§ 27-4.5-4. Computation of minimum standard.
(a) The minimum standard for valuation of all policies and contracts issued prior to the
effective date of this chapter shall be that provided by the laws in effect immediately
prior to that date. Except as otherwise provided in §§ 27-4.5-4, 27-4.5-4.1, and 27-4.5-10, the minimum standard for the valuation of all policies and contracts issued on or
after the effective date of this chapter and prior to the effective date of the valuation
manual shall be the commissioners reserve valuation methods defined in §§ 27-4.5-5, 27-4.5-5.1, 27-4.5-8, and 27-4.5-10 and the following tables:
(1) For ordinary policies of life insurance issued on the standard basis:
(i) The Commissioners 1980 Standard Ordinary Mortality Table;
(ii) At the election of the company for any one or more specified plans of life insurance,
the Commissioners 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality
Factors; or
(iii) Any ordinary mortality table, adopted after 1980 by the NAIC, which is approved by
regulation promulgated by the commissioner for use in determining the minimum standard
of valuation for such policies;
(2) For industrial life insurance policies issued on the standard basis, excluding any
disability and accidental death benefits in the policies: the 1941 Standard Industrial
Mortality Table for policies issued prior to the operative date of § 27-4.3-5.3, and for policies issued on or after the operative date of § 27-4.3-5.3, the Commissioners 1961 Standard Industrial Mortality Table or any industrial mortality
table adopted after 1980 by the NAIC that is approved by regulation promulgated by
the commissioner for use in determining the minimum standard of valuation for the
policies.
(b) The valuation of all policies and contracts issued on or after January 1, 2000, shall
be subject to §§ 27-4.5-4.1 and 27-4.5-10 and the following tables:
(1) For individual annuity and pure endowment contracts, excluding any disability and
accidental death benefits in those contracts, the Annuity 2000 Mortality Table or
any individual annuity mortality table adopted after 2000 by the National Association
of Insurance Commissioners that is approved by regulation promulgated by the insurance
commissioner for use in determining the minimum standard of valuation for those contracts;
(2) For all annuities and pure endowments purchased under group annuity and pure endowment
contracts, excluding any disability and accidental death benefits purchased under
those contracts, the 1994 Group Annuity Reserving Table, or any group annuity mortality
table adopted after 2000 by the National Association of Insurance Commissioners that
is approved by regulation promulgated by the insurance commissioner for use in determining
the minimum standard of valuation for annuities and pure endowments, or any modification
of these tables approved by the insurance commissioner; and
(c) For group life insurance, life insurance issued on the substandard basis and other
special benefits and tables approved by the insurance commissioner.