§ 38.2-1384. Assessment against insurers whose policies are valued
The Commission is hereby authorized to assess against every insurer whose policies are valued a sum equal to the cost of valuation, which shall be collected by the Commission and paid directly into the state treasury and credited to the “Bureau of Insurance Special Fund — State Corporation Commission” for the maintenance of the Bureau […]
§ 38.2-1385. Article not applicable in certain cases
Nothing in this article shall be construed to apply to any insurer in the transaction of industrial sick benefit insurance as defined in § 38.2-3544, nor to fraternal benefit societies, except for § 38.2-1367. 2014, c. 571.
§ 38.2-1381. Experience reporting for policies in force on or after the operative date of the valuation manual
An insurer shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual. 2014, c. 571.
§ 38.2-1382. Confidentiality
A. For purposes of this section, “confidential information” means: 1. A memorandum in support of an opinion submitted under § 38.2-1367 and any other documents, materials, and other information, including all working papers, and copies thereof, created, produced, or obtained by or disclosed to the Commission or any other person in connection with such memorandum; […]
§ 38.2-1383. Single state exemption
A