California Insurance Code 10489.93 – In the case of a plan of life insurance that provides for future …
In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of a plan of life insurance or annuity that is of a nature that the minimum reserves cannot be determined by the methods described in Sections 10489.5, 10489.6, and 10489.9, the reserves that are held under the plan shall:
(a) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and
Terms Used In California Insurance Code 10489.93
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
(b) Be computed by a method that is consistent with the principles of this Standard Valuation Law, as determined by regulations promulgated by the commissioner.
(Amended by Stats. 2015, Ch. 658, Sec. 16. (SB 696) Effective January 1, 2016.)