樱花视频

Bulletin No. 02-15

To: All Domestic Life Insurance Companies

and Charitable Annuity Societies

From: Holly C. Bakke

Commissioner

Subject: Maximum Reserve Valuation and Nonforfeiture Rates

In accordance with N.J.S.A. 17B:19-8 and N.J.S.A. 17B:25-19, the attached table shows the rates of interest to be used for determining minimum valuation standards and nonforfeiture values applicable to life insurance policies issued in 1982 through 2003 and the annuity contracts issued or undergoing a change in fund in 1981 through 2002. With respect to benefits which are subject to the provisions of N.J.S.A. 17B:25-19, the rates shown are applicable for those benefits under life insurance policies issued in a particular calendar year on or after the operative date provided for at N.J.S.A. 17B:25-19.h(xi).

Requests for additional copies of the table should be directed to:

Nancy Hritz

Chief, Valuation Bureau

Life and Health Division

Department of Banking and Insurance

PO Box 325

Trenton, 樱花视频 08625-0325

Phone: (609) 292-5427 ext. 50319

Fax: (609) 633-0527

E-Mail: nancy.hritz@dobi.state.nj.us

The bulletin can also be found at the Department's web site:

www.state.nj.us/dobi/insmnu.shtml

8/16/02 /s/Holly C. Bakke

Date Holly C. Bakke

Commissioner

Statutory Calendar Year Valuation and Nonforfeiture Interest Rates

A. Life Insurance


Guarantee Duration (Years)	Calendar Year	Valuation Interest Rates	Nonforfeiture Interest Rate
10 or less	82	6.75	8.50
	83 - 86	7.25	9.00
	87	6.50	8.25
	88 - 93	6.00	7.50
	94 - 98	5.50	7.00
	99 - 03	5.00	6.25

More than 10, not	82	6.25	7.75
more than 20	83 - 86	6.75	8.50
	87 - 93	6.00	7.50
	94 - 98	5.25	6.50
	99 � 03	4.75	6.00

More than 20	82	5.50	7.00
	83 � 86	6.00	7.50
	87 � 92	5.50	7.00
	93 � 94	5.00	6.25
	95 � 03	4.50	5.75

B. Single stipulated payment immediate annuities and for annuity benefits involving life contingencies arising from other annuities with cash settlement options and from guaranteed interest contracts with cash settlement options.

	Calendar Year	Valuation Interest Rates
	81	11.50
	82	13.25
	83 � 84	11.25
	85	11.00
	86	9.25
	87	8.00
	88 � 89	8.75
	90 � 91	8.25
	92	7.75
	93	7.00
	94	6.50
	95	7.25
	96 � 97	6.75
	98 � 99	6.25
	2000	7.00
	2001	6.75
	2002	6.50

C. Other Annuities and Guaranteed Interest Contracts

Contracts issued on an Issue Year Basis

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)	Calendar Year	Valuation Interest Rate For Plan Type A B C
Yes	Yes	5 or less	81	11.50	9.50	8.25
			82	13.25	10.50	9.25
			83	11.25	9.25	8.25
			84	11.25	9.25	8.00
			85	11.00	7.00	8.00
			86	9.25	7.75	6.75
			87	8.00	6.75	6.25
			88	8.75	7.50	6.75
			89	8.75	7.25	6.50
			90 � 91	8.25	7.00	6.25
			92	7.75	6.50	6.00
			93	7.00	6.00	5.50
			94	6.50	5.75	5.25
			95	7.25	6.25	5.75
			96 � 97	6.75	5.75	5.25
			98 � 99	6.25	5.50	5.00
			2000	7.00	6.00	5.50
			2001	6.75	5.75	5.25
			2002	6.50	5.75	5.25

		more than	81	11.00	9.50	8.25
		5 but not	82	12.50	10.50	9.25
		more than	83	10.75	9.25	8.25
		10	84	10.75	9.25	8.00
			85	10.50	9.00	8.00
			86	8.75	7.75	6.75
			87	7.75	6.75	6.25
			88	8.50	7.50	6.75
			89	8.25	7.25	6.50
			90 � 91	8.00	7.00	6.25
			92	7.50	6.50	6.00
			93	6.75	6.00	5.50
			94	6.50	5.75	5.25
			95	7.00	6.25	5.75
			96 � 97	6.50	5.75	5.25
			98 � 99	6.00	5.50	5.00
			2000	6.75	6.00	5.50
			2001	6.50	5.75	5.25
			2002	6.25	5.75	5.25

		more than	81	7.75	6.75	6.25
		10 but not	82	8.50	7.25	6.75
		more than	83 � 84	8.25	7.00	6.75
		20	85	8.25	7.00	6.50
			86	7.50	6.50	6.00
			87	7.00	6.00	5.75
			88 � 89	7.25	6.25	6.00

