2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 512B - FRATERNAL BENEFIT SOCIETIES
512B.23 - VALUATION.

        512B.23  VALUATION.
         1.  Standards of valuation for certificates issued before January
      1, 1991, are those provided by chapter 512, Code 1989.
         2.  The minimum standards of valuation for certificates issued on
      or after January 1, 1991, shall be based on the following tables:
         a.  For certificates of life insurance, the commissioner's
      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, the tables authorized for
      use by life insurers in this state.
         Paragraphs "a" and "b" are under valuation methods and
      standards, including interest assumptions, in accordance with the
      laws of this state applicable to life insurers issuing policies
      containing like benefits.
         3.  The commissioner may, in the commissioner's discretion, accept
      another standard for valuation if the commissioner finds that the
      reserves produced by the other standard will not be less in the
      aggregate than reserves computed in accordance with the minimum
      valuation standards prescribed by subsection 2.  The commissioner
      may, in the commissioner's discretion, 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.  A society, with the consent of the commissioner of insurance
      of the state of domicile of the society and under conditions which
      the commissioner may impose, may establish and maintain reserves on
      its certificates in excess of the reserves otherwise required, but
      the contractual rights of a benefit member shall not be affected by
      the excess reserves.  

         90 Acts, ch 1148, §24
         Referred to in § 512B.24