§ 3787 - Optional method for calculating reserves - Vermont Statutes

§ 3787. Optional method for calculating reserves

Reserves for any category of policies, contracts or benefits as established by the commissioner issued on or after the date nonforfeiture values of the insurer's ordinary life insurance policies became based upon the Commissioners 1941 Standard Ordinary Mortality Table, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for such category than those calculated according to the minimum standard herein provided, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be higher than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided for therein. Any such insurer which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard herein provided may, with the approval of the commissioner, adopt any lower standard of valuation, but not lower than the minimum herein provided. (1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 5, § 7); amended 1981, No. 43, § 7, eff. April 21, 1981.)