Idaho Code 41-3224 – Valuation
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(1) 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.
(2) 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:
(a) 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;
(b) 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.
Terms Used In Idaho Code 41-3224
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Benefit member: shall mean an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract. See Idaho Code 41-3204
- Director: shall mean the director of the department of insurance of this state. See Idaho Code 41-3204
- Laws: shall mean the society’s articles of incorporation, constitution and bylaws, however designated. See Idaho Code 41-3204
- Society: shall mean fraternal benefit society, unless otherwise indicated. See Idaho Code 41-3204
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(3) The director may, in his discretion, accept other standards for valuation if the director 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 director may, in his or her discretion, vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by any society authorized to do business in this state.
(4) Any society, with the consent of the director of insurance of the state of domicile of the society and under such conditions, if any, which the director 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.