Vermont § 3791j - Optional reserve calculation

§ 3791j. Optional reserve calculation

• (a) Reserves for policies and contracts issued prior to July 1, 1968 may be calculated,
  at the option of the company, according to any standards that produce greater aggregate
  reserves for all such policies and contracts than the minimum reserves required by
  the laws in effect immediately prior to that date. (b) Reserves for any category of policies, contracts, or benefits established by the Commissioner,
  issued on or after July 1, 1968 may be calculated, at the option of the company, according
  to any standards that produce greater aggregate reserves for the category than those
  calculated according to the minimum standard provided herein, but the rate or rates
  of interest used for policies and contracts, other than annuity and pure endowment
  contracts, shall not be greater than the corresponding rate or rates of interest used
  in calculating any nonforfeiture benefits provided in the policies or contracts. (c) A company, which adopts at any time a standard of valuation producing greater aggregate
  reserves than those calculated according to the minimum standard provided under this
  subchapter, may adopt a lower standard of valuation with the approval of the Commissioner,
  but not lower than the minimum provided herein, provided that, for the purposes of
  this section, the holding of additional reserves previously determined by the appointed
  actuary to be necessary to render the opinion required by section 3791c of this subchapter
  shall not be deemed to be the adoption of a higher standard of valuation. (Added 2015, No. 63, § 1, eff. June 17, 2015.)