Oklahoma § 36-2725.1 - Standard of valuation

§ 36-2725.1. Standard of valuation

A. Standards of valuation for certificates issued prior to one

(1) year after the effective date of this act shall be those

provided by the laws applicable immediately prior to the effective

date of this act.

B. The minimum standards of valuation for certificates issued

on or after one (1) year from the effective date of this act shall

be based on the following tables:

1. For certificates of life insurance - the Insurance

Commissioner's 1941 Standard Ordinary Mortality Table, the

Commissioner's 1941 Standard Industrial Mortality Table, the

Commissioner's 1958 Standard Ordinary Mortality Table, the

Commissioner's 1980 Standard Ordinary Mortality Table or any more

recent table made applicable to life insurers; and

Oklahoma Statutes - Title 36. Insurance

2. For annuity and pure endowment certificates, for total and

permanent disability benefits, for accidental death benefits and for

noncancellable accident and health benefits - such tables as are

authorized for use by life insurers in this state.

All of the above shall be under valuation methods and standards,

including interest assumptions, in accordance with the laws of this

state applicable to life insurers issuing policies containing like

benefits.

C. The Insurance Commissioner may, in his or her discretion,

accept other standards for valuation if the Commissioner finds that

the reserves produced thereby will not be less in the aggregate than

reserves computed in accordance with the minimum valuation standard

herein prescribed. The Commissioner may, in his or her discretion,

vary the standards of mortality applicable to all benefit contracts

on substandard lives or other extrahazardous lives by any society

authorized to do business in this state.

D. Any society, with the consent of the commissioner of

insurance of the state of domicile of the society and under such

conditions, if any, which such commissioner may impose, may

establish and maintain reserves on its certificates in excess of the

reserves required thereunder, but the contractual rights of any

benefit member shall not be affected thereby.

Added by Laws 1992, c. 76, § 25, eff. Jan. 1, 1993.