California Insurance Code

§ 11136

INS § 11136 Effective Jan 1, 2010Div. 2 · Part 2 · Ch. 10 · Art. 7

Statute text

Except as otherwise provided in Section 10489.4, such valuation shall be certified by a competent actuary or, at the expense of the society, verified by the actuary of the insurance supervisory official of the state of domicile of the society, and the legal minimum standard of valuation shall be as follows:

(a)All benefits promised by certificates issued prior to September 22, 1952, and the rates therefor shall be valued in accordance with the provisions of law applicable thereto as of the date of issuance, but not lower than the standards and interest assumptions used in the calculation of rates for such benefits.

(b)The minimum standard for the valuation of all certificates issued after September 21, 1952, and prior to January 1, 1972, shall be 3 percent per annum interest; in the case of certificates issued on and after January 1, 1972, and prior to January 1, 1980, the minimum standard for the valuation of all such certificates shall be 4 percent per annum interest; and in the case of certificates issued on and after January 1, 1980, the minimum standard for the valuation of all single premium certificates shall be 512 percent per annum interest and for the valuation of all other such certificates shall be 412 percent per annum interest, and the following tables:

…

Legislative history

Amended by Stats. 2009, Ch. 234, Sec. 12. (AB 299) Effective January 1, 2010.