This text of Indiana § 27-1-12.8-25 (Minimum standard for valuation of annuities and pure endowment
contracts; mortality tables) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)Except as provided in section 26 of this
chapter, the minimum standard of valuation for individual annuity and
pure endowment contracts issued on or after the operative date of this
section, and for annuities and pure endowments purchased on or after
the operative date of this section under group annuity and pure
endowment contracts, and before the operative date of the Valuation
Manual specified in section 34 of this chapter, is the commissioners
reserve valuation methods defined in sections 27 and 28 of this chapter
and the following tables and interest rates:
(1)For individual annuity and pure endowment contracts issued
before September 1, 1979, excluding disability and accidental
death benefits in the contracts, both of the following:
(A)Either of the following:
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(a) Except as provided in section 26 of this
chapter, the minimum standard of valuation for individual annuity and
pure endowment contracts issued on or after the operative date of this
section, and for annuities and pure endowments purchased on or after
the operative date of this section under group annuity and pure
endowment contracts, and before the operative date of the Valuation
Manual specified in section 34 of this chapter, is the commissioners
reserve valuation methods defined in sections 27 and 28 of this chapter
and the following tables and interest rates:
(1) For individual annuity and pure endowment contracts issued
before September 1, 1979, excluding disability and accidental
death benefits in the contracts, both of the following:
(A) Either of the following:
(i) The 1971 Individual Annuity Mortality Table.
(ii) A modification of the table that is approved by the
commissioner in rules adopted under IC 4-22-2.
(B) Either of the following:
(i) Six percent (6%) interest for single premium immediate
annuity contracts.
(ii) Four percent (4%) interest for all other individual annuity
and pure endowment contracts.
(2) For individual single premium immediate annuity contracts
issued after August 31, 1979, excluding disability and accidental
death benefits in the contracts, both of the following:
(A) One (1) of the following:
(i) The 1971 Individual Annuity Mortality Table.
(ii) An individual annuity mortality table adopted after 1980
by the NAIC that is approved by rule adopted by the
commissioner under IC 4-22-2 for use in determining the
minimum standard of valuation for the contracts.
(iii) A modification of a table described in item (i) or (ii) that
is approved by the commissioner in rules adopted under IC 4-22-2.
(B) Seven and one-half percent (7 1/2%) interest.
(3) For individual annuity and pure endowment contracts issued
after August 31, 1979, other than single premium immediate
annuity contracts, excluding disability and accidental death
benefits in the contracts, both of the following:
(A) One (1) of the following:
(i) The 1971 Individual Annuity Mortality Table.
(ii) An individual annuity mortality table adopted after 1980
by the NAIC that is approved by rule adopted by the
commissioner under IC 4-22-2 for use in determining the
minimum standard of valuation for the contracts.
(iii) A modification of a table described in item (i) or (ii) that
is approved by the commissioner in rules adopted under IC 4-22-2.
(B) Either of the following:
(i) Five and one-half percent (5 1/2%) interest for single
premium deferred annuity and pure endowment contracts.
(ii) Four and one-half percent (4 1/2%) interest for all other
individual annuity and pure endowment contracts.
(4) For annuities and pure endowments purchased before
September 1, 1979, under group annuity and pure endowment
contracts, excluding disability and accidental death benefits
purchased under the contracts, both of the following:
(A) Either of the following:
(i) The 1971 Group Annuity Mortality Table.
(ii) A modification of the table that is approved by the
commissioner in rules adopted under IC 4-22-2.
(B) Six percent (6%) interest.
(5) For annuities and pure endowments purchased after August
31, 1979, under group annuity and pure endowment contracts,
excluding disability and accidental death benefits purchased
under the contracts, both of the following:
(A) One (1) of the following:
(i) The 1971 Group Annuity Mortality Table.
(ii) A group annuity mortality table adopted after 1980 by the
NAIC that is approved by rule adopted by the commissioner
under IC 4-22-2 for use in determining the minimum standard
of valuation for annuities and pure endowments.
(iii) A modification of a table described in item (i) or (ii) that
is approved by the commissioner in rules adopted under IC 4-22-2.
(B) Seven and one-half percent (7 1/2%) interest.
(b) After September 1, 1973, a company may file with the
commissioner a written notice of the company's election to comply with
this section after a specified date before January 1, 1979, which is the
operative date of this section for the company. If a company makes no
election, the operative date of this section for the company is January
1, 1979.