Code of Alabama

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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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27-36A-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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27-34-37
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-9
Section 27-36A-9 Reserve valuation method - Annuity and pure endowment benefits. (a)
This section shall apply to all annuity and pure endowment contracts other than group
annuity and pure endowment contracts 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. (b) Reserves according to the commissioner's annuity reserves
method for benefits under annuity or pure endowment contracts, excluding any disability and
accidental death benefits in the contracts, shall be the greatest of the respective excesses
of the present values, at the date of valuation, of the future guaranteed benefits, including
guaranteed nonforfeiture benefits, provided for by the contracts at the end of...
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27-36A-7
Section 27-36A-7 Computation of minimum standard by calendar year of issue. (a) The
interest rates used in determining the minimum standard for the valuation of the following
shall be the calendar year statutory valuation interest rates as defined in this section:
(1) Life insurance policies issued in a particular calendar year, on or after the operative
date of Section 27-15-78. (2) Individual annuity and pure endowment contracts issued
in a particular calendar year on or after January 1, 1982. (3) Annuities and pure endowments
purchased in a particular calendar year on or after January 1, 1982, under group annuity and
pure endowment contracts. (4) The net increase, if any, in a particular calendar year after
January 1, 1982, in amounts held under guaranteed interest contracts. (b) Calendar year statutory
valuation interest rates. (1) The calendar year statutory valuation interest rates, I, shall
be determined as follows and the results rounded to the nearest one-quarter of one...
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27-34-30
Section 27-34-30 Life benefit certificate - Filing with commissioner; standard provisions.
(a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery,
in this state unless a copy of the form has been filed with the commissioner. (b) The certificate
shall contain in substance the following standard provisions or, in lieu thereof, provisions
which are more favorable to the member: (1) Title on the face and filing page of the certificate
clearly and correctly describing its form; (2) A provision stating the amount of rates, premiums,
or other required contributions, by whatever name known, which are payable by the insured
under the certificate; (3) A provision that the member is entitled to a grace period of not
less than a full month, or 30 days at the option of the society, in which the payment of any
premium after the first may be made. During such grace period the certificate shall continue
in full force, but in case the certificate becomes a...
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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...
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