Section 58-26-57 - Mortality tables used for ordinary life insurance policies.
58-26-57. Mortality tables used for ordinary life insurance policies. The tables that shall be used for all ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in the policies are: the Commissioners 1941 Standard Ordinary Mortality Table for policies issued prior to the operative date of §§ 58-15-38 and 58-15-42, the Commissioners 1958 Standard Ordinary Mortality Table for policies issued on or after the operative date of §§ 58-15-38 and 58-15-42, and prior to the operative date of §§ 58-15-43.1 to 58-15-43.11, inclusive, provided that for any category of policies issued on female risks, all modified net premiums and present values referred to in this chapter may be calculated according to an age not more than six years younger than the actual age of the insured; and for such policies issued on or after the operative date of §§ 58-15-43.1 to 58-15-43.11, inclusive, (i) the Commissioners 1980 Standard Ordinary Mortality Table, or (ii) at the election of the company for any one or more specified plans of life insurance, the Commissioners 1980 Standard Ordinary Mortality Table with ten-year select mortality factors, or (iii) any ordinary mortality table, adopted after 1980 by the National Association of Insurance Commissioners, that is approved by rules promulgated pursuant to chapter 1-26 by the director for use in determining the minimum standard of valuation for the policies.
Source: SL 1995, ch 284, § 13.