                                 CODE OF VIRGINIA

COMPUTATION OF MINIMUM STANDARD FOR ANNUITIES (§ 38.2-1370)

A. Except as provided in § 38.2-1371, the minimum standard of valuation for
individual annuity and pure endowment contracts issued on or after the operative
date of this section and for annuities and pure endowments purchased on or after
the operative date under group annuity and pure endowment contracts shall be the
Commissioners reserve valuation methods defined in §§ 38.2-1372 and 38.2-1373
and the following tables and interest rates:

   1. For individual annuity and pure endowment contracts issued prior to 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 NAIC and approved by
   regulation adopted by the Commission for use in determining the minimum
   standard of valuation for these contracts, or any modification of those tables
   approved by the Commission, and seven and one-half 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 contracts: The 1971
   Individual Annuity Mortality Table or any individual annuity 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 those
   contracts, or any modification of those tables approved by the Commission, and
   five and one-half percent interest for single premium deferred annuity and
   pure endowment contracts and four and one-half percent interest for all other
   individual annuity and pure endowment contracts;

   4. For annuities and pure endowments purchased prior to 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; and

   5. For 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 NAIC and approved by regulation adopted 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 seven and one-half 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 election, the
operative date of this section for that insurer shall be January 1, 1979.

HISTORY: 2014, c. 571.