410:5 Computation of Minimum Standards. –
Except as provided in paragraphs I and II and RSA 410:14, the minimum standard for the valuation of policies and contracts issued prior to April 7, 1943, except group annuity and pure endowment contracts, shall be that provided by the laws in effect immediately prior to that date. Except as provided in RSA 410:6 and RSA 410:7, the minimum standard for the valuation of group annuity and pure endowment contracts issued prior to April 7, 1943, shall be that provided by the laws in effect immediately prior to such date except that the interest rate specified shall be 5 percent per annum for all such contracts. Except as otherwise provided in RSA 410:6, RSA 410:7, and RSA 410:14 the minimum standard for the valuation of all policies and contracts issued on or after April 7, 1943, shall be the commissioner's reserve valuation methods defined in RSA 410:8, RSA 410:9, RSA 410:12 and RSA 410:14, 5 percent interest for group annuity and pure endowment contracts and 31/2 percent interest for all other such policies and contracts, or in the case of life insurance policies and contracts, other than annuity and pure endowment contracts, issued on or after September 1, 1943, 4 percent interest for policies issued prior to August 1, 1979, 51/2 percent interest for single premium life insurance policies and 41/2 percent interest for all other policies issued on or after August 1, 1979 and the following tables:
I. For all ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in such policies: the Commissioner's 1941 Standard Ordinary Mortality Table for policies issued prior to the operative date of RSA 409:5-a, I; the Commissioner's 1958 Standard Ordinary Mortality Table for such policies issued on or after the operative date of RSA 409:5-a, I, and prior to the operative date of RSA 409:5-b; provided that for any category of policies issued on female risks, all modified net premiums and present values referred to in this chapter may be calculated according to an age not more than 6 years younger than the actual age of the insured; and for policies issued on or after the operative date of RSA 409:5-b, of the Standard Nonforfeiture Law for Life Insurance as amended.
(a) The Commissioner's 1980 Standard Ordinary Mortality Table;
(b) At the election of the company for any one or more specified plans of life insurance, the Commissioner's 1980 Standard Ordinary Mortality Table with Ten-Year Select Mortality Factors; or
(c) Any ordinary mortality table, adopted after 1980 by the National Association of Insurance Commissioners, which is approved by rule adopted by the commissioner pursuant to RSA 541-A for use in determining the minimum standard of valuation for such policies.
II. For all industrial life insurance policies issued on the standard basis, excluding any disability and accidental death benefits in the policies; the 1941 Standard Industrial Mortality Table for policies issued prior to the operative date of RSA 409:5-a, II, and for policies issued on or after the operative date, the Commissioner's 1961 Standard Industrial Mortality Table or any industrial mortality table adopted after 1980 by the National Association of Insurance Commissioners that is approved by rule adopted by the commissioner pursuant to RSA 541-A for use in determining the minimum standard of valuation for the policies.
III. For individual annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies the 1937 Standard Annuity Mortality Table or at the option of the company, the Annuity Mortality Table for 1949, Ultimate, or any modification of either of these tables approved by the commissioner.
IV. For group annuity and pure endowment contracts, excluding any disability and accidental death benefits in the policies: the Group Annuity Mortality Table for 1951, a modification of the table approved by the commissioner, or at the option of the company, any of the tables or modifications of tables specified for individual annuity and pure endowment contracts.
V. For total and permanent disability benefits in or supplementary to ordinary policies or contracts: for policies or contracts issued on or after January 1, 1966, the tables of Period 2 disablement rates and the 1930 to 1950 termination rates of the 1952 Disability Study of the Society of Actuaries, with due regard to the type of benefit or any tables of disablement rates and termination rates adopted after 1980 by the National Association of Insurance Commissioners, that are approved by rule adopted by the commissioner pursuant to RSA 541-A for use in determining the minimum standard of valuation for those policies; for policies or contracts issued on or after January 1, 1961 and prior to January 1, 1966, either those tables or, at the option of the company, the Class (3) Disability Table (1926); and for policies issued prior to January 1, 1961, the Class (3) Disability Table (1926). Any such table shall, for active lives, be combined with a mortality table permitted for calculating the reserves for life insurance policies.
VI. For accidental death benefits in or supplementary to policies issued on or after January 1, 1966: the 1959 Accidental Death Benefits Table or any accidental death benefits table adopted after 1980 by the National Association of Insurance Commissioners that is approved by rule adopted by the commissioner pursuant to RSA 541-A for use in determining the minimum standard of valuation for those policies; for policies issued on or after January 1, 1961 and prior to January 1, 1966, either that table or, at the option of the company, the Inter-Company Double Indemnity Mortality Table; and for policies issued prior to January 1, 1961, the Inter-Company Double Indemnity Mortality Table. Either table shall be combined with a mortality table permitted for calculating the reserves for life insurance policies.
VII. For group life insurance, life insurance issued on the substandard basis and other special benefits; tables approved by the commissioner.