Except as otherwise provided in ORS § 733.308 and 733.310, the minimum standard for the valuation of all outstanding life insurance policies and annuity and pure endowment contracts issued prior to the operative date stated in ORS § 743.204 for the Standard Nonforfeiture Law for Life Insurance shall be that provided by the laws of this state in effect immediately prior to that operative date. Except as otherwise provided in ORS § 733.308 and 733.310, the minimum standard for the valuation of all such policies and contracts issued on or after the operative date stated in ORS § 743.204 for the Standard Nonforfeiture Law for Life Insurance shall be the commissioners reserve valuation methods defined in ORS § 733.312, 733.314 and 733.320, three and one-half percent interest, or in the case of life insurance policies and contracts, other than annuity and pure endowment contracts, issued on or after January 1, 1974, four percent interest for such policies issued prior to January 1, 1978, five and one-half percent interest for single premium life insurance policies and four and one-half percent interest for all other such policies issued on and after January 1, 1978, and the following tables:

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(1) For all ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in such policies:

(a) The Commissioners 1941 Standard Ordinary Mortality Table for such policies issued prior to the operative date stated in ORS § 743.216 (5) for the Standard Nonforfeiture Law for Life Insurance;

(b) The Commissioners 1958 Standard Ordinary Mortality Table for such policies issued on or after the operative date stated in ORS § 743.216 (5) for the Standard Nonforfeiture Law for Life Insurance and prior to the operative date stated in ORS § 743.215 for the Standard Nonforfeiture Law for Life Insurance, except that for any category of such policies issued on female risks, all modified net premiums and present values referred to in ORS § 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, may be calculated according to an age not more than six years younger than the actual age of the insured; and

(c) For such policies issued on or after the operative date stated in ORS 743.215 for the Standard Nonforfeiture Law for Life Insurance:

(A) The Commissioners 1980 Standard Ordinary Mortality Table;

(B) At the election of the insurer for any one or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality Factors; or

(C) Any ordinary mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by rule adopted by the Director of the Department of Consumer and Business Services for use in determining the minimum standard of valuation for such policies.

(2) For all industrial life insurance policies issued on the standard basis, excluding any disability and accidental death benefits in such policies:

(a) The 1941 Standard Industrial Mortality Table for such policies issued prior to the operative date defined in ORS § 743.216 (7) of the Standard Nonforfeiture Law for Life Insurance; and

(b) For such policies issued on or after such operative date, the Commissioners 1961 Standard Industrial Mortality Table or any industrial mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by rule adopted by the director for use in determining the minimum standard of valuation for such policies.

(3) For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in such policies:

(a) The 1937 Standard Annuity Mortality Table;

(b) At the option of the insurer, the Annuity Mortality Table for 1949, Ultimate; or

(c) Any modification of either table referred to in paragraph (a) or (b) of this subsection that is approved by the director.

(4) For group annuity and pure endowment contracts, excluding any disability and accidental death benefits in such policies:

(a) The Group Annuity Mortality Table for 1951;

(b) Any modification of the table referred to in paragraph (a) of this subsection that is approved by the director; or

(c) At the option of the insurer, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts.

(5)(a) For total and permanent disability benefits in or supplementary to ordinary policies or contracts:

(A) For policies or contracts issued on or after January 1, 1966, the tables of Period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit or any tables of disablement rates and termination rates adopted after 1980 by the National Association of Insurance Commissioners, that are approved by rule adopted by the director for use in determining the minimum standard of valuation for such policies;

(B) For policies or contracts issued on or after January 1, 1961 and prior to January 1, 1966, either the tables referred to in subparagraph (A) of this paragraph or, at the option of the insurer, the Class (3) Disability Table (1926); and

(C) For policies issued prior to January 1, 1961 the Class (3) Disability Table (1926).

(b) Any table referred to in paragraph (a) of this subsection shall, for active lives, be combined with a mortality table permitted for calculating the reserves for life insurance policies.

(6) For accidental death benefits in or supplementary to policies:

(a) For policies issued on or after January 1, 1966, the 1959 Accidental Death Benefits Table or any accidental death benefits table adopted after 1980 by the National Association of Insurance Commissioners, that is approved by rule adopted by the director for use in determining the minimum standard of valuation for such policies.

(b) For policies issued on or after January 1, 1961, and prior to January 1, 1966, either the table referred to in paragraph (a) of this subsection or, at the option of the insurer, the Inter-Company Double Indemnity Mortality Table.

(c) For policies issued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality Table.

(7) The table used under subsection (6)(a), (b) or (c) of this section shall be combined with a mortality table for calculating the reserves for life insurance policies.

(8) For group life insurance, life insurance issued on the substandard basis and other special benefits, an insurer may use tables therefor that are approved by the director. [1991 c.401 § 20]