Sec. 29. (a) A company's aggregate reserves for all contracts, excluding disability and accidental death benefits, issued on or after the transition date selected by the company under IC 27-1-12-12, the transition date in no event to be later than January 1, 1948, must not be less than the aggregate reserves calculated in accordance with sections 27, 28, 31, and 32 of this chapter and the mortality tables and rates of interest used in calculating nonforfeiture benefits for the contracts.
(b) The aggregate reserves for all contracts and benefits must not be less than the aggregate reserves determined by the appointed actuary to be necessary to render an opinion required by section 21 or 23 of this chapter.
As added by P.L.276-2013, SEC.10.