C. Other Annuities and Guaranteed Interest Contracts - cont'd

Contracts issued on an Issue Year Basis

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)	Calendar Year	Valuation Interest Rate For Plan Type A B C
Yes	Yes	more than	90 � 91	7.00	6.25	5.75
		10 but not	92	6.75	6.00	5.75
		more than	93	6.25	5.50	5.25
		20	94	6.00	5.25	5.00
			95	6.25	5.50	5.25
			96	6.00	5.25	5.00
			97	6.00	5.25	5.25
			98	5.75	5.00	4.75
			99	5.50	5.00	4.75
			2000	5.75	5.25	5.00
			01 - 02	6.00	5.25	5.00

		more than	81	6.25	5.50	5.50
		20	82	6.75	6.00	6.00
			83 - 84	6.75	5.75	5.75
			85	6.50	5.75	5.75
			86	6.00	5.50	5.75
			87	5.75	5.25	5.50
			88 - 89	6.00	5.25	5.25
			90 - 91	5.75	5.25	5.25
			92	5.75	5.00	5.00
			93	5.25	4.75	4.75
			94	5.00	4.50	4.50
			95	5.25	4.75	4.75
			96	5.00	4.50	4.50
			97	5.25	4.75	4.75
			98 � 99	4.75	4.50	4.50
			2000-02	5.00	4.50	4.50

Yes	No	5 or less	81	12.00	10.00	9.00
			82	13.75	11.25	10.00
			83	11.75	9.75	8.75
			84	11.75	9.75	8.50
			85	11.50	9.50	8.50
			86	9.50	8.00	7.25
			87	8.50	7.25	6.50
			88	9.25	7.75	7.00
			89	9.00	7.50	7.00
			90	8.50	7.25	6.50
			91	8.75	7.25	6.75
			92	8.00	6.75	6.25
			93	7.25	6.25	5.75
			94	6.75	6.00	5.50
			95	7.50	6.50	6.00
			96	6.75	6.00	5.50
			97	7.00	6.00	5.50
			98 � 99	6.50	5.75	5.25
			2000	7.25	6.25	5.75
			2001	7.00	6.00	5.50
			2002	6.75	6.00	5.50

C. Other Annuities and Guaranteed Interest Contracts - cont'd

Contracts issued on an Issue Year Basis

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)	Calendar Year	Valuation Interest Rate For Plan Type A B C
Yes	No	more than	81	11.50		10.00	9.00
		5 but not	82	13.25		11.25	10.00
		more than	83	11.25		9.75	8.75
		10	84	11.25		9.75	8.50
			85	11.00		9.50	8.50
			86	9.25		8.00	7.25
			87	8.00		7.25	6.50
			88	8.75		7.75	7.00
			89	8.75		7.50	7.00
			90	8.25		7.25	6.50
			91	8.25		7.25	6.75
			92	7.75		6.75	6.25
			93	7.00		6.25	5.75
			94	6.50		6.00	5.50
			95	7.25		6.50	6.00
			96 � 97	6.75		6.00	5.50
			98	6.25		5.75	5.25
			99	6.25		5.50	5.25
			2000	7.00		6.25	5.75
			2001	6.75		6.00	5.50
			2002	6.50		6.00	5.50

		more than	81	8.00		7.00	6.75
		10 but not	82	8.75		7.50	7.25
		more than	83 - 84	8.75		7.50	7.00
		20	85	8.50		7.50	7.00
			86	7.75		6.75	6.50
			87	7.25		6.50	6.00
			88 - 91	7.50		6.50	6.25
			92	7.00		6.25	6.00
			93	6.50		5.75	5.50
			94	6.25		5.50	5.25
			95	6.50		5.75	5.50
			96 - 97	6.25		5.50	5.25
			98	6.00		5.25	5.00
			99	5.75		5.25	5.00
			2000	6.00		5.50	5.25
			2001	6.25		5.50	5.25
			2002	6.00		5.50	5.25

		more than	81	6.75	6.00			6.00
		20	82	7.25	6.25			6.25
			83- 85	7.00	6.25			6.25
			86	6.50	5.75			5.75
			87	6.00	5.50			5.50
			88	6.25	5.75			5.75
			89 - 91	6.25	5.50			5.50
			92	6.00	5.25			5.25
			93	5.50	5.00			5.00

