1. (1) The director of the department of commerce and insurance shall annually value, or cause to be valued, the reserve liabilities, herein called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state issued on or after the operative date provided in subsection 20 of section 376.670 and prior to the operative date of the valuation manual. In calculating such reserves, the director may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves herein required of any foreign or alien company, the director may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when such valuation complies with the minimum standard herein provided.

(2) The provisions of subsection 3 of this section and subsections 1 to 3 of section 376.380 shall apply to all policies and contracts, as appropriate, issued on or after the operative date provided in subsection 20 of section 376.670 and prior to the operative date of the valuation manual, and the provisions of subsections 6 and 7 of section 376.380 shall not apply to such policies and contracts.

(3) The minimum standard for the valuation of policies and contracts issued prior to the operative date provided in subsection 20 of section 376.670 shall be that provided by the laws in effect immediately prior to the operative date provided in subsection 20 of section 376.670.

2. (1) The director shall annually value or caused to be valued the reserves for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health insurance contracts, and deposit-type contracts of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves herein required of any foreign or alien company, the director may accept any valuation made or caused to be made by the insurance supervisory official of any state or other jurisdiction if such valuation complies with the minimum standard provided herein.

(2) The provisions of subsections 6 and 7 of section 376.380 shall apply to all policies and contracts issued on or after the operative date of the valuation manual.

3. Reserves for all policies and contracts issued prior to August 28, 1993, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to such date. Reserves for any category of policies, contracts or benefits as established by the director, issued on or after August 28, 1993, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for such category than those calculated according to the minimum standard herein provided, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be higher than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided therein. Any such company which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard herein provided may, with the approval of the director, adopt any lower standard of valuation, but not lower than the minimum herein provided; however, for purposes of this subsection, the holding of additional reserves previously determined by a qualified actuary to be necessary to render the opinion required by subsections 4 and 5 of section 376.380 shall not be deemed to be the adoption of a higher standard of valuation.