Subdivision 1. Prior certificates. Standards of valuation for certificates issued prior to one year after August 1, 1985 shall be those provided by the laws applicable immediately prior to August 1, 1985.
Subd. 2. Future certificates. The minimum standards of valuation for certificates issued on or after one year from August 1, 1985 shall be based on the following tables:
(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 any more recent table made applicable to life insurers;
(2) For annuity and pure endowment certificates, total and permanent disability benefits, accidental death benefits, and noncancelable accident and health benefits: Such tables as are authorized for use by life insurers in this state.
All of the above shall be under valuation methods and standards (including interest assumptions) in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits.
Subd. 3. Other standards. The commissioner may accept other standards for valuation if the commissioner finds that the reserves produced thereby will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard herein prescribed. The commissioner may vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by any society authorized to do business in this state.
Subd. 4. Excess reserves. Any society, with the consent of the commissioner of the state of domicile of the society and under the conditions, if any, that the commissioner may impose, may establish and maintain reserves on its certificates in excess of the reserves required thereunder, but the contractual rights of any benefit member shall not be affected thereby.
1985 c 49 s 25; 1986 c 444
Structure Minnesota Statutes
Chapters 59A - 79A — Insurance
Chapter 64B — Fraternal Benefit Societies
Section 64B.01 — Fraternal Benefit Societies.
Section 64B.02 — Lodge System.
Section 64B.03 — Representative Form Of Government.
Section 64B.05 — Purposes And Powers.
Section 64B.06 — Qualifications For Membership.
Section 64B.07 — Location Of Office, Meetings, Communications To Members, Grievance Procedures.
Section 64B.08 — Personal Liability; Indemnification; Insurance; Advances.
Section 64B.10 — Organization.
Section 64B.11 — Amendments To Laws.
Section 64B.12 — Institutions.
Section 64B.14 — Consolidations And Mergers.
Section 64B.15 — Conversion Of Fraternal Benefit Society Into Mutual Life Insurance Company.
Section 64B.17 — Beneficiaries.
Section 64B.18 — Benefits Not Attachable.
Section 64B.19 — Benefit Contract.
Section 64B.27 — Annual License.
Section 64B.28 — Examination Of Societies; No Adverse Publications.
Section 64B.29 — Foreign Or Alien Society; Admission.
Section 64B.30 — Domestic Associations; Examination; Rehabilitation; Dissolution.
Section 64B.31 — Suspension, Revocation, Or Refusal Of License Of Foreign Or Alien Society.
Section 64B.33 — Licensing Of Agents.
Section 64B.34 — Unfair Methods Of Competition And Unfair And Deceptive Acts And Practices.
Section 64B.35 — Service Of Process.
Section 64B.38 — Certain Organizations Exempt.
Section 64B.39 — Beneficiary Associations.
Section 64B.41 — Risk-based Capital Reports.
Section 64B.42 — Fraternal Action Level Event.
Section 64B.43 — Fraternal Authorized Control Level Event; Domestic Societies.
Section 64B.45 — Prohibition On Announcements.