(1) Reserves for all policies and contracts issued prior to the operative date stated in ORS § 743.204 for the Standard Nonforfeiture Law for Life Insurance may be calculated, at the option of the insurer, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to the operative date.

(2) Reserves for any category of policies, contracts or benefits as established by the Director of the Department of Consumer and Business Services, issued on or after the operative date stated in ORS § 743.204 for the Standard Nonforfeiture Law for Life Insurance, may be calculated, at the option of the insurer, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in ORS § 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, 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 in the policies or contracts.

(3) An insurer that at any time has adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in ORS § 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, may, with the approval of the director, adopt any lower standard of valuation. The standard shall not be lower than the minimum provided in ORS § 733.300 to 733.340 and sections 14 to 17, chapter 547, Oregon Laws 2015, except that for the purposes of this subsection, the holding of additional reserves previously determined by a qualified actuary to be necessary to render the opinion required by ORS § 733.304 shall not be deemed to be the adoption of such a higher standard of valuation. [1991 c.401 § 26; 2015 c.547 § 25]