C. Other Annuities and Guaranteed Interest Contracts - cont'd

Contracts issued on an Issue Year Basis

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)	Calendar Year	Valuation Interest Rate For Plan Type A B C
Yes	No	more than	94		5.25			4.75	4.75
		20	95		5.50			5.00	5.00
			96		5.25			4.75	4.75
			97		5.25			5.00	5.00
			98		5.00		4.75		4.75
			99		5.00		4.50		4.50
			2000-02		5.25		4.75		4.75

No	Yes or	5 or less	81	11.50		NOT
	No		82	13.25		APPLICABLE
			83 - 84	11.25		FOR ANY
			85	11.00		GUARANTEE
			86	9.25		DURATION
			87	8.00		FOR PLAN
			88 - 89	8.75		TYPES
			90 - 91	8.25		B AND C
			92	7.75
			93	7.00
			94	6.50
			95	7.25
			96- 97	6.75
			98 � 99	6.25
			2000	7.00
			2001	6.75
			2002	6.50

		more than	81	11.00
		5 but not	82	12.50
		more than	83 � 84	10.75
		10	85	10.50
			86	8.75
			87	7.75
			88	8.50
			89	8.25
			90 � 91	8.00
			92	7.50
			93	6.75
			94	6.50
			95	7.00
			96 � 97	6.50
			98 � 99	6.00
			2000	6.75
			2001	6.50
			2002	6.25

		more than	81	10.00
		10 but not	82	11.25
		more than	83 � 84	9.75
		20	85	9.50
			86	8.00

C. Other Annuities and Guaranteed Interest Contracts - cont'd

Contracts issued on an Issue Year Basis

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)	Calendar Year	Valuation Interest Rate For Plan Type A B C
No	Yes or	more than	87	7.25
	No	10 but not	88	7.75
		more than	89	7.50
		20	90 � 91	7.25
			92	6.75
			93	6.25
			94	6.00
			95	6.50
			96 � 97	6.00
			98	5.75
			99	5.50
			2000	6.25
			2002	6.00

		more than	81	7.75	NOT
		20	82	8.75	APPLICABLE
			83 - 84	7.75	FOR ANY
			85	7.50	GUARANTEE
			86	6.50	DURATION
			87	6.00	FOR PLAN
			88 - 89	6.25	TYPES
			90 - 91	6.00	B AND C
			92	5.75
			93	5.25
			94	5.00
			95	5.50
			96	5.00
			97	5.25
			98 � 99	4.75
			2000	5.25
			2002	5.00

D. Other Annuities and Guaranteed Interest Contracts

Contracts Valued on a Change in Fund Basis

(Only contracts with cash settlement options may be valued on change in fund basis)

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)	Calendar Year	Valuation Interest Rate For Plan Type A B C
Yes	Yes	5 or less	81	13.25	12.00	9.00
			82	15.00	13.75	10.00
			83	12.75	11.75	8.75
			84	12.75	11.75	8.50
			85	12.50	11.50	8.50
			86	10.25	9.50	7.25
			87	9.00	8.50	6.50
			88	10.00	9.25	7.00

D. Other Annuities and Guaranteed Interest Contracts

Contracts Valued on a Change in Fund Basis

(Only contracts with cash settlement options may be valued on change in fund basis)

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)	Calendar Year	Valuation Interest Rate For Plan Type A B C
Yes	Yes	5 or less	89	9.75	9.00		7.00
			90	9.25	8.50		6.50
			91	9.25	8.75		6.75
			92	8.50	8.00		6.25
			93	7.75	7.25		5.75
			94	7.25	6.75		5.50
			95	8.25	7.50		6.00
			96	7.25	6.75		5.50
			97	7.50	7.00		5.50
			98	7.00	6.50		5.25
			99	6.75	6.25		5.25
			2000	7.75	7.25		5.75
			2001	7.50		7.00		5.50
			2002	7.25		6.75		5.50

		more than	81	12.75		12.00		9.00
		5 but not	82	14.50		13.75		10.00
		more than	83	12.25		11.75		8.75
		10	84	12.25		11.75		8.50
			85	12.00		11.50		8.50
			86	10.00		9.50		7.25
			87	8.75		8.50		6.50
			88	9.50		9.25		7.00
			89	9.50		9.00		7.00
			90	8.75		8.50		6.50
			91	9.00		8.75		6.75
			92	8.25		8.00		6.25
			93	7.50		7.25		5.75
			94	7.00		6.75		5.50
			95	8.00		7.50		6.00
			96	7.00		6.75		5.50
			97	7.25		7.00		5.50
			98	6.75		6.50		5.25
			99	6.50		6.25		5.25
			2000	7.50		7.25		5.75
			2001	7.25		7.00		5.50
			2002	7.00		6.75		5.50

