§ 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 […]
§ 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 […]
§ 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 […]
§ 533. Applicability of prior law
(a) The minimum standard for the valuation of policies and contracts issued before March 29, 1968 is the minimum standard provided by the laws in effect immediately before March 29, 1968. (b) Notwithstanding any other requirements as provided in this subchapter, the Standard Valuation Law adopted on March 29, 1968 and encoded at title 22 […]