26.1-15.1-25. Valuation

26.1-15.1-25. Valuation 1. Standards of valuation for certificates issued before January 1, 1989, are those provided by the laws applicable immediately before January 1, 1988. 2. The minimum standards of valuation for certificates issued after December 31, 1988, are based on the following tables: a. For certificates of life insurance - the commissioners' 1958 standard ordinary mortality table, the commissioners' 1980 standard ordinary mortality table, or any more recent table made applicable to life insurers. b. For annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death benefits, and for noncancelable accident and health benefits - tables authorized for use by life insurers in this state. All of the above must be under valuation methods and standards, including interest assumptions, in accordance with chapter 26.1-35. 3. The commissioner may accept other standards for valuation if the commissioner finds that the reserves produced thereby will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard prescribed in this section. The commissioner may vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by any society authorized to do business in this state. 4. Any society, with the consent of the insurance department of the state of domicile of the society and under conditions, if any, which the commissioner may impose, may establish and maintain reserves on its certificates in excess of the reserves required thereunder, but the contractual rights of any benefit member may not be affected thereby.