The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004A
:
STANDARD VALUATION LAW
(Cite as: 8 V.S.A. § 3791j)
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§ 3791j. Optional reserve calculation
(a) Reserves for policies and contracts issued prior to July 1, 1968 may be calculated,
at the option of the company, according to any standards that produce greater aggregate
reserves for all such policies and contracts than the minimum reserves required by
the laws in effect immediately prior to that date.
(b) Reserves for any category of policies, contracts, or benefits established by the Commissioner,
issued on or after July 1, 1968 may be calculated, at the option of the company, according
to any standards that produce greater aggregate reserves for the category than those
calculated according to the minimum standard provided herein, but the rate or rates
of interest used for policies and contracts, other than annuity and pure endowment
contracts, shall not be greater than the corresponding rate or rates of interest used
in calculating any nonforfeiture benefits provided in the policies or contracts.
(c) A company, which adopts at any time a standard of valuation producing greater aggregate
reserves than those calculated according to the minimum standard provided under this
subchapter, may adopt a lower standard of valuation with the approval of the Commissioner,
but not lower than the minimum provided herein, provided that, for the purposes of
this section, the holding of additional reserves previously determined by the appointed
actuary to be necessary to render the opinion required by section 3791c of this subchapter
shall not be deemed to be the adoption of a higher standard of valuation. (Added 2015, No. 63, § 1, eff. June 17, 2015.)