{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-1369.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-1369.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-1369.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-1369.html"}],"law_id":66783,"edition_id":1,"section_id":66783,"structure_id":14262,"section_number":"38.2-1369","catch_line":"Computation of minimum standard","history":"2014, c. 571.","full_text":"Except as otherwise provided in \u00a7\u00a7 38.2-1370, 38.2-1371, and 38.2-1378, the minimum standard for the valuation of all policies and contracts issued on or after the operative date stated in \u00a7 38.2-3214 shall be the Commissioners reserve valuation methods defined in \u00a7\u00a7 38.2-1372, 38.2-1373, 38.2-1376, and 38.2-1378, 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 July 1, 1975, four percent interest for policies issued prior to July 1, 1979, five and one-half percent interest for single premium life insurance policies and four and one-half percent interest for all other policies issued on and after July 1, 1979, and the following tables:\n\n1\n\nFor ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in the policies: The Commissioners 1941 Standard Ordinary Mortality Table for policies issued prior to the operative date of § 38.2-3215; the Commissioners 1958 Standard Ordinary Mortality Table for policies issued on or after the operative date of § 38.2-3215 and prior to the operative date of § 38.2-3209, provided that for any category of policies issued on female risks, all modified net premiums and present values referred to in this article may be calculated according to an age not more than six years younger than the actual age of the insured; and for policies issued on or after the operative date of § 38.2-3209:\n\t\t\ta. The Commissioners 1980 Standard Ordinary Mortality Table;\n\t\t\tb. At the election of the insurer for any one or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality Factors; or\n\t\t\tc. Any ordinary mortality table, adopted after 1980 by the NAIC, that is approved by regulation adopted by the Commission for use in determining the minimum standard of valuation for those policies;2\n\nFor industrial life insurance policies issued on the standard basis, excluding any disability and accidental death benefits in those policies: The 1941 Standard Industrial Mortality Table for policies issued prior to the operative date of § 38.2-3216, and for policies issued on or after the operative date of § 38.2-3216, the Commissioners 1961 Standard Industrial Mortality Table or any industrial mortality table adopted after 1980 by the NAIC and approved by regulation adopted by the Commission for use in determining the minimum standard of valuation for the policies;3\n\nFor individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in those contracts: The 1937 Standard Annuity Mortality Table or, at the insurer’s option, the Annuity Mortality Table for 1949 Ultimate, or any modification of either of these tables approved by the Commission;4\n\nFor group annuity and pure endowment contracts, excluding any disability and accidental death benefits in those contracts: The Group Annuity Mortality Table for 1951, any modification of that table approved by the Commission, or, at the insurer’s option, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts;5\n\nFor total and permanent disability benefits in or supplementary to ordinary policies or contracts: For policies or contracts issued on or after January 1, 1966, the tables of Period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit or any tables of disablement rates and termination rates adopted after 1980 by the NAIC, and approved by regulation adopted by the Commission for use in determining the minimum standard of valuation for those policies; for policies or contracts issued on or after January 1, 1961, and prior to January 1, 1966, either those tables or, at the insurer’s option, the Class (3) Disability Table (1926); and for policies issued prior to January 1, 1961, the Class (3) Disability Table (1926). Any such table shall, for active lives, be combined with a mortality table permitted for calculating the reserves for life insurance policies;6\n\nFor accidental death benefits in or supplementary to policies issued on or after January 1, 1966: The 1959 Accidental Death Benefits Table or any accidental death benefits table adopted after 1980 by the NAIC and approved by regulation adopted by the Commission for use in determining the minimum standard of valuation for those policies; for policies issued on or after January 1, 1961, and prior to January 1, 1966, either that table or, at the insurer’s option, the Inter-Company Double Indemnity Mortality Table; and for policies issued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality Table. Either table shall be