§ 26-29-225 — Valuation

(a) Standards of valuation for certificates issued prior
to one (1) year after the effective date of this act shall be
those provided by the laws applicable on December 31, 1989.
(b) The minimum standards of valuation for certificates
issued on or after one (1) year from the effective date of this
act shall be based on the following tables:
(i) 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 or any
more recent table made applicable to life insurers;
(ii) For annuity and pure endowment certificates, for
total and permanent disability benefits, for accidental death
benefits and for noncancelable accident and health benefits,
tables authorized for use by life insurers in this state.
(c) All of the standards provided in subsection (b) of
this section 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, in his discretion, accept other
standards for valuation if the commissioner finds that the
reserves produced thereby will not be less in the aggregate than
reserves computed in accordance with the minimum valuation
standard prescribed in this section. The commissioner may, in
his discretion, vary the standards of mortality applicable to
all benefit contracts on substandard lives or other
extrahazardous 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 conditions, if
any, which 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.