38.2-3140 - Optional reserve calculation. - Virginia Statutes

§ 38.2-3140. Optional reserve calculation.

Reserves for any category of policies, contracts or benefits as establishedby the Commission may be calculated, at the insurer's option, according toany standards that produce greater aggregate reserves for the category thanthose calculated according to the minimum standard provided in this article,but the rate or rates of interest used for policies and contracts other thanannuity and pure endowment contracts shall not be higher than thecorresponding rate or rates of interest used in calculating any nonforfeiturebenefits provided for in those policies and contracts. However, for purposesof this section, the holding of additional reserves previously determined bya qualified actuary to be necessary to render the opinion required by §38.2-3127.1 shall not be deemed to be the adoption of a higher standard ofvaluation.

(Code 1950, § 38-394; 1952, c. 317, § 38.1-456; 1959, Ex. Sess., c. 43; 1962,c. 562; 1975, c. 215; 1979, c. 437; 1982, c. 227; 1986, c. 562; 1992, c. 588.)