§ 27-4.5-2 - Reserve valuation. - Rhode Island Statutes

SECTION 27-4.5-2

   § 27-4.5-2  Reserve valuation. – The commissioner of insurance shall annually value, or cause to be valued, thereserve liabilities, called "reserves" in this chapter, for all outstandinglife insurance policies and annuity and pure endowment contracts of every lifeinsurance company doing business in this state, and may certify the amount ofany reserves, specifying the mortality table or tables, rate or rates ofinterest, and methods, net level premium method or other, used in thecalculation of the reserves. In calculating the reserves, the commissioner mayuse group methods and approximate averages for fractions of a year orotherwise. In lieu of the valuation of the reserves required in this chapter ofany foreign or alien company, the commissioner may accept any valuation made orcaused to be made by the insurance supervisory official of any state or otherjurisdiction when the valuation complies with the minimum standard provided inthis chapter, and if the official of the other state or jurisdiction accepts assufficient and for all valid legal purposes the certificate of valuation of thecommissioner of insurance when the certificate states the valuation to havebeen made in a specified manner according to which the aggregate reserves wouldbe at least as large as if they had been computed in the manner prescribed bythe law of that state or jurisdiction.