§ 27-4.5-4 - Computation of minimum standard. - Rhode Island Statutes

SECTION 27-4.5-4

   § 27-4.5-4  Computation of minimumstandard. – (a) Except as provided in this section, § 27-4.5-4.1 and § 27-4.5-10,the valuation of all policies and contracts described in § 27-4.5-2 shallbe consistent with the provisions of § 27-4-17.

   (b) The valuation of all policies and contracts issued on orafter January 1, 2000 shall be subject to §§ 27-4.5-4.1 and 27-4.5-10and the following tables:

   (1) For individual annuity and pure endowment contracts,excluding any disability and accidental death benefits in those contracts, theAnnuity 2000 Mortality Table or any individual annuity mortality table adoptedafter 2000 by the National Association of Insurance Commissioners, that isapproved by regulation promulgated by the insurance commissioner for use indetermining the minimum standard of valuation for those contracts;

   (2) For all annuities and pure endowments purchased undergroup annuity and pure endowment contracts, excluding any disability andaccidental death benefits purchased under those contracts, the 1994 GroupAnnuity Reserving Table, or any group annuity mortality table adopted after2000 by the National Association of Insurance Commissioners that is approved byregulation promulgated by the insurance commissioner for use in determining theminimum standard of valuation for annuities and pure endowments, or anymodification of these tables approved by the insurance commissioner; and

   (c) For group life insurance, life insurance issued on thesubstandard basis and other special benefits and tables approved by theinsurance commissioner.