Tennessee § 56-25-601 - Standards for valuation of certificates — Reserves.

§ 56-25-601. Standards for valuation of certificates — Reserves.

Standards of valuation for certificates issued prior to January 1, 1992, shall be those provided by the laws applicable immediately prior to January 1, 1991. The minimum standards of valuation for certificates issued on or after January 1, 1992, shall be based on the following tables: For certificates of life insurance, the 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 For annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death benefits and for noncancellable accident and health benefits, the tables as are authorized for use by life insurers in this state. All certificates in subdivision (b)(1) 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. The commissioner has the discretion to 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 has the discretion to vary the standards of mortality applicable to all benefit contracts on substandard lives or other hazardous lives by any society authorized to do business in this state. Any society, with the consent of the commissioner of the state of domicile of the society and under such conditions, if any, which the commissioner of commerce and insurance of Tennessee 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 by the excess reserves. Acts 1990, ch. 703, § 1; T.C.A. § 56-25-1601 . Code Commission Notes. This section was renumbered from § 56-25-1601 to § 56-25-601 by authority of the Code Commission in 2016. Compiler's Notes. The Code Commission transferred numerous sections in this title to this part, effective upon the 2016 replacement of this volume. See the following parallel reference table for the old and new locations. Old Section New Section 56-25-1601 56-25-601 56-25-1602 56-25-602 56-25-1603 56-25-603 56-25-1604 56-25-604 56-25-1605 56-25-605 56-25-1606 56-25-606 56-25-1607 56-25-607 56-25-1608 56-25-608 56-25-1609 56-25-609 56-25-1610 56-25-610