Section 031-340-VIII-4 - Minimum StandardsA. Rule 830 shall not apply to credit life insurance.B. The interest rates used in determining the minimum standard for valuation shall be the calendar year statutory valuation interest rates as defined in 24-A M.R.S.A. §953-A.C. The method used in determining the minimum standard for valuation shall be the commissioners reserve valuation method as defined in 24-A M.R.S.A. §954. (1) In applying the commissioners reserve valuation method, consideration should be given to the period of time for which renewability of benefits are guaranteed under the contract. If benefits are guaranteed for less than one year, the method produces a reserve equal to the mortality cost from the valuation date to the premium "paid-to" date.(2) Title 24-A M.R.S.A. §952 contains language permitting the use of "group methods and approximate averages for fractions of a year or otherwise." Such methods may be appropriate in those situations where individual certificate data is not readily available to the insurer. This is especially common in monthly payment programs, with frequent remittance of small premiums.02-031 C.M.R. ch. 340, § VIII-4