combined with a mortality table for calculating the reserves for life insurance policies; and7\n\nFor group life insurance, life insurance issued on the substandard basis, and other special benefits: Any table approved by the Commission.","order_by":null,"text":{"0":{"id":242209,"text":"Except as otherwise provided in \u00a7\u00a7 38.2-1370, 38.2-1371, and 38.2-1378, the minimum standard for the valuation of all policies and contracts issued on or after the operative date stated in \u00a7 38.2-3214 shall be the Commissioners reserve valuation methods defined in \u00a7\u00a7 38.2-1372, 38.2-1373, 38.2-1376, and 38.2-1378, 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 July 1, 1975, four percent interest for policies issued prior to July 1, 1979, five and one-half percent interest for single premium life insurance policies and four and one-half percent interest for all other policies issued on and after July 1, 1979, and the following tables:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":242210,"text":"For ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in the policies: The Commissioners 1941 Standard Ordinary Mortality Table for policies issued prior to the operative date of § 38.2-3215; the Commissioners 1958 Standard Ordinary Mortality Table for policies issued on or after the operative date of § 38.2-3215 and prior to the operative date of § 38.2-3209, provided that for any category of policies issued on female risks, all modified net premiums and present values referred to in this article may be calculated according to an age not more than six years younger than the actual age of the insured; and for policies issued on or after the operative date of § 38.2-3209:\n\t\t\ta. The Commissioners 1980 Standard Ordinary Mortality Table;\n\t\t\tb. At the election of the insurer for any one or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality Factors; or\n\t\t\tc. Any ordinary mortality table, adopted after 1980 by the NAIC, that is approved by regulation adopted by the Commission for use in determining the minimum standard of valuation for those policies;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":242211,"text":"For industrial life insurance policies issued on the standard basis, excluding any disability and accidental death benefits in those policies: The 1941 Standard Industrial Mortality Table for policies issued prior to the operative date of § 38.2-3216, and for policies issued on or after the operative date of § 38.2-3216, the Commissioners 1961 Standard Industrial Mortality Table or any industrial mortality table adopted after 1980 by the NAIC and approved by regulation adopted by the Commission for use in determining the minimum standard of valuation for the policies;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":242212,"text":"For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in those contracts: The 1937 Standard Annuity Mortality Table or, at the insurer’s option, the Annuity Mortality Table for 1949 Ultimate, or any modification of either of these tables approved by the Commission;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":242213,"text":"For group annuity and pure endowment contracts, excluding any disability and accidental death benefits in those contracts: The Group Annuity Mortality Table for 1951, any modification of that table approved by the Commission, or, at the insurer’s option, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":242214,"text":"For total and permanent disability benefits in or supplementary to ordinary policies or contracts: For policies or contracts issued on or after January 1, 1966, the tables of Period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit or any tables of disablement rates and termination rates adopted after 1980 by the NAIC, and approved by regulation adopted by the Commission for use in determining the minimum standard of valuation for those policies; for policies or contracts issued on or after January 1, 1961, and prior to January 1, 1966, either those tables or, at the insurer’s option, the Class (3) Disability Table (1926); and for policies issued prior to January 1, 1961, the Class (3) Disability Table (1926). Any such table shall, for active lives, be combined with a mortality table permitted for calculating the reserves for life insurance policies;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":242215,"text":"For accidental death benefits in or supplementary to policies issued on or after January 1, 1966: The 1959 Accidental Death Benefits Table or any accidental death benefits table adopted after 1980 by the NAIC and approved by regulation adopted by the Commission for use in determining the minimum standard of valuation for those policies; for policies issued on or after January 1, 1961, and prior to January 1, 1966, either that table or, at the insurer’s