§ 549. Confidentiality
(a) For purposes of this section, “Confidential Information” means: (1) A memorandum in support of an opinion submitted under section 535 and any other documents, materials and other information, including, but not limited to, all working papers, and copies thereof, created, produced or obtained by or disclosed to the Commissioner or any other person in […]
§ 544. Reserve calculation—indeterminate premium plans
(a) For a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or for a plan of life insurance or annuity that is of a nature that the minimum reserves cannot be determined by the […]
§ 545. Minimum standard for accident and health insurance contracts
For accident and health insurance contracts issued on or after the effective date of this subchapter, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 534(a). For disability, accident and health or sickness insurance contracts issued on or after March 29, 1968, and before the effective date of […]
§ 546. Valuation manual for policies issued on or after the effective date of this subchapter
(a) For policies issued on or after the effective date of this subchapter, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 534(a), except as provided under subsections (e) or (g). (b) The operative date of the valuation manual is January 1, 2017. (c) Unless a change in […]
§ 547. Requirements of a principle-based valuation
(a) A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual: (1) Quantify the benefits and guarantees, and the funding associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have […]
§ 548. Experience reporting for policies in force on or after the effective date of the valuation manual
A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.
§ 540. Reserve valuation method—annuity and pure endowment benefits
(a) This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer including a partnership or sole proprietorship or by an employee organization, or by both, other than a plan providing individual […]
§ 541. Minimum reserves
(a) A company’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after the effective date of this subchapter, may not be less than the aggregate reserves calculated in accordance with the methods set forth in sections 539, 540, 543 and 544 and the mortality table or tables […]
§ 542. Optional reserve calculation
(a) Reserves for policies and contracts issued before the effective date of this subchapter may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately before the effective date of this […]
§ 543. Reserve calculation—valuation net premium exceeding the gross premium charged
(a) If in any contract year the gross premium charged by a company on a policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve, but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required […]