§ 23-84-118. Confidentiality — Definition
(a) As used in this section, “confidential information” means: (1) A memorandum in support of an opinion submitted under § 23-84-112 and any other documents, materials, and other information, including without limitation all working papers and copies of working papers created, produced, or obtained by or disclosed to the Insurance Commissioner or any other person […]
§ 23-84-119. Single-state and small company exemptions
(a) (1) The Insurance Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this state from the requirements of §§ 23-84-115 — 23-84-117 if: (A) The commissioner has issued a written exemption to the company and has not subsequently revoked the exemption in […]
§ 23-84-109. Calculation of reserves — Standards of valuation
(a) Reserves for policies and contracts issued before January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for all the policies and contracts than the minimum reserves required by the laws in effect immediately prior to the date. (b) Reserves for any category […]
§ 23-84-110. Calculation of reserves — Certain life insurance policies and contracts
(a) If in any contract year the gross premium charged by a company on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon, but using the minimum valuation standards of mortality and rate of interest, the minimum reserve […]
§ 23-84-111. Calculation of reserves — Future premium determinations by life insurers
(a) In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then-estimates of future experience, or in the case of any plan of life insurance or annuity which is of such a nature that the minimum reserves […]
§ 23-84-112. Actuarial opinion of reserves — Definition
(a) Actuarial Opinion Prior to Operative Date of the Valuation Manual. (1) General. (A) Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Insurance Commissioner by […]
§ 23-84-113. Rules
The Insurance Commissioner shall have the authority to promulgate reasonable rules as may be appropriate to carry out the purposes and provisions of this chapter.
§ 23-84-114. Minimum standard for accident and health insurance
(a) The Insurance Commissioner shall promulgate rules containing the minimum standards that apply to the valuation of accident and health insurance issued on or after January 1, 1960, but before the operative date of the valuation manual. (b) For accident and health insurance issued on or after the operative date of the valuation manual, the […]
§ 23-84-115. Valuation of policy or contract issued on or after operative date of the valuation manual
(a) Except as provided in this section, for a policy or contract issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under § 23-84-102(b). (b) The valuation manual shall specify: (1) Minimum valuation standards and definitions for policies or […]
§ 23-84-116. Requirements of principle-based valuation
(a) A company shall establish reserves for a policy or contract using a principle-based valuation as specified in the valuation manual that: (1) (A) Quantifies the benefits and guarantees and the funding associated with the policy or contract and their risks at a level of conservatism that reflects conditions that include unfavorable events that have […]