31A-17-502 - Reserve valuation. - Utah Statutes

31A-17-502. Reserve valuation.
The commissioner shall annually value, or cause to be valued, the reserve liabilities (alsocalled "reserves" in this part) for all outstanding life insurance policies and annuity and pureendowment contracts of every life insurance company doing business in this state, and maycertify the amount of any such reserves, specifying the mortality table or tables, rate or rates ofinterest, and methods (net level premium method or other) used in the calculation of suchreserves. In calculating such reserves, he may use group methods and approximate averages forfractions of a year or otherwise. In lieu of the valuation of the reserves required in this part of anyforeign or alien company, he may accept any valuation made, or caused to be made, by theinsurance supervisory official of any state or other jurisdiction when such valuation complies withthe minimum standard provided in this part, and if the official of such state or jurisdiction acceptsas sufficient and for all valid legal purposes the certificate of valuation of the commissioner whensuch certificate states the valuation to have been made in a specified manner according to whichthe aggregate reserves would be at least as large as if they had been computed in the mannerprescribed by the law of that state or jurisdiction.

Enacted by Chapter 305, 1993 General Session