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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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27-15-78
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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27-15-81
Section 27-15-81 Consistency of progression of cash surrender values with increasing policy
duration. (a) This section, in addition to all other applicable sections of this article,
shall apply to all policies issued on or after January 1, 1985. Any cash surrender value available
under the policy in the event of default in a premium payment due on any policy anniversary
shall be in an amount which does not differ by more than two-tenths of one percent of either
the amount of insurance, if the insurance be uniform in amount, or the average amount of insurance
at the beginning of each of the first 10 policy years, from the sum of: (1) The greater of
zero and the basic cash value hereinafter specified. (2) The present value of any existing
paid-up additions, less the amount of any indebtedness to the insurer on account of or secured
by the policy. (b) The basic cash value shall be equal to the present value, on such anniversary,
of the future guaranteed benefits which would have been...
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27-15-82
Section 27-15-82 Exceptions. This article shall not apply to any of the following: (1) Reinsurance.
(2) Group insurance. (3) Pure endowment. (4) Annuity or reversionary annuity contract. (5)
Variable life insurance contract. (6) A term policy of uniform amount, which provides no guaranteed
nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less, expiring before
age 71, for which uniform premiums are payable during the entire term of the policy. (7) A
term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment
benefits, on which each adjusted premium, calculated as specified in Sections 27-15-75, 27-15-76,
27-15-77, and 27-15-78, is less than the adjusted premium so calculated on a term policy of
uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment
benefits, issued at the same age and for the same initial amount of insurance and for a term
of 20 years or less, expiring before age 71, for which...
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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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27-36A-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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27-34-37
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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45-37-123.106
Section 45-37-123.106 Minimum distribution requirements. (a) General rules. (1) EFFECTIVE DATE.
Except as otherwise provided herein, the provisions of this section shall apply for purposes
of determining required minimum distributions for calendar years beginning on and after January
1, 1987. (2) REQUIREMENTS OF TREASURY REGULATIONS INCORPORATED. All distributions required
under this section shall be determined and made in accordance with § 401(a)(9), Internal
Revenue Code, including the incidental death benefit requirement in § 401(a)(9)(G), and the
regulations thereunder. (3) PRECEDENCE. Subject to the joint and survivor annuity requirements
of the plan, the requirements of this section shall take precedence over any inconsistent
provisions of the plan. (b) Time and manner of distribution. (1) REQUIRED BEGINNING DATE.
The member's entire interest shall be distributed, or begin to be distributed, to the member
no later than the member's required beginning date. (2) DEATH OF MEMBER...
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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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45-37A-51.284
Section 45-37A-51.284 Actuarial assumptions. (a) Effective date. Except as provided by the
Pension Benefit Guaranty Corporation (PBGC) and the Internal Revenue Service, the limitations
of this section shall first apply in determining the amount payable to a participant having
an annuity starting date in a fiscal year beginning on or after January 1, 2008. (b) Applicable
interest rate. For purposes of the fund's provisions relating to the calculation of the present
value of a benefit payment that is subject to § 417(e), Internal Revenue Code, as well as
any other fund provision referring directly or indirectly to the applicable interest rate
or applicable mortality table used for purposes of § 417(e), Internal Revenue Code, any provision
prescribing the use of the annual rate of interest on 30-year United States Treasury securities
shall be implemented by instead using the rate of interest determined by applicable interest
rate described by § 417(e), Internal Revenue Code, after its...
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