Texas Insurance Code
§ 1105.055 — USE OF MORTALITY TABLES AND INTEREST RATES WITH NONFORFEITURE NET LEVEL PREMIUM METHOD
IN § 1105.055Title 7. LIFE INSURANCE AND ANNUITIES · Part A. LIFE INSURANCE IN GENERAL · Ch. 1105. STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE · Art. B. COMPUTATION OF ADJUSTED PREMIUMS USING NONFORFEITURE NET LEVEL PREMIUM METHOD
Statute text
View on source(a)Subject to Subsections (c)-(i), an adjusted premium or present value computed under this subchapter must be computed:
(1)for a policy of ordinary insurance:
(A)on the basis of the Commissioners 1980 Standard Ordinary Mortality Table; or
(B)at the option of the company for any one or more specified plans of life insurance, on the basis of the Commissioners 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality Factors; and
(2)for a policy of industrial insurance, on the basis of the Commissioners 1961 Standard Industrial Mortality Table.
(b)Subject to Subsections (c)-(i), computations on each policy issued in a particular calendar year must be made using a rate of interest not to exceed the nonforfeiture interest rate as defined by Section 1105.056 for a policy issued in that calendar year.
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Legislative history
Acts 2015, 84th Leg., R.S., Ch. 313 (S.B. 1654), Sec. 17, eff. September 1, 2015.