option, the Inter-Company Double Indemnity Mortality Table; and for policies issued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality Table. Either table shall be combined with a mortality table for calculating the reserves for life insurance policies; and","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":242216,"text":"For group life insurance, life insurance issued on the substandard basis, and other special benefits: Any table approved by the Commission.","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6"}},"ancestry":[{"id":14262,"edition_id":1,"name":"Standard Valuation","identifier":"10","label":"article","depth":3,"order_by":1,"parent_id":13289,"metadata":{},"date_created":"2026-06-26 03:47:30","date_modified":"2026-06-26 03:47:30","permalink":{"id":211387,"object_type":"structure","relational_id":14262,"identifier":"10","token":"38.2\/13\/10","url":"\/38.2\/13\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13289,"edition_id":1,"name":"Reports, Reserves and Examinations, Insurance Holding Companies, Reinsurance Intermediaries, and Managing General Agents","identifier":"13","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":211347,"object_type":"structure","relational_id":13289,"identifier":"13","token":"38.2\/13","url":"\/38.2\/13\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84586,"structure_id":14262,"section_number":"38.2-1365","catch_line":"Definitions","url":"\/38.2-1365\/","token":"38.2\/13\/10\/38.2-1365","metadata":false},{"id":80617,"structure_id":14262,"section_number":"38.2-1366","catch_line":"Reserve valuation","url":"\/38.2-1366\/","token":"38.2\/13\/10\/38.2-1366","metadata":false},{"id":70162,"structure_id":14262,"section_number":"38.2-1367","catch_line":"Actuarial opinion of reserves","url":"\/38.2-1367\/","token":"38.2\/13\/10\/38.2-1367","metadata":false},{"id":67907,"structure_id":14262,"section_number":"38.2-1368","catch_line":"Minimum valuation standard for policies issued prior to certain dates","url":"\/38.2-1368\/","token":"38.2\/13\/10\/38.2-1368","metadata":false},{"id":66783,"structure_id":14262,"section_number":"38.2-1369","catch_line":"Computation of minimum standard","url":"\/38.2-1369\/","token":"38.2\/13\/10\/38.2-1369","metadata":false},{"id":86779,"structure_id":14262,"section_number":"38.2-1370","catch_line":"Computation of minimum standard for annuities","url":"\/38.2-1370\/","token":"38.2\/13\/10\/38.2-1370","metadata":false},{"id":76954,"structure_id":14262,"section_number":"38.2-1371","catch_line":"Computation of minimum standard by calendar year of issue","url":"\/38.2-1371\/","token":"38.2\/13\/10\/38.2-1371","metadata":false},{"id":72346,"structure_id":14262,"section_number":"38.2-1372","catch_line":"Reserve valuation method; life insurance and endowment benefits","url":"\/38.2-1372\/","token":"38.2\/13\/10\/38.2-1372","metadata":false},{"id":76847,"structure_id":14262,"section_number":"38.2-1373","catch_line":"Reserve valuation method; annuity and pure endowment benefits","url":"\/38.2-1373\/","token":"38.2\/13\/10\/38.2-1373","metadata":false},{"id":77501,"structure_id":14262,"section_number":"38.2-1374","catch_line":"Minimum reserves","url":"\/38.2-1374\/","token":"38.2\/13\/10\/38.2-1374","metadata":false},{"id":84837,"structure_id":14262,"section_number":"38.2-1375","catch_line":"Optional reserve calculation","url":"\/38.2-1375\/","token":"38.2\/13\/10\/38.2-1375","metadata":false},{"id":55507,"structure_id":14262,"section_number":"38.2-1376","catch_line":"Reserve calculation; valuation net premium exceeding the gross premium charged","url":"\/38.2-1376\/","token":"38.2\/13\/10\/38.2-1376","metadata":false},{"id":76132,"structure_id":14262,"section_number":"38.2-1377","catch_line":"Reserve calculation; indeterminate premium plans","url":"\/38.2-1377\/","token":"38.2\/13\/10\/38.2-1377","metadata":false},{"id":71532,"structure_id":14262,"section_number":"38.2-1378","catch_line":"Minimum standard for accident and health insurance contracts","url":"\/38.2-1378\/","token":"38.2\/13\/10\/38.2-1378","metadata":false},{"id":86866,"structure_id":14262,"section_number":"38.2-1379","catch_line":"Valuation manual for policies issued on or after the operative date of the valuation manual","url":"\/38.2-1379\/","token":"38.2\/13\/10\/38.2-1379","metadata":false},{"id":82780,"structure_id":14262,"section_number":"38.2-1380","catch_line":"Requirements of a principle-based valuation","url":"\/38.2-1380\/","token":"38.2\/13\/10\/38.2-1380","metadata":false},{"id":56910,"structure_id":14262,"section_number":"38.2-1381","catch_line":"Experience reporting for policies in force on or after the operative date of the valuation manual","url":"\/38.2-1381\/","token":"38.2\/13\/10\/38.2-1381","metadata":false},{"id":67564,"structure_id":14262,"section_number":"38.2-1382","catch_line":"Confidentiality","url":"\/38.2-1382\/","token":"38.2\/13\/10\/38.2-1382","metadata":false},{"id":76707,"structure_id":14262,"section_number":"38.2-1383","catch_line":"Single