Standard Valuation Law definition
Examples of Standard Valuation Law in a sentence
The guaranteed reinsurance premium for each age and duration shall be the higher of the premium based on the reinsurance rates shown in Exhibit IV and the premium based on the statutory minimum valuation mortality table and the statutory maximum valuation interest rate permitted for the underlying Policy under the National Association of Insurance Commissioners' Standard Valuation Law.
The general account statutory reserve shall be calculated by the Reinsured according to the “Commissioner’s Annuity Reserve Valuation Method” as prescribed in the Standard Valuation Law of the Reinsured’s state of domicile and the applicable NAIC Model Regulations and Actuarial Guidelines.
OPTIMUM RE will establish appropriate reserves in accordance with the Standard Valuation Law in effect in Texas, on the portion of policies reinsured, and in force, as reported to OPTIMUM RE under this Agreement.
However, if any one or more of such premium rates for any policy year or years after the first will be less than the net premium rate or rates based on the 1980 CSO Table (or related smoker and non-smoker tables) at the interest rate specified in the Standard Valuation Law for the applicable mortality rating, then, in that event, only the latter rate or rates will be guaranteed.
You or your designated payee may elect to have the present value of the guaranteed monthly Annuity Payments remaining, as of the date notice of the Annuitant's death is received by us, commuted at the Assumed Investment Return selected for a Variable Annuity or for a Fixed Annuity the Statutory Calendar Year Interest Rate based on the NAIC Standard Valuation Law for Single Premium Immediate Annuities corresponding to the Income Date.
For a fixed Annuity Option, the commutation rate will be the Statutory Calendar Year Interest Rate based on the NAIC Standard Valuation Law for Single Premium Immediate Annuities corresponding to the Income Date.
If the contract is continued under an annuity option, the reserve equals the present value of all future annuity payments based on the last such payment and based on the Annuity 2000 table and an interest rate no greater than the maximum valuation interest rate as determined by the Standard Valuation Law for the appropriate contract type and issue year.
For purposes of Sections 1, 2 and 3 of this Article, the Statutory Reserve shall be calculated by the Reinsured according to the "Commissioner's Annuity Reserve Valuation Method" as prescribed in the NAIC Standard Valuation Law and approved by the State of Ohio Department of Insurance.
However, because of technical questions in some states regarding deficiency reserves, if any one or more of such premium rates for any policy year or years after the first will be less than the net premium rate or rates based on the 1980 CSO Table for the applicable mortality rating with interest at the rate specified in the Standard Valuation Law, then, in that event, only the latter rate will be guaranteed by us.
You may elect to have the present value of the guaranteed monthly Annuity Payments remaining, as of the date notice of the last Annuitant's death is received by us, commuted at the Assumed Investment Return selected for a Variable Annuity or for a Fixed Annuity the Statutory Calendar Year Interest Rate based on the NAIC Standard Valuation Law for Single Premium Immediate Annuities corresponding to the Annuity Date.