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27-34-37
Section 27-34-37 Annual statements - Valuation of certificates; reserves. (a) As a part
of the annual statement required under Section 27-34-36, each society shall, on or
before March 1, file with the commissioner a valuation of its certificates in force on December
31 last preceding; provided, however, that the commissioner may, in his discretion for cause
shown, extend the time for filing such valuation for not more than two calendar months. Such
report of valuation shall show, as reserve liabilities, the difference between the present
midyear value of the promised benefits provided in the certificates of such society in force
and the present midyear value of the future net premiums as the same are in practice actually
collected, not including therein any value for the right to make extra assessments and not
including any amount by which the present midyear value of future net premiums exceeds the
present midyear value of promised benefits on individual certificates. At the option of...
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27-36A-5
Section 27-36A-5 Computation of minimum standard. (a) Except as provided in Sections
27-36A-6, 27-36A-7 and 27-36A-14, the minimum standard for the valuation of all the policies
and contracts issued prior to May 28, 1996, shall be that provided by the laws in effect immediately
prior to May 28, 1996. (b) Except as otherwise provided in Sections 27-36A-6, 27-36A-7, and
27-36A-14, the minimum standard for the valuation of all policies and contracts issued on
or after May 28, 1996, shall be the commissioners reserve valuation method defined in Sections
27-36A-8, 27-36A-9, 27-36A-12, and 27-36A-14, three and one-half percent interest, or, in
the case of life insurance policies and contracts, other than annuity and pure endowment contracts,
issued on or after August 23, 1976, four percent interest for the policies issued prior to
July 30, 1979, and five and one-half percent interest for single premium life insurance policies
and four and one-half percent interest for all other policies...
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27-36A-8
Section 27-36A-8 Reserve valuation method - Life insurance and endowment benefits. (a)
Except as otherwise provided in Sections 27-36A-9, 27-36A-12, and 27-36A-14, reserves according
to the commissioners reserve valuation method, for the life insurance and endowment benefits
of policies providing for a uniform amount of insurance and requiring the payment of uniform
premiums, shall be the excess, if any, of the present value, at the date of valuation, of
the future guaranteed benefits provided for by the policies over the then present value of
any future modified net premiums therefor. The modified net premiums for a policy shall be
the uniform percentage of the respective contract premiums for the benefits, excluding extra
premiums on a substandard policy, that the present value, at the date of issue of the policy,
of all modified net premiums shall be equal to the sum of the then present value of the benefits
provided for by the policy and the excess of subdivision (1) over...
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27-15-28.2
Section 27-15-28.2 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued after June 30, 2006, or by election under this section until June
30, 2006. (a) This section shall be known as the standard nonforfeiture law for individual
deferred annuities. (b) This section shall not apply to any reinsurance group annuity
purchased under a retirement plan or plan of deferred compensation established or maintained
by an employer (including a partnership or sole proprietorship) or by an employee organization,
or by both, other than a plan providing individual retirement accounts or individual retirement
annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended,
premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred
annuity contract after annuity payments have commenced or reversionary annuity, nor to any
contract which shall be delivered outside this state through an agent or other representative...
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27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued by election under this section until June 30, 2006. (a) This section
shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This
section shall not apply to any reinsurance group annuity purchased under a retirement
plan or plan of deferred compensation established or maintained by an employer (including
a partnership or sole proprietorship) or by an employee organization, or by both, other than
a plan providing individual retirement accounts or individual retirement annuities under Section
408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable
annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor to any contract which shall be delivered
outside this state through an agent or other representative of the company issuing...
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27-15-78
Section 27-15-78 Calculations of adjusted premiums by the nonforfeiture net level premium
method. (a) This section shall apply to all policies issued on or after the operative
date of this section as defined herein. Except as provided in subsection (g), the adjusted
premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage
of the respective premiums specified in the policy for each policy year, excluding extra premiums
on a substandard policy and also excluding any uniform annual contract charge or policy fee
specified in the policy in a statement of the method to be used in calculating the cash surrender
values and paid-up nonforfeiture benefits, that the present value, at the date of issue of
the policy, of all adjusted premiums shall be equal to the sum of: (1) The then present value
of the future guaranteed benefits provided for by the policy. (2) One percent of either the
amount of insurance, if the insurance be uniform in amount, or the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-78.htm - 12K - Match Info - Similar pages
27-36A-12
Section 27-36A-12 Reserve calculation - Valuation net premium exceeding the gross premium
charged. (a) If in any contract year the gross premium charged by a company on a policy or
contract issued on or after January 1, 1972, is less than the valuation net premium for the
policy or contract calculated by the method used in calculating the reserve thereon, but using
the minimum valuation standards of mortality and rate of interest, the minimum reserve required
for the policy or contract shall be the greater of either the reserve calculated according
to the mortality table, rate of interest, and method actually used for the policy or contract,
or the reserve calculated by the method actually used for the policy or contract but using
the minimum valuation standards of mortality and rate of interest and replacing the valuation
net premium by the actual gross premium in each contract year for which the valuation net
premium exceeds the actual gross premium. The minimum valuation standards...
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35-12-72
Section 35-12-72 Presumption of abandonment. (a) Property is presumed abandoned if it
is unclaimed by the apparent owner during the time set forth below for the particular property:
(1) Traveler's checks, 15 years after issuance. (2) Money order, five years after issuance.
(3) A demand, savings, or time deposit including a deposit that is automatically renewable,
three years after the earlier of maturity, as extended from time to time, or the date of the
last indication by the apparent owner of interest in the property. (4) Tangible and intangible
property held in a safe deposit box or other safekeeping depository in this state in the ordinary
course of the holder's business and proceeds resulting from the sale of the property permitted
by other law, three years after expiration of the lease or rental period on the box or other
depository. (5) Money or credits owed to a customer as a result of a retail business transaction,
one year after the obligation accrued. (6) Property in an...
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27-36A-6
Section 27-36A-6 Computation of minimum standard for annuities. (a) Except as provided
in Section 27-36A-7, the minimum standard of valuation for individual and group annuity
and pure endowment contracts issued on or after May 28, 1996, shall be the commissioners reserve
valuation methods defined in Sections 27-36A-8 and 27-36A-9 and the following tables and interest
rates: (1) For individual annuity and pure endowment contracts issued prior to July 30, 1979,
excluding any disability and accidental death benefits in the contracts: The 1971 Individual
Annuity Mortality Table, or any modification of this table approved by the commissioner, and
six percent interest for single premium immediate annuity contracts and four percent interest
for all other individual annuity and pure endowment contracts. (2) For individual single premium
immediate annuity contracts issued on or after July 30, 1979, excluding any disability and
accidental death benefits in the contracts: The 1971 Individual...
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27-30-17
Section 27-30-17 Contracts - Annual valuation - Benefits, aid, or services other than
cash. (a) The commissioner shall each year cause all outstanding contracts or policies of
every mutual aid association to be carefully valued as of December 31 of the preceding year
at 40 percent of the retail value of the benefits, aid, or services provided under the terms
of its contracts or policies or at the average wholesale cost of the funeral supplies, benefits,
aid, and services so provided for, whichever amount is the greater, as shown by the number
of contracts or policies in force according to the books and records of the association, and
shall at the time compute the net value of all such outstanding contracts or policies of every
such association in the following manner: (1) On all outstanding contracts or policies issued
prior to September 16, 1953, the commissioner shall compute the net value thereof by the two
following separate methods: a. Method No. 1: On the basis of $1.50 for each...
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