state exemption","url":"\/38.2-1383\/","token":"38.2\/13\/10\/38.2-1383","metadata":false},{"id":63558,"structure_id":14262,"section_number":"38.2-1384","catch_line":"Assessment against insurers whose policies are valued","url":"\/38.2-1384\/","token":"38.2\/13\/10\/38.2-1384","metadata":false},{"id":65928,"structure_id":14262,"section_number":"38.2-1385","catch_line":"Article not applicable in certain cases","url":"\/38.2-1385\/","token":"38.2\/13\/10\/38.2-1385","metadata":false}],"previous_section":{"id":67907,"structure_id":14262,"section_number":"38.2-1368","catch_line":"Minimum valuation standard for policies issued prior to certain dates","url":"\/38.2-1368\/","token":"38.2\/13\/10\/38.2-1368","metadata":false},"next_section":{"id":86779,"structure_id":14262,"section_number":"38.2-1370","catch_line":"Computation of minimum standard for annuities","url":"\/38.2-1370\/","token":"38.2\/13\/10\/38.2-1370","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-1369\/","history_text":"

This law was first created in 2014. The record of its establishment is cataloged in chapter 571<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":72346,"section_number":"38.2-1372","catch_line":"Reserve valuation method; life insurance and endowment benefits","order_by":null,"url":"\/38.2-1372\/"},{"id":55507,"section_number":"38.2-1376","catch_line":"Reserve calculation; valuation net premium exceeding the gross premium charged","order_by":null,"url":"\/38.2-1376\/"}],"refers_to":[{"id":86779,"section_number":"38.2-1370","catch_line":"Computation of minimum standard for annuities","order_by":null,"url":"\/38.2-1370\/"},{"id":76954,"section_number":"38.2-1371","catch_line":"Computation of minimum standard by calendar year of issue","order_by":null,"url":"\/38.2-1371\/"},{"id":72346,"section_number":"38.2-1372","catch_line":"Reserve valuation method; life insurance and endowment benefits","order_by":null,"url":"\/38.2-1372\/"},{"id":76847,"section_number":"38.2-1373","catch_line":"Reserve valuation method; annuity and pure endowment benefits","order_by":null,"url":"\/38.2-1373\/"},{"id":55507,"section_number":"38.2-1376","catch_line":"Reserve calculation; valuation net premium exceeding the gross premium charged","order_by":null,"url":"\/38.2-1376\/"},{"id":71532,"section_number":"38.2-1378","catch_line":"Minimum standard for accident and health insurance contracts","order_by":null,"url":"\/38.2-1378\/"},{"id":77084,"section_number":"38.2-3209","catch_line":"Same; adjusted premiums for policies","order_by":null,"url":"\/38.2-3209\/"},{"id":60385,"section_number":"38.2-3214","catch_line":"Same; operative date","order_by":null,"url":"\/38.2-3214\/"},{"id":59064,"section_number":"38.2-3215","catch_line":"Same; operative date for \u00a7 38.2-3207","order_by":null,"url":"\/38.2-3215\/"},{"id":68021,"section_number":"38.2-3216","catch_line":"Same; operative date for \u00a7 38.2-3208","order_by":null,"url":"\/38.2-3216\/"}],"permalink":{"id":211405,"object_type":"law","relational_id":66783,"identifier":"38.2-1369","token":"38.2\/13\/10\/38.2-1369","url":"\/38.2-1369\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-1369\/","token":"38.2\/13\/10\/38.2-1369","dublin_core":{"Title":"Computation of minimum standard","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-1369","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Except as otherwise provided in \u00a7\u00a7 38.2-1370<\/a>, 38.2-1371<\/a>, and 38.2-1378<\/a>, the minimum standard for the valuation of all policies and contracts<\/span> issued on or after the operative date stated in \u00a7 38.2-3214<\/a> shall be the Commissioners<\/span> reserve valuation methods defined in \u00a7\u00a7 38.2-1372<\/a>, 38.2-1373<\/a>, 38.2-1376<\/a>, and 38.2-1378<\/a>, three and one-half percent interest, or in the case of life insurance policies<\/span> and contracts<\/span>, other than annuity and pure endowment contracts<\/span>, issued on or after July 1, 1975, four percent interest for policies issued prior to July 1, 1979, five and one-half percent interest for single premium life insurance policies<\/span> and four and one-half percent interest for all other policies issued on and after July 1, 1979, and the following tables:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> For ordinary policies of life insurance<\/span> issued on the standard basis, excluding any disability and accidental death benefits in the policies: The Commissioners<\/span> 1941 Standard Ordinary Mortality Table for policies issued prior to the operative date of § 38.2-3215<\/a>; the Commissioners<\/span> 1958 Standard Ordinary Mortality Table for policies issued on or after the operative date of § 38.2-3215<\/a> and prior to the operative