31A-17-512 - Reserve calculation -- Indeterminate premium plans. - Utah Statutes

31A-17-512. Reserve calculation -- Indeterminate premium plans.
(1) In the case of any plan of life insurance which provides for future premiumdetermination, the amounts of which are to be determined by the insurance company based onthen estimates of future experience, or in the case of any plan of life insurance or annuity which isof such a nature that the minimum reserves cannot be determined by the methods described inSections 31A-17-507, 31A-17-508, and 31A-17-511, the reserves which are held under any suchplan must:
(a) be appropriate in relation to the benefits and the pattern of premiums for that plan; and
(b) be computed by a method which is consistent with the principles of this part, asdetermined by rules promulgated by the commissioner.

Enacted by Chapter 305, 1993 General Session