§ 24-A §953-A — Applicable interest rates

Maine § 24-A §953-A

• Jurisdiction: Maine
• Title 24-A: MAINE INSURANCE CODE
• Ch. 11: ASSETS AND LIABILITIES

Text

1.
The interest rates used in determining the minimum standard for the valuation of the following shall be the calendar year statutory valuation interest rates, as defined in this section:
2.
The calendar year statutory valuation interest rates, I, shall be determined as follows and the results rounded to the nearest 1/4 of 1%:
3.
The weighting factors in the formulas in subsection 2 are given in the following tables:
4.
The reference interest rate referred to in subsection 2 is defined as follows:
5.
In the event that Moody's Corporate Bond Yield Average-Monthly Average Corporates is no longer published by Moody's Investors Service, Inc., or in the event that the National Association of Insurance Commissioners determines that Moody's Corporate Bond Yield Average-Monthly Average Corporates, as published by Moody's Investors Service, Inc. is no longer appropriate for the determination of the reference interest rate, then an alternative method for determination of the reference interest rate, which is adopted by the National Association of Insurance Commissioners and approved by regulation promulgated by the superintendent, may be substituted.

Legislative History

PL 1983, c. 346, §3 (NEW).