date of § 38.2-3209<\/a>, provided that for any category of policies issued on female risks, all modified net premiums and present values referred to in this article may be calculated according to an age not more than six years younger than the actual age of the insured; and for policies issued on or after the operative date of § 38.2-3209<\/a>:\n\t\t\ta. The Commissioners<\/span> 1980 Standard Ordinary Mortality Table;\n\t\t\tb. At the election of the insurer<\/span> for any one or more specified plans of life insurance<\/span>, the Commissioners<\/span> 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality Factors; or\n\t\t\tc. Any ordinary mortality table, adopted after 1980 by the NAIC<\/span>, that is approved by regulation adopted by the Commission<\/span> for use in determining the minimum standard of valuation for those policies; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> For industrial life insurance policies<\/span> issued on the standard basis, excluding any disability and accidental death benefits in those policies: The 1941 Standard Industrial Mortality Table for policies issued prior to the operative date of § 38.2-3216<\/a>, and for policies issued on or after the operative date of § 38.2-3216<\/a>, the Commissioners<\/span> 1961 Standard Industrial Mortality Table or any industrial mortality table adopted after 1980 by the NAIC<\/span> and approved by regulation adopted by the Commission<\/span> for use in determining the minimum standard of valuation for the policies; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> For individual annuity and pure endowment contracts<\/span>, excluding any disability and accidental death benefits in those contracts<\/span>: The 1937 Standard Annuity Mortality Table or, at the insurer<\/span>’s option, the Annuity Mortality Table for 1949 Ultimate, or any modification of either of these tables approved by the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> For group annuity and pure endowment contracts<\/span>, excluding any disability and accidental death benefits in those contracts<\/span>: The Group Annuity Mortality Table for 1951, any modification of that table approved by the Commission<\/span>, or, at the insurer<\/span>’s option, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> For total and permanent disability benefits in or supplementary to ordinary policies or contracts<\/span>: For policies or contracts<\/span> issued on or after January 1, 1966, the tables of Period 2 disablement rates<\/span><\/span> and the 1930 to 1950 termination rates<\/span><\/span> of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit or any tables of disablement rates<\/span><\/span> and termination rates<\/span><\/span> adopted after 1980 by the NAIC<\/span>, and approved by regulation adopted by the Commission<\/span> for use in determining the minimum standard of valuation for those policies; for policies or contracts<\/span> issued on or after January 1, 1961, and prior to January 1, 1966, either those tables or, at the insurer<\/span>’s option, the Class (3) Disability Table (1926); and for policies issued prior to January 1, 1961, the Class (3) Disability Table (1926). Any such table shall, for active lives, be combined with a mortality table permitted for calculating the reserves for life insurance policies<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> For accidental death benefits in or supplementary to policies issued on or after January 1, 1966: The 1959 Accidental Death Benefits Table or any accidental death benefits table adopted after 1980 by the NAIC<\/span> and approved by regulation adopted by the Commission<\/span> for use in determining the minimum standard of valuation for those policies; for policies issued on or after January 1, 1961, and prior to January 1, 1966, either that table or, at the insurer<\/span>’s option, the Inter-Company<\/span> Double Indemnity Mortality Table; and for policies issued prior to January 1, 1961, the Inter-Company<\/span> Double Indemnity Mortality Table. Either table shall be combined with a mortality table for calculating the reserves for life insurance policies<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> For group life insurance<\/span>, life insurance<\/span> issued on the substandard basis, and other special benefits: Any table approved by the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOMPUTATION OF MINIMUM STANDARD (\u00a7 38.2-1369)\n\nExcept as otherwise provided in \u00a7\u00a7 38.2-1370, 38.2-1371, and 38.2-1378, the\nminimum standard for the valuation of all policies and contracts issued on or\nafter the operative date stated in \u00a7 38.2-3214 shall be the Commissioners\nreserve valuation methods defined in \u00a7\u00a7 38.2-1372, 38.2-1373, 38.2-1376, and\n38.2-1378, three and one-half percent interest, or in the case