                                 CODE OF VIRGINIA

COMPUTATION OF MINIMUM STANDARD (§ 38.2-1369)

Except as otherwise provided in §§ 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 § 38.2-3214 shall be the Commissioners
reserve valuation methods defined in §§ 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:

1. 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 &#xA7; 38.2-3215; the Commissioners 1958 Standard
Ordinary Mortality Table for policies issued on or after the operative date of
&#xA7; 38.2-3215 and prior to the operative date of &#xA7; 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 &#xA7;
38.2-3209:
			a. The Commissioners 1980 Standard Ordinary Mortality Table;
			b. 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
			c. 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. 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 &#xA7; 38.2-3216, and for policies issued on or after the
operative date of &#xA7; 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. 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&#8217;s option, the Annuity Mortality Table
for 1949 Ultimate, or any modification of either of these tables approved by the
Commission;

4. 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&#8217;s option, any of the tables or modifications of tables specified
for individual annuity and pure endowment contracts;

5. 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&#8217;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. 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&#8217;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

7. For group life insurance, life insurance issued on the substandard basis, and
other special benefits: Any table approved by the Commission.

HISTORY: 2014, c. 571.