§ 27-4.5-6. Minimum reserves.
(a) In no event shall a company’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after January 1, 1994, be less than the aggregate reserves calculated in accordance with the methods set forth in §§ 27-4.5-5, 27-4.5-5.1, 27-4.5-8 and 27-4.5-9 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies.
(b) In no event shall the aggregate reserves for all policies, contracts, and benefits be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by § 27-4.5-3.
History of Section.P.L. 1993, ch. 180, § 1; P.L. 2013, ch. 17, § 2; P.L. 2013, ch. 20, § 2.
Structure Rhode Island General Laws
Chapter 27-4.5 - The Standard Valuation Law
Section 27-4.5-1. - Short title and definitions.
Section 27-4.5-2. - Reserve valuation.
Section 27-4.5-3. - Actuarial opinion of reserves.
Section 27-4.5-4. - Computation of minimum standard.
Section 27-4.5-4.1. - Computation of minimum standard by calendar year of issue.
Section 27-4.5-5. - Reserve valuation method — Life insurance and endowment benefits.
Section 27-4.5-5.1. - Reserve valuation method — Annuity and pure endowment benefits.
Section 27-4.5-6. - Minimum reserves.
Section 27-4.5-7. - Optional reserve calculation.
Section 27-4.5-8. - Reserve calculation — Valuation net premium exceeding the gross premium charged.
Section 27-4.5-9. - Reserve calculation — Indeterminate premium plans.
Section 27-4.5-10. - Minimum standards for accident and health insurance contracts.
Section 27-4.5-11. - Rules and regulations.
Section 27-4.5-12. - Severability.
Section 27-4.5-14. - Requirements of a principle-based valuation.