Vermont § 3791h - Reserve valuation method—Annuity and pure endowment benefits

§ 3791h. Reserve valuation method—Annuity and pure endowment benefits

• (a) This section shall apply to all annuity and pure endowment contracts other than group
  annuity and pure endowment contracts purchased under a retirement plan or plan of
  deferred compensation, established or maintained by an employer, including a partnership
  or sole proprietorship, or by an employee organization, or by both, other than a plan
  providing individual retirement accounts or individual retirement annuities under
  Section 408 of the Internal Revenue Code, as may be amended. (b) Reserves according to the Commissioner’s annuity reserve method for benefits under
  annuity or pure endowment contracts, excluding any disability and accidental death
  benefits in the contracts, shall be the greatest of the respective excesses of the
  present values, at the date of valuation, of the future guaranteed benefits, including
  guaranteed nonforfeiture benefits, provided for by the contracts at the end of each
  respective contract year, over the present value, at the date of valuation, of any
  future valuation considerations derived from future gross considerations, required
  by the terms of the contract, that become payable prior to the end of the respective
  contract year. The future guaranteed benefits shall be determined by using the mortality
  table, if any, and the interest rate, or rates, specified in the contracts for determining
  guaranteed benefits. The valuation considerations are the portions of the respective
  gross considerations applied under the terms of the contracts to determine nonforfeiture
  values. (Added 2015, No. 63, § 1.)