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- Alaska Statutes.
- Title 21. Insurance
- Chapter 84. Fraternal Benefit Societies
- Section 455. Valuation.
previous: Section 410
. - 21.84.460l Licensing of Agents; License Required; Qualifications and Application; Notice of Appointment; Termination of Appointment; Suspension and Revocation of License. [Repealed, Sec. 223 Ch 67 SLA 1992].
next: Section 465
AS 21.84.455. Valuation.
- (a) Standards of valuation for certificates issued before January 1, 1999 shall be those provided by the laws applicable
immediately before January 1, 1998.
- (b) The minimum standards of valuation for certificates issued on or after January 1, 1999 shall be based on the following
tables, which shall be under valuation methods and standards, including interest assumptions, in accordance with the
laws of this state applicable to life and health insurers issuing policies containing similar benefits:
- (1) for certificates of life insurance, the Commissioner's 1941 Standard Ordinary Mortality Table, the Commissioner's 1941
Standard Industrial Mortality Table, the Commissioner's 1958 Standard Ordinary Mortality Table, the Commissioner's 1980
Standard Ordinary Mortality Table, or a more recent table made applicable to life insurers;
- (2) for annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death
benefits, and for noncancellable accident and health benefits, the tables authorized for use by life and health
insurers in this state.
- (c) The director may, in the director's discretion, accept other standards for valuation if the director finds that the
reserves produced under those standards will not be less in the aggregate than reserves computed in accordance with the
minimum valuation standard presented in this section. The director may, in the director's discretion, vary the
standards of mortality applicable to benefit contracts on substandard lives or other extrahazardous lives by any
society authorized to do business in this state.
- (d) A society, with the consent of the insurance supervisory official of the state of domicile of the society and under
conditions that the director may impose, may establish and maintain reserves on its certificates in excess of the
reserves required, but the contractual rights of any benefit member shall not be affected.
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