		more than	81	11.50		11.00		8.25
		10 but not	82	13.25		12.50		9.25
		more than	83	11.25		10.75		8.25
		20	84	11.25		10.75		8.00
			85	11.00		10.50		8.00
			86	9.25		8.75		6.75
			87	8.00		7.75		6.25
			88	8.75		8.50		6.75
			89	8.75		8.25		6.50
			90 - 91	8.25		8.00		6.25
			92	7.75		7.50		6.00

D. Other Annuities and Guaranteed Interest Contracts - cont'd

Contracts Valued on a Change in Fund Basis

(Only contracts with cash settlement options may be valued on change in fund basis)

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)	Calendar Year	Valuation Interest Rate For Plan Type A B C
Yes	Yes	more than	93	7.00	6.75	5.50
		10 but not	94	6.50	6.50	5.25
		more than	95	7.25	7.00	5.75
		20	96 - 97	6.75	6.50	5.25
			98 � 99	6.25	6.00	5.00
			2000	7.00	6.75	5.50
			2001	6.75	6.50	5.25
			2002	6.50	6.25	5.25

		more than	81	9.50	9.50	7.25
		20	82	10.50	10.50	8.00
			83	9.25	9.25	7.25
			84	9.25	9.25	7.00
			85	9.00	9.00	7.00
			86	7.75	7.75	6.00
			87	6.75	6.75	5.50
			88	7.50	7.50	6.00
			89	7.25	7.25	5.75
			90	7.00	7.00	5.50
			91	7.00	7.00	5.75
			92	6.50	6.50	5.25
			93	6.00	6.00	5.00
			94	5.75	5.75	4.75
			95	6.25	6.25	5.25
			96	5.75	5.75	4.75
			97	5.75	5.75	5.00
			98	5.50	5.50	4.75
			99	5.50	5.50	4.50
			2000	6.00	6.00	5.00
			2001	5.75	5.75	5.00
			2002	5.75	5.75	4.75

Yes	No	5 or less	81	13.75	12.75	9.50
			82	15.75	14.50	10.50
			83	13.50	12.25	9.25
			84	13.25	12.25	9.25
			85	13.00	12.00	9.00
			86	10.75	10.00	7.75
			87	9.50	8.75	6.75
			88	10.25	9.50	7.50
			89	10.00	9.50	7.25
			90	9.50	8.75	7.00
			91	9.75	9.00	7.00
			92	9.00	8.25	6.50
			93	8.25	7.50	6.00
			94	7.50	7.00	5.75
			95	8.50	8.00	6.25
			96	7.50	7.00	5.75
			97	7.75	7.25	5.75

D. Other Annuities and Guaranteed Interest Contracts - cont'd

Contracts Valued on a Change in Fund Basis

(Only contracts with cash settlement options may be valued on change in fund basis)

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)	Calendar Year	Valuation Interest Rate For Plan Type A B C
Yes	No	5 or less	98	7.00	6.75	5.50
			99	7.00	6.50	5.50
			2000	8.00	7.50	6.00
			2001	7.75	7.25	5.75
			2002	7.50	7.00	5.75

		more than	81	13.25	12.00	9.00
		5 but not	82	15.00	14.50	10.50
		more than	83 - 84	12.75	12.25	9.25
		10	85	12.50	12.00	9.00
			86	10.25	10.00	7.75
			87	9.00	8.75	6.75
			88	10.00	9.50	7.50
			89	9.75	9.50	7.25
			90	9.25	8.75	7.00
			91	9.25	9.00	7.00
			92	8.50	8.25	6.50
			93	7.75	7.50	6.00
			94	7.25	7.00	5.75
			95	8.25	8.00	6.25
			96	7.25	7.00	5.75
			97	7.50	7.25	5.75
			98	7.00	6.75	5.50
			99	6.75	6.50	5.50
			2000	7.75	7.50	6.00
			2001	7.50	7.25	5.75
			2002	7.25	7.00	5.75

