| SB 0808 | Sets the reserves that an ins. co. must maintain to ensure that it has the resources to pay future life ins. claims |
| Sponsor: | Jacob | |||
| LR Number: | 3513L.01I | Fiscal Note: | 3513-01 | |
| Committee: | Insurance and Housing | |||
| Last Action: | 01/27/00 - Referred S Insurance & Housing Committee | Journal page: | S152 | |
| Title: | ||||
| Effective Date: | January 1, 2001 | |||
SB 808 - This act governs the required amounts of reserves
that an insurance company must maintain to ensure that it has the
resources to pay future life insurance claims. This act provides
tables of select mortality factors for use in valuing life
insurance reserves. The act also sets forth methodology for
valuing reserves on policies with nonlevel premiums or benefits
or with secondary guarantees. This act provides tables of select
mortality factors and rules for their use; rules concerning the
minimum standard for the valuation of plans with nonlevel
premiums or benefits; and rules concerning the minimum standard
for the valuation of plans with secondary guarantees.
STEPHEN WITTE