Rhode Island § 27-4.5-5.1 § 27-4.5-5.1. Reserve valuation method — Annuity and pure endowment benefits.

Rhode Island Statutes

§ 27-4.5-5.1 — § 27-4.5-5.1. Reserve valuation method — Annuity and pure endowment benefits.

Rhode Island § 27-4.5-5.1

Title 27Insurance

Ch. 27-4.5The Standard Valuation Law

This text of Rhode Island § 27-4.5-5.1 (§ 27-4.5-5.1. Reserve valuation method — Annuity and pure endowment benefits.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 27-4.5-5.1 (2026).

Text

§ 27-4.5-5.1. Reserve valuation method — Annuity and pure endowment benefits.
(a) This section shall apply to all annuity and pure endowment contracts other than group
            annuity and pure endowment contracts purchased under a retirement plan or plan of
            deferred compensation, established or maintained by an employer, including a partnership
            or sole proprietorship, or by an employee organization, or by both, other than a plan
            providing individual retirement accounts or individual retirement annuities under
            26 U.S.C. § 408.
         
(b) Reserves according to the commissioners annuity reserve method for benefits under
    

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§ 27-4.5-5.1. Reserve valuation method — Annuity and pure endowment benefits.

(a) This section shall apply to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer, including a partnership or sole proprietorship, or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under 26 U.S.C. § 408.

(b) Reserves according to the commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in those contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contracts at the end of each contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of the contract, that become payable prior to the end of each contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in the contracts for determining guaranteed benefits. The valuation considerations are the portions of the gross considerations applied under the terms of the contracts to determine nonforfeiture values.