38.2-3142 - Same - Indeterminate premium plans. - Virginia Statutes

§ 38.2-3142. Same - Indeterminate premium plans.

For any plan of life insurance that provides for future premiumdetermination, the amounts of which are to be determined by the insurer basedon estimates of future experience, or for any plan of life insurance orannuity whose minimum reserves cannot be determined by the methods describedin §§ 38.2-3137, 38.2-3138 and 38.2-3141, the reserves held under any suchplan shall:

1. Be appropriate in relation to the benefits and the pattern of premiums forthat plan; and

2. Be computed by a method consistent with the principles of this article, asdetermined by regulations promulgated by the Commission.

(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.)