts, or any modification of those tables approvedby the Commission, and 5 1/2 percent interest for single premium deferredannuity and pure endowment contracts and 4 1/2 percent interest for all otherindividual annuity and pure endowment contracts.
4. For all annuities and pure endowments purchased before July 1, 1979, undergroup annuity and pure endowment contracts, excluding any disability andaccidental death benefits purchased under those contracts - the 1971 GroupAnnuity Mortality Table, or any modification of that table approved by theCommission, and six percent interest.
5. For all annuities and pure endowments purchased on or after July 1, 1979,under group annuity and pure endowment contracts, excluding any disabilityand accidental death benefits purchased under those contracts - the 1971Group Annuity Mortality Table or any group annuity mortality table adoptedafter 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 annuities and pure endowments, orany modification of those tables approved by the Commission, and 7 1/2percent interest.
B. After July 1, 1975, any insurer may file with the Commission a writtennotice of its election to comply with the provisions of this section after aspecified date before January 1, 1979, which shall be the operative date ofthis section for that insurer; however, an insurer may elect a differentoperative date for individual annuity and pure endowment contracts from thatelected for group annuity and pure endowment contracts. If an insurer makesno such election, the operative date of this section for that insurer shallbe January 1, 1979.
(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.)