of life insurance\npolicies and contracts, other than annuity and pure endowment contracts, issued\non or after July 1, 1975, four percent interest for policies issued prior to\nJuly 1, 1979, five and one-half percent interest for single premium life\ninsurance policies and four and one-half percent interest for all other policies\nissued on and after July 1, 1979, and the following tables:\n\n1. For ordinary policies of life insurance issued on the standard basis,\nexcluding any disability and accidental death benefits in the policies: The\nCommissioners 1941 Standard Ordinary Mortality Table for policies issued prior\nto the operative date of § 38.2-3215; the Commissioners 1958 Standard\nOrdinary Mortality Table for policies issued on or after the operative date of\n§ 38.2-3215 and prior to the operative date of § 38.2-3209, provided\nthat for any category of policies issued on female risks, all modified net\npremiums and present values referred to in this article may be calculated\naccording to an age not more than six years younger than the actual age of the\ninsured; and for policies issued on or after the operative date of §\n38.2-3209:\n\t\t\ta. The Commissioners 1980 Standard Ordinary Mortality Table;\n\t\t\tb. At the election of the insurer for any one or more specified plans of life\ninsurance, the Commissioners 1980 Standard Ordinary Mortality Table with\nTen-Year Select Mortality Factors; or\n\t\t\tc. Any ordinary mortality table, adopted after 1980 by the NAIC, that is\napproved by regulation adopted by the Commission for use in determining the\nminimum standard of valuation for those policies;\n\n2. For industrial life insurance policies issued on the standard basis,\nexcluding any disability and accidental death benefits in those policies: The\n1941 Standard Industrial Mortality Table for policies issued prior to the\noperative date of § 38.2-3216, and for policies issued on or after the\noperative date of § 38.2-3216, the Commissioners 1961 Standard Industrial\nMortality Table or any industrial mortality table adopted after 1980 by the NAIC\nand approved by regulation adopted by the Commission for use in determining the\nminimum standard of valuation for the policies;\n\n3. For individual annuity and pure endowment contracts, excluding any disability\nand accidental death benefits in those contracts: The 1937 Standard Annuity\nMortality Table or, at the insurer’s option, the Annuity Mortality Table\nfor 1949 Ultimate, or any modification of either of these tables approved by the\nCommission;\n\n4. For group annuity and pure endowment contracts, excluding any disability and\naccidental death benefits in those contracts: The Group Annuity Mortality Table\nfor 1951, any modification of that table approved by the Commission, or, at the\ninsurer’s option, any of the tables or modifications of tables specified\nfor individual annuity and pure endowment contracts;\n\n5. For total and permanent disability benefits in or supplementary to ordinary\npolicies or contracts: For policies or contracts issued on or after January 1,\n1966, the tables of Period 2 disablement rates and the 1930 to 1950 termination\nrates of the 1952 Disability Study of the Society of Actuaries, with due regard\nto the type of benefit or any tables of disablement rates and termination rates\nadopted after 1980 by the NAIC, and approved by regulation adopted by the\nCommission for use in determining the minimum standard of valuation for those\npolicies; for policies or contracts issued on or after January 1, 1961, and\nprior to January 1, 1966, either those tables or, at the insurer’s option,\nthe Class (3) Disability Table (1926); and for policies issued prior to January\n1, 1961, the Class (3) Disability Table (1926). Any such table shall, for active\nlives, be combined with a mortality table permitted for calculating the reserves\nfor life insurance policies;\n\n6. For accidental death benefits in or supplementary to policies issued on or\nafter January 1, 1966: The 1959 Accidental Death Benefits Table or any\naccidental death benefits table adopted after 1980 by the NAIC and approved by\nregulation adopted by the Commission for use in determining the minimum standard\nof valuation for those policies; for policies issued on or after January 1,\n1961, and prior to January 1, 1966, either that table or, at the insurer’s\noption, the Inter-Company Double Indemnity Mortality Table; and for policies\nissued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality\nTable. Either table shall be combined with a mortality table for calculating the\nreserves for life insurance policies; and\n\n7. For group life insurance, life insurance issued on the substandard basis, and\nother special benefits: Any table approved by the Commission.\n\nHISTORY: 2014, c. 571.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}