48.74.050 - Minimum aggregate reserves. - Washington Statutes

Minimum aggregate reserves.

(1) In no event may a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after July 10, 1982, be less than the aggregate reserves calculated in accordance with the methods set forth in RCW 48.74.040, 48.74.070, and 48.74.080 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for such policies.

     (2) In no event may the aggregate reserves for all policies, contracts, and benefits be less than the aggregate reserves determined by the qualified actuary to be necessary to render the opinion required under RCW 48.74.025.

[1993 c 462 § 88; 1982 1st ex.s. c 9 § 5.]

Notes: Severability -- Implementation -- 1993 c 462: See RCW 48.31B.901 and 48.31B.902.