Indiana § 27-11-8-1 Standards for valuation of certificates; maintenance of excess reserves
on certificates

Indiana Statutes

§ 27-11-8-1 — Standards for valuation of certificates; maintenance of excess reserves on certificates

Indiana·Title 27 INSURANCE·Art. 11 FRATERNAL BENEFIT SOCIETIES·Ch. 8 Regulation

(a)Standards of valuation for certificates issued before January 1, 1987, shall be those provided by the laws applicable on December 31, 1985.

(b)The minimum standards of valuation for certificates issued after December 31, 1986, shall be based on the following tables:

(1)For certificates of life insurance─the Commissioner's 1941 Standard Ordinary Mortality Table, the Commissioner's 1941 Standard Industrial Mortality Table, the Commissioner's 1958 Standard Ordinary Mortality Table, the Commissioner's 1980 Standard Ordinary Mortality Table, the Commissioner's 2017 Standard Mortality Table, or any more recent table made applicable to life insurers and approved by the commissioner in rules adopted under IC 4-22-2.

(2)For annuity and pure endowment certificates, total and permanent disabil

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(a) Standards of valuation for certificates
issued before January 1, 1987, shall be those provided by the laws
applicable on December 31, 1985.
(b) The minimum standards of valuation for certificates issued after
December 31, 1986, shall be based on the following tables:
(1) For certificates of life insurance─the Commissioner's 1941
Standard Ordinary Mortality Table, the Commissioner's 1941
Standard Industrial Mortality Table, the Commissioner's 1958
Standard Ordinary Mortality Table, the Commissioner's 1980
Standard Ordinary Mortality Table, the Commissioner's 2017
Standard Mortality Table, or any more recent table made
applicable to life insurers and approved by the commissioner in
rules adopted under IC 4-22-2.
(2) For annuity and pure endowment certificates, total and
permanent disability benefits, accidental death benefits, and
noncancellable accident and health benefits─such tables as are
authorized for use by life insurers in this state.
(c) All of the above shall be under valuation methods and standards
(including interest assumptions) in accordance with the laws of this
state applicable to life insurers issuing policies containing like benefits.
(d) The commissioner may accept other standards for valuation if
the commissioner finds that the reserves produced will not be less in
the aggregate than reserves computed in accordance with the minimum
valuation standard prescribed in this section. The commissioner may
vary the standards of mortality applicable to all benefit contracts on
substandard lives or other extra hazardous lives by any society
authorized to do business in this state.
(e) Any society, with the consent of the commissioner of the state
of domicile of the society and under the conditions, if any, that the
commissioner may impose, may establish and maintain reserves on its
certificates in excess of the reserves required thereunder, but the
contractual rights of any benefit member shall not be affected thereby.

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