17:35-30 - Reserve on policies or certificates granting natural death benefits - New Jersey Statutes

17:35-30.  Reserve on policies or certificates granting natural death benefits
    Every assessment insurance company or association authorized to transact business in this State shall maintain a reserve on every policy or certificate granting natural death benefits issued by such company or association after the  first day of October, one thousand nine hundred and thirty-eight.  The minimum  standard for such reserve shall be the American Experience Table of Mortality  with interest at the rate of three and one-half per centum (3  1/2 %) per  annum calculated according to the modified preliminary term method permitted by  law for the valuation of life insurance policies issued by stock or mutual life  insurance companies. Every company or association shall file annually in the  department with its annual statement, the certification of a competent actuary  as to the amount of all the reserves required to be held by the association on  its policies or certificates.  This section shall not apply to any policy or  certificate containing a natural death benefit not exceeding one hundred  dollars when the policy or certificate also provides benefits in the event of  sickness or bodily injury or death by accident.

     L.1938, c. 232, p. 534, s. 5.