§ 38.2-3131. Minimum valuation standard for annuities subsequently issued
A. Except as provided in §§ 38.2-3132 through 38.2-3136, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after the operative date of this section as defined herein, and for all annuities and pure endowments purchased on or after that date under group annuity and pure endowment contracts, shall be the Commissioners reserve valuation methods defined in §§ 38.2-3137 and 38.2-3138 and the following tables and interest rates:
1. For individual annuity and pure endowment contracts issued before July 1, 1979, excluding any disability and accidental death benefits in those contracts - the 1971 Individual Annuity Mortality Table, or any modification of that table approved by the Commission, 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 1, 1979, excluding any disability and accidental death benefits in those contracts - the 1971 Individual Annuity Mortality Table or any individual annuity mortality table adopted after 1980 by the National Association of Insurance Commissioners and approved by regulation promulgated by the Commission for use in determining the minimum standard of valuation for those contracts, or any modification of those tables approved by the Commission, and 7 1/2 percent interest.
3. For individual annuity and pure endowment contracts issued on or after July 1, 1979, other than single premium immediate annuity contracts, excluding any disability and accidental death benefits in those individual annuity and pure endowment contracts - the 1971 Individual Annuity Mortality Table or any individual annuity mortality table adopted after 1980 by the National Association of Insurance Commissioners and approved by regulation promulgated by the Commission for use in determining the minimum standard of valuation for those contracts, or any modification of those tables approved by the Commission, and 5 1/2 percent interest for single premium deferred annuity and pure endowment contracts and 4 1/2 percent interest for all other individual annuity and pure endowment contracts.
4. For all annuities and pure endowments purchased before July 1, 1979, under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under those contracts - the 1971 Group Annuity Mortality Table, or any modification of that table approved by the Commission, and six percent interest.
5. For all annuities and pure endowments purchased on or after July 1, 1979, under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under those contracts - the 1971 Group Annuity Mortality Table or any group annuity mortality table adopted after 1980 by the National Association of Insurance Commissioners and approved by regulation promulgated by the Commission for use in determining the minimum standard of valuation for those annuities and pure endowments, or any modification of those tables approved by the Commission, and 7 1/2 percent interest.
B. After July 1, 1975, any insurer may file with the Commission a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1979, which shall be the operative date of this section for that insurer; however, an insurer may elect a different operative date for individual annuity and pure endowment contracts from that elected for group annuity and pure endowment contracts. If an insurer makes no such election, the operative date of this section for that insurer shall be January 1, 1979.
(Code 1950, § 38-394; 1952, c. 317, § 38.1-456; 1959, Ex. Sess., c. 43; 1962, c. 562; 1975, c. 215; 1979, c. 437; 1982, c. 227; 1986, c. 562.)
Sections: Previous 38.2-3125 38.2-3126 38.2-3127 38.2-3127.1 38.2-3128 38.2-3129 38.2-3130 38.2-3131 38.2-3132 38.2-3133 38.2-3134 38.2-3135 38.2-3136 38.2-3137 38.2-3138 NextLast modified: April 16, 2009