(a) This chapter shall be known and may be cited as the “Standard Valuation Law for Life Insurance and Annuities”. (b) As used in this chapter: (1) “Accident and health insurance” means: (A) A contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or medical conditions; and (B) The […]
(a) Except as provided in subdivision (a)(4) of this section, for a policy or contract issued before the operative date of the valuation manual: (1) (A) The Insurance Commissioner shall annually value, or cause to be valued, the reserves for all outstanding life insurance issued by a company on or after January 1, 1960, and […]
(a) Except as provided in §§ 23-84-104, 23-84-105, and 23-84-114, the minimum standard for the valuation of all policies and contracts issued prior to the operative date of § 23-81-213(a) shall be provided by the laws in effect immediately prior to January 1, 1960. (b) Except as otherwise provided in §§ 23-84-104, 23-84-105, and 23-84-114, […]
(a) Except as provided in § 23-84-105, the minimum standard for the valuation of all individual annuity and pure endowment contracts issued on or after the operative date of this section and for all annuities and pure endowments purchased on or after the operative date under group annuity and pure endowment contracts shall be the […]
(a) Applicability of this Section. The interest rates used in determining the minimum standard for the valuation of the following shall be the calendar year statutory valuation interest rates as defined in this chapter: (1) All life insurance policies issued in a particular calendar year, on or after the operative date of § 23-81-213(d); (2) […]
(a) Except as otherwise provided in §§ 23-84-107 and 23-84-110, reserves according to the Insurance 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, shall be the excess, if any, of the present value at the date […]
(a) This section shall apply 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 […]
(a) In no event shall an insurer’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after June 17, 1981, be less than the aggregate reserves calculated in accordance with the methods set forth in §§ 23-84-106, 23-84-107, 23-84-110, and 23-84-111, and the mortality tables and rates of […]
(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 […]
(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 […]
(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 […]
(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 […]
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.
(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 […]
(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 […]
(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 […]
For a policy or contract in force on or after the operative date of the valuation manual, a company shall submit mortality, morbidity, policyholder behavior, or expense and other data as prescribed in the valuation manual.
(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 […]
(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 […]
