Introduced By: Senator Blais
Date Introduced : January 28, 1999
It is enacted by the General Assembly as follows:
SECTION 1. Section 27-4.5-4 of the General Laws in Chapter 27-4.5 entitled "The Standard Valuation Law" is hereby amended to read as follows:
27-4.5-4. Computation of minimum standard. -- Except
as otherwise provided in {ADD this section, ADD}sections 27-4.5-4.1
and 27-4.5-10, the valuation of all policies and contracts described
in section 27-4.5-2 {DEL issued prior to January 1, 1994 DEL}
shall be consistent with the provisions of section 27-4-17.
{ADD The valuation of all policies and contracts issued on or after January 1, 2000 shall be subject to sections 27-4.5-4.1 and 27-4.5-10 and the following tables: ADD}
{ADD (a) For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in those contracts; the Annuity 2000 Mortality Table or any individual annuity mortality table adopted after 2000 by the National Association of Insurance Commissioners, that is approved by regulation promulgated by the insurance commissioner for use in determining the minimum standard of valuation for those contracts; ADD}
{ADD (b) For all annuities and pure endowments purchased under group annuity and pure endowment contracts, excluding any disability and accidental death benefits purchased under those contracts; the 1994 Group Annuity Reserving Table, or any group annuity mortality table adopted after 2000 by the National Association of Insurance Commissioners that is approved by regulation promulgated by the insurance commissioner for use in determining the minimum standard of valuation for annuities and pure endowments, or any modification of these tables approved by the insurance commissioner; and ADD}
{ADD (c) For group life insurance, life insurance issued on the substandard basis and other special benefits; tables approved by the insurance commissioner. ADD}
SECTION 2. This act shall take effect upon passage.