		more than	81	12.00	11.50	9.00
		10 but not	82	13.75	13.25	10.00
		more than	83	11.75	11.25	8.75
		20	84	11.75	11.25	8.50
			85	11.50	11.00	8.50
			86	9.50	9.25	7.25
			87	8.50	8.00	6.50
			88	9.25	8.75	7.00
			89	9.00	8.75	7.00
			90	8.50	8.25	6.50
			91	8.75	8.25	6.75
			92	8.00	7.75	6.25
			93	7.25	7.00	5.75
			94	6.75	6.50	5.50
			95	7.50	7.25	6.00
			96	6.75	6.75	5.50
			97	7.00	6.75	5.50
			98	6.50	6.25	5.25
			99	6.25	6.25	5.25
			2000	7.25	7.00	5.75
			2001	7.00	6.75	5.50
			2002	6.75	6.50	5.50

D. Other Annuities and Guaranteed Interest Contracts - cont'd

Contracts Valued on a Change in Fund Basis

(Only contracts with cash settlement options may be valued on change in fund basis)

Cash Settlement Options?	Future Interest Guarantee?	Guarantee Duration (Years)		Calendar Year		Valuation Interest Rate For Plan Type A B C
Yes	No	more than		81		10.00		10.00		7.75
		20		82		11.25		11.25		8.75
				83		9.75		9.75		7.75
				84		9.75		9.75		7.50
				85		9.50		9.50		7.50
				86		8.00		8.00		6.50
				87		7.25		7.25		6.00
				88		7.75		7.75		6.25
				89		7.50		7.50		6.25
			90 - 91		7.25		7.25		6.00
			92		6.75		6.75		5.75
			93		6.25		6.25		5.25
			94		6.00		6.00		5.00
			95		6.50		6.50		5.50
			96		6.00		6.00		5.00
			97		6.00		6.00		5.25
			98		5.75		5.75		4.75
			99		5.50		5.50		4.75
			2000		6.25		6.25		5.25
			01 - 02		6.00		6.00		5.00

Definitions

Guarantee Duration:

For life insurance, the guarantee duration is the maximum number of years the life insurance can remain in force on a basis guaranteed in the policy or under options to convert to plans of life insurance with premium rates or nonforfeiture values or both which are guaranteed in the original policy.

For annuities with cash settlement options and guaranteed interest contracts with cash settlement options other than single stipulated payment immediate annuities and annuity benefits involving life contingencies arising from other annuities with cash settlement options and guaranteed interest contracts with cash settlement options, the guarantee duration is the number of years for which the contract guarantees interest rates in excess of the calendar year statutory valuation interest rate for life insurance policies with guarantee durations in excess of 20 years.

For other annuities with no cash settlement options and for guaranteed interest contracts with no cash settlement options, the guarantee duration is the number of years from the date of issue or date of purchase to the date annuity benefits are scheduled to commence.

Plan Type:

Type A - At any time policyholder may withdraw funds only (1) with an adjustment to reflect changes in interest rates or asset values since receipt of the funds by the insurer, or (2) without such adjustment but in installments over 5 years or more, or (3) as an immediate life annuity, or (4) no withdrawal permitted.

Type B - Before expiration of the interest rate guarantee, policyholder may withdraw funds only (1) with an adjustment to reflect changes in interest rates or asset values since receipt of the funds by the insurer, or (2) without such adjustment but in installments over 5 years or more, or (3) no withdrawal permitted. At the end of interest rate guarantee, funds may be withdrawn without such adjustment in a single sum or installments over less than 5 years.

Type C - Policyholder may withdraw funds before expiration of interest rate guarantee in a single sum or installments over less than 5 years either (1) without adjustment to reflect changes in interest rates or asset values since receipt of the funds by the insurer, or (2) subject only to a fixed surrender charge stipulated in the contract as a percentage of the fund.

Issue Year Basis

An issue year basis of valuation refers to a valuation basis under which the interest rate used to determine the minimum valuation standard for the entire duration of the annuity or guaranteed interest contract is the calendar year valuation interest rate for the year of issue or year of purchase of the annuity or guaranteed interest contract.

Change in Fund Basis

The change in fund basis of valuation refers to a valuation basis under which the interest rate used to determine the minimum valuation standard applicable to each change in fund held under the annuity or guaranteed interest contract is the calendar year valuation interest rate for the year of the change in the fund.

An insurer may elect to value guaranteed interest contracts with cash settlement options and annuities with cash settlement options on either an issue year basis or on a change in fund basis. Guaranteed interest contracts with no cash settlement options and other annuities with no cash settlement options must be valued on an issue year basis.