§ 539. Reserve valuation method—life insurance and endowment benefits
(a) Except as otherwise provided in sections 540, 543, and 545, reserves according to the Commissioner’s reserve valuation method, for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of uniform premiums, are the excess, if any, of the present value, at the date of […]
§ 534. Reserve valuation
(a) The Commissioner shall annually value, or cause to be valued, the reserve for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the effective date of this subchapter. In making a valuation, the Commissioner may use the Department’s actuary […]
§ 535. Actuarial opinion of reserves
(a) (1) Every company with outstanding life insurance contracts, accident and health insurance contracts or deposit-type contracts in the Virgin Islands and subject to regulation by the Commissioner shall annually submit the opinion of the appointed actuary stating whether the reserves and related actuarial items held in support of the policies and contracts are: (A) […]
§ 536. Computation of minimum standard
Except as provided in sections 537, 538, and 545, the minimum standard for the valuation of policies and contracts issued before the effective date of this subchapter is that provided by the laws in effect immediately before that date. Except as otherwise provided in sections 537, 538, and 545, the minimum standard for the valuation […]
§ 537. Computation of minimum standard for annuities
Except as provided in section 538, the minimum standard of valuation for individual annuity and pure endowment contracts issued on or after the effective date of this subchapter and for annuities and pure endowments under group annuity and pure endowment contracts purchased on or after the effective date of this subchapter is the Commissioner’s reserve […]
§ 538. Computation of minimum standard by calendar year of issue
(a) The interest rates used in determining the minimum standard for the valuation as provided in subsections (b), (c) and (d) are the calendar year statutory valuation interest rates for the following: (1) Life insurance policies issued in a particular calendar year, on or after the effective date of section 997 of the Standard Nonforfeiture […]
§ 520. Commissioner’s additional authority to take corrective action
(a) For the purposes of making a determination of an insurer’s financial condition under section 519, the Commissioner may: (1) disregard any credit or amount receivable resulting from transactions with a reinsurer that is insolvent, impaired or otherwise subject to a delinquency proceeding; (2) make appropriate adjustments including disallowance to asset values attributable to investments […]
§ 521. Review and appeal of Commissioner’s order
An insurer subject to an order issued under subsection 520(b) may request a hearing to review the order in accordance with the procedures set forth in chapter 7 of this title.
§ 531. Short title
This subchapter may be cited as the “Standard Valuation Act of 2018”.
§ 532. Definitions
In this subchapter: (a) “Accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. (b) “Alien company” means an insurer as defined in 22 V.I.C. § 201(3). (c) “Appointed actuary” means a qualified […]