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Session Laws, 1943
Volume 584, Page 703   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 703

111. VALUATION OF POLICIES. (1) The Commissioner shall
annually value, or cause to be valued, the reserve liabilities
(hereinafter called reserves or net value) for all outstanding
life insurance policies and annuity and pure endowment con-
tracts of every life insurance company doing business in this
State, and may certify the amount of any such reserves, specify-
ing the mortality table or tables, rate or rates of interest and
methods (net level premium method or other) used in the
calculation of such reserves. In calculating such reserves, he
may use group methods and approximate averages for frac-
tions of a year or otherwise. In lieu of the valuation of the
reserves herein required of any foreign or alien company, he
may accept any valuation made, or caused to be made, by the
insurance supervisory official of any State or other jurisdic-
tion when such valuation complies with the minimum standard
herein provided and if the official of such State or jurisdiction
accepts as sufficient and valid for all legal purposes the cer-
tificate of valuation of the Commissioner when such certificate
states the valuation to have been made in a specified manner
according to which the aggregate reserves would be at least
as large as if they had been computed in the manner prescribed
by the law of that State or jurisdiction.

Any such company which at any time shall have adopted any
standard of valuation producing greater aggregate reserves
than those calculated according to the minimum standard
herein provided may, with the approval of the Commissioner,
adopt any lower standard of valuation, but not lower than the
minimum herein provided.

Every policy of life insurance issued in this State shall have
legibly inscribed at the foot of the first page a brief description
of the true nature of the policy.

(2) This sub-section shall apply only to those policies and
contracts issued prior to the operative date of Section 130B
(the Standard Non-forfeiture Law).

The net value of all policies issued on or before the thirty-
first day of December, in the year nineteen hundred and two,
shall be based upon the American Experience Table of Mor-
tality, and four and one-half per cent interest per annum;
and for all policies issued subsequent to said thirty-first
day of December, in the year nineteen hundred and two,
and on or before the thirty-first day of December, in the
year nineteen hundred and eighteen, upon the Actuaries Table
of Mortality, and four per cent interest per annum; and for
all policies except industrial issued subsequent to the thirty-
first day of December in the year nineteen hundred and eigh-
teen, upon the American Experience Table of Mortality or the
American Men Ultimate Table of Mortality and three and one-

 

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Session Laws, 1943
Volume 584, Page 703   View pdf image (33K)
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