Vermont Statutes Title 8 Sec. 3791l
Terms Used In Vermont Statutes Title 8 Sec. 3791l
- 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.
- Company: means an entity that:
- Life insurance: means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the Valuation Manual. See
§ 3791l. Reserve calculation—indeterminate premium plans
In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the company based on then estimates of future experience, or in the case of a plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in sections 3791g, 3791h, and 3791k of this subchapter, the reserves that are held under the plan shall:
(1) be appropriate in relation to the benefits and the pattern of premiums for that plan; and
(2) be computed by a method that is consistent with the principles of this Standard Valuation Law, as determined by rules adopted by the Commissioner. (Added 2015, No. 63, § 1, eff. June 17, 2015.)