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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27-36A-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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27-15-78
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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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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27-15-75
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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27-15-24
Section 27-15-24 Exclusions and restrictions in life insurance policies. (a) No policy
of life insurance shall be delivered or issued for delivery in this state if it contains any
of the following provisions: (1) A provision for a period shorter than that provided by statute
within which an action may be commenced on such a policy; and (2) A provision which excludes
or restricts liability for death caused in a certain specified manner or occurring while the
insured has a specified status; except, that a policy may contain provisions excluding or
restricting coverage as specified therein in the event of death under any one or more of the
following circumstances: a. Death as a result, directly or indirectly, of war, declared or
undeclared, or of action by military forces, or of any act or hazard of such war or action,
or of service in the military, naval, or air forces or in civilian forces auxiliary thereto,
or from any cause while a member of such military, naval, or air forces of any...
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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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27-36A-3
Section 27-36A-3 Reserve valuation. (a) Policies and contracts issued prior to the operative
date of the valuation manual. (1) The commissioner shall annually value, or cause to be valued,
the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies
and annuity and pure endowment contracts of every life insurance company doing business in
this state issued on or after January 1, 1972, and prior to the operative date of the valuation
manual. In calculating reserves, the commissioner may use group methods and approximate averages
for fractions of a year or otherwise. In lieu of the valuation of the reserves required of
any foreign or alien insurer, the commissioner may accept any valuation made, or caused to
be made, by the insurance supervisory official of any state or other jurisdiction when valuation
complies with the minimum standard provided in this chapter. (2) The provisions set forth
in Sections 27-36A-5, 27-36A-6, 27-36A-7, 27-36A-8,...
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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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