§ 10-7-206 — Issuance and valuation of policies - annual statement

Colorado § 10-7-206

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Life Insurance

Text

(1) Any
life insurance company may issue life or endowment insurance, with or without
annuities, upon the group plan, as defined in section 10-7-201, with special rates of
premiums less than the usual rates of premiums for such policies. Group policies
issued prior to the operative date of the Standard Nonforfeiture and Valuation Act
may be valued on any accepted table of mortality and interest assumption adopted
by the company for that purpose, but in no case shall the standard for any such
policy be lower than the medico-actuarial table of mortality, or such other table of
mortality as may be approved by the commissioner, with interest assumption at
three and one-half percent. Group policies issued on or after the operative date of
the Standard Nonforfeiture and Valuation Act shall be valued in accordance with
the provisions of sections 10-7-309 to 10-7-313.

(2) All policies of group insurance shall be segregated by the company into
separate classes, the mortality experience kept separate, and the number of
policies, amount of insurance, reserves, premiums, and payments to the
policyholders thereunder, together with the mortality table and interest assumption
adopted by the company, shall be reported separately in the company's annual
financial statement.

Legislative History

Source: L. 19: p. 444, � 5. C.L. � 2598. CSA: C. 87, � 168. L. 45: p. 416, � 3. CRS 53: � 72-6-6. L. 61: p. 465, � 12. C.R.S. 1963: � 72-6-6.