SB 0808 Sets the reserves that an ins. co. must maintain to ensure that it has the resources to pay future life ins. claims
Sponsor:Jacob
LR Number:3513L.01I Fiscal Note:3513-01
Committee:Insurance and Housing
Last Action:01/27/00 - Referred S Insurance & Housing Committee Journal page:S152
Title:
Effective Date:January 1, 2001
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Current Bill Summary

SB 808 - This act governs the required amounts of reserves that an insurance company must maintain to ensure that it has the resources to pay future life insurance claims. This act provides tables of select mortality factors for use in valuing life insurance reserves. The act also sets forth methodology for valuing reserves on policies with nonlevel premiums or benefits or with secondary guarantees. This act provides tables of select mortality factors and rules for their use; rules concerning the minimum standard for the valuation of plans with nonlevel premiums or benefits; and rules concerning the minimum standard for the valuation of plans with secondary guarantees.
STEPHEN WITTE