Indiana Code Title 27. Insurance § 27-1-12.8-30

Sec. 30. (a) Reserves for contracts issued before the transition date selected by a company under IC 27-1-12-12, the transition date in no event to be later than January 1, 1948, may be calculated (at the option of the company) according to any standards that produce greater aggregate reserves for all of the contracts than the minimum reserves required by the laws in effect immediately before the transition date.

(b) Reserves for a category, established by the commissioner, of contracts or benefits issued on or after the transition date selected by a company under IC 27-1-12-12, the transition date in no event to be later than January 1, 1948, may be calculated (at the option of the company) according to any standards that produce greater aggregate reserves for the category than the aggregate reserves calculated according to the minimum standard under this chapter.  However, the rates of interest used for contracts other than annuity and pure endowment contracts must not be greater than the corresponding rate of interest used in calculating nonforfeiture benefits provided in the contracts.

(c) A company that adopts a standard of valuation that produces greater aggregate reserves than the aggregate reserves calculated under sections 19 through 40 of this chapter may adopt a lower standard of valuation with the approval of the commissioner.  However, the lower standard of valuation must not be lower than the minimum standard provided under this chapter.  For purposes of this subsection, the holding of additional reserves previously determined by the appointed actuary to be necessary to render an opinion required by section 21 or 23 of this chapter is not the adoption of a higher standard of valuation.