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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27-37-1
Section 27-37-1 Assets - Generally. In any determination of the financial condition of an insurer,
there shall be allowed as assets only such assets as are owned by the insurer and which consist
of: (1) Cash in the possession of the insurer or in transit under its control, and including
the true balance of any deposit in a solvent bank or trust company; (2) Investments, securities,
properties, and loans acquired, or held, in accordance with this title and in connection therewith
the following items: a. Interest due or accrued on any bond or evidence of indebtedness which
is not in default and which is not valued on a basis including accrued interest; b. Declared
and unpaid dividends on stock and shares, unless such amount has otherwise been allowed as
an asset; c. Interest due or accrued upon a collateral loan in an amount not to exceed one
year's interest thereon; d. Interest due or accrued on deposits in solvent banks and trust
companies, and interest due or accrued on other assets,...
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27-36A-11
Section 27-36A-11 Optional reserve calculation. (a) Reserves for policies and contracts issued
prior to January 1, 1972, may be calculated, at the option of the company, according to any
standards which produce greater aggregate reserves for all policies and contracts than the
minimum reserves required by the laws in effect immediately prior to that date. (b) Reserves
for any category of policies, contracts, or benefits issued on or after January 1, 1972, may
be calculated, at the option of the company, according to any standards which produce greater
aggregate reserves for the category than those calculated according to the minimum standard
provided in this chapter, 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.
(c) A company which at any time shall have adopted any standard of...
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27-36A-14
Section 27-36A-14 Minimum standard for accident and health insurance contracts. (a) For accident
and health insurance contracts issued on or after the operative date of the valuation manual,
the standard prescribed in the valuation manual is the minimum standard of valuation required
under subsection (b) of Section 27-36A-3. (b) For disability, accident and sickness, and accident
and health insurance contracts issued on or after January 1, 1972, and prior to the operative
date of the valuation manual, the minimum standard of valuation is the standard adopted by
the commissioner by regulation. (Act 2016-411, §2.)...
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27-15-75
Section 27-15-75 Calculation of adjusted premiums. (a)(1) This section shall not apply to policies
issued on or after the operative date of Section 27-15-78, as defined therein. Except as provided
in subsection (c), 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, that the present value
at the date of issue of the policy, of all such adjusted premiums shall be equal to the sum
of: a. The then present value of the future guaranteed benefits provided for by the policy.
b. Two percent of the amount of the insurance if the insurance be uniform in amount, or of
the equivalent uniform amount, as defined in this article, if the amount of insurance varies
with the duration of the policy. c. Forty percent of the adjusted premium for the first policy
year. d. Twenty-five percent of either the adjusted premium...
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27-15-8
Section 27-15-8 Life insurance policy provisions - Loans on policy. (a) In case of policies
issued on and after the operative date of Section 21-15-28, there shall be a provision that
after the policy has a cash surrender value and while no premium is in default beyond the
grace period for payment the insurer will advance, on proper assignment or pledge of the policy
and on the sole security thereof, at a specified rate of interest not exceeding eight percent
per annum, payable in advance, an amount equal to or, at the option of the party entitled
thereto, less than the loan value of the policy. The loan value of the policy shall be at
least equal to the cash surrender value at the end of the then current policy year, provided
that the insurer may deduct, either from such loan value or from the proceeds of the loan,
any existing indebtedness not already deducted in determining such cash surrender value including
any interest then accrued but not due, any unpaid balance of the premium...
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27-15-76
Section 27-15-76 Calculation of adjusted premiums - Ordinary policies. (a) This section shall
not apply to ordinary policies issued on or after the operative date of Section 27-15-78,
as defined therein. (b) In the case of ordinary policies issued on or after the operative
date of this section, all adjusted premiums and present values referred to in this article
shall be calculated on the basis of the Commissioners 1958 Standard Ordinary Mortality Table,
provided that, for any category of ordinary insurance issued on female risks, adjusted premiums
and present values may be calculated according to an age not more than three years younger
than the actual age of the insured and provided that, for any category of ordinary insurance
issued on female risks on or after July 30, 1979, adjusted premiums and present values may
be calculated according to an age not more than six years younger than the actual age of the
insured. (c) In calculating the present value of any paid-up term insurance...
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27-15-77
Section 27-15-77 Calculation of adjusted premiums - Industrial policies. (a) This section shall
not apply to industrial policies to be issued on or after the operative date of Section 27-15-78,
as defined therein. (b) The adjusted premiums and present values referred to in this article
for all policies of industrial insurance shall be calculated on the basis of the Commissioners
1961 Standard Industrial Mortality Table. All calculations shall be made on the basis of the
rate of interest specified in the policy for calculating cash surrender values and paid-up
nonforfeiture benefits; provided, that such rate of interest shall not exceed three and one-half
percent per annum; provided further, that a rate of interest not exceeding four percent per
annum may be used for policies issued on or after August 23, 1976, and prior to July 30, 1979,
and a rate of interest not exceeding five and one-half percent per annum may be used for policies
issued on or after July 30, 1979; provided, however,...
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27-17-16
Section 27-17-16 Valuation of life insurance reserve liabilities for burial insurance policies;
increase in amount of insurance; minimum standards for valuation; notice to commissioner as
to change in valuation standards; increase in retail value, nonforfeiture value, and cash
surrender value; construction with other laws. (a) Except as hereinafter provided, any authorized
insurer who issues or has heretofore issued "burial insurance" in this state shall
value the life insurance reserve liabilities for such policies (hereinafter "burial reserves")
in accordance with the provisions of Section 27-36-7. (b) An insurer shall increase the amount
of insurance on which its burial reserves are based, not to exceed the retail value of such
benefits as stated in the policies, when appropriate to reflect an increase in the costs to
the insurer of providing the policy benefits. When an insurer shall increase the amount of
insurance for this purpose, it shall be permitted to change the assumed...
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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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