In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the company based on then estimates of future experience, or in the case of any plan of life insurance or annuity which is of a nature that the minimum reserves cannot be determined by the methods described in Sections 27-36A-8, 27-36A-9, and 27-36A-12, the reserves which are held under any plan shall comply with both of the following:
(1) Be appropriate in relation to the benefits and the pattern of premiums for that plan.
(2) Be computed by a method which is consistent with the principles of this standard valuation law, as determined by regulations promulgated by the commissioner.
Structure Code of Alabama
Chapter 36A - Standard Valuation Law.
Section 27-36A-1 - Short Title.
Section 27-36A-2 - Definitions.
Section 27-36A-3 - Reserve Valuation.
Section 27-36A-4 - Actuarial Opinion of Reserves.
Section 27-36A-5 - Computation of Minimum Standard.
Section 27-36A-6 - Computation of Minimum Standard for Annuities.
Section 27-36A-7 - Computation of Minimum Standard by Calendar Year of Issue.
Section 27-36A-8 - Reserve Valuation Method - Life Insurance and Endowment Benefits.
Section 27-36A-9 - Reserve Valuation Method - Annuity and Pure Endowment Benefits.
Section 27-36A-10 - Minimum Reserves.
Section 27-36A-11 - Optional Reserve Calculation.
Section 27-36A-12 - Reserve Calculation - Valuation Net Premium Exceeding the Gross Premium Charged.
Section 27-36A-13 - Reserve Calculation - Indeterminate Premium Plans.
Section 27-36A-14 - Minimum Standard for Accident and Health Insurance Contracts.
Section 27-36A-16 - Requirements of a Principle-Based Valuation.
Section 27-36A-18 - Confidentiality.