Ohio Revised Code
Chapter 3921 | Fraternal Benefit Societies
Section 3921.25 | Standards of Valuation for Certificates.

Effective: January 1, 1997
Latest Legislation: House Bill 468 - 121st General Assembly
(A) The standards of valuation for certificates that are delivered or issued for delivery in this state on or after January 1, 1997, but prior to January 1, 1998, shall be those standards that would have applied under the laws in effect on December 31, 1996.
(B) The minimum standards of valuation for certificates of life insurance, annuity and pure endowment certificates, total and permanent disability benefit certificates, accidental death benefit certificates, and noncancelable accident and health benefit certificates, that are delivered or issued for delivery in this state on or after January 1, 1998, shall comply with the valuation methods and standards, including interest assumptions, that are applicable to life insurers that issue policies containing like benefits.
(C) The superintendent of insurance may, in the superintendent's discretion, accept other standards for valuation if the superintendent finds that the reserves produced by such standards will not be less in the aggregate than reserves computed in accordance with the minimum valuation standards prescribed in this section. The superintendent may, in the superintendent's discretion, 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.
(D) Any society, with the consent of the supervising insurance official of its state of domicile and under any conditions that the superintendent may impose, may establish and maintain reserves on its certificates in excess of the reserves required, provided that the contractual rights of any benefit member are not affected by such action.

Structure Ohio Revised Code

Ohio Revised Code

Title 39 | Insurance

Chapter 3921 | Fraternal Benefit Societies

Section 3921.01 | Fraternal Benefit Society Definitions.

Section 3921.02 | Fraternal Benefit Society Requirements.

Section 3921.03 | Lodge System.

Section 3921.04 | Representative Form of Government.

Section 3921.05 | Purpose of Fraternal Benefit Society.

Section 3921.06 | Membership Rights.

Section 3921.07 | Organization of Society.

Section 3921.08 | Nonindividual Liability - Indemnification or Reimbursement.

Section 3921.09 | Limitation on Powers or Authority.

Section 3921.10 | Formation of Society After 1-1-97.

Section 3921.101 | Maintenance and Amount of Surplus.

Section 3921.11 | Amendment of Laws.

Section 3921.12 | Operating Charitable, Benevolent, or Educational Institutions for Benefit of Members.

Section 3921.13 | Reinsurance Agreements.

Section 3921.14 | Consolidation or Merger of Societies.

Section 3921.15 | Fraternal Society Converted and Licensed as Mutual Life Insurance Company.

Section 3921.16 | Contractual Benefits Provided by Society.

Section 3921.17 | Designation of Beneficiaries.

Section 3921.18 | Exemption of Benefits From Attachment or Garnishment.

Section 3921.19 | Certificate Specifying Amount of Benefits Provided Under Benefit Contract.

Section 3921.191 | Disclosure for Applicants for Contractual Benefits.

Section 3921.20 | Paid-Up Nonforfeiture Benefit - Cash Surrender Value.

Section 3921.21 | Investment of Funds.

Section 3921.22 | No Individual Right to Assets.

Section 3921.23 | Societies Exempt From Insurance Laws.

Section 3921.24 | Tax Exemption.

Section 3921.25 | Standards of Valuation for Certificates.

Section 3921.26 | Annual Financial Statement - Valuation of Certificates.

Section 3921.27 | Renewal of License - Fee.

Section 3921.28 | Examination of Domestic and Foreign Societies.

Section 3921.29 | Foreign or Alien Benefit Society License.

Section 3921.30 | Notice of Deficiency.

Section 3921.31 | Notice and Correction of Deficiency of Society.

Section 3921.33 | Licensing of Agents - Exceptions.

Section 3921.331 | Effect of Child Support Default on License.

Section 3921.34 | Application of Deceptive Act or Practice Prohibitions.

Section 3921.35 | Service of Process Upon Agent.

Section 3921.36 | False or Misleading Statements.

Section 3921.37 | Exceptions to Chapter.

Section 3921.38 | Review of Superintendent's Decisions and Findings.

Section 3921.99 | Penalty.