All of the above shall be under valuation methods and standards including,
but not limited to, interest assumptions in accordance with the laws of
this State applicable to life insurers issuing policies containing like benefits.
(c) The Director may, in his or her discretion, accept other standards
for valuation if the Director finds that the reserves produced thereby will
not be less in the aggregate than reserves computed in accordance with the
minimum valuation standard herein prescribed. The Director may, in his or
her discretion, vary the standards of mortality applicable to all benefit
contracts on substandard lives or other extra-hazardous lives by any
society authorized to do business in this State.
(d) Any society, with the consent of the Commissioner of Insurance of the
state of domicile of the society and under such conditions, if any, which
the Commissioner may impose, may establish and maintain reserves on its
certificates in excess of the reserves required thereunder, but the
contractual rights of any benefit member shall not be affected thereby.
(Source: P.A. 84-303