Virginia Code 38.2-1377: Reserve calculation; indeterminate premium plans.
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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 insurance 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 §§ 38.2-1372, 38.2-1373, and 38.2-1376, the reserves that are held under the plan shall:
Terms Used In Virginia Code 38.2-1377
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Life insurance: means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. See Virginia Code 38.2-1365
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 article, as determined by regulations adopted by the Commission.
2014, c. 571.