2009 Michigan Laws 500.836 – Calendar year statutory valuation interest rates; use; determination; weighting factors; “reference interest rate” defined; alternative method for determination of reference interest rate; changes to policy or contract forms; computing reference interest
Sec. 836.
(1) The calendar year statutory valuation interest rates as defined in this section shall be the interest rates used in determining the minimum standard for the valuation of the following:
(a) All life insurance policies issued in a particular calendar year on or after the operative date of paragraphs 9 to 19 of section 4060(5).
(b) All individual annuity and pure endowment contracts issued in a calendar year on or after January 1, 1983.
(c) All annuities and pure endowments purchased in a calendar year on or after January 1, 1983 under group annuity and pure endowment contracts.
(d) The net increase, if any, in a calendar year after January 1, 1983 in amounts held under guaranteed interest contracts.
(2) The calendar year statutory valuation interest rates, I, shall be determined as follows, and the results rounded to the nearer 0.25%:
(a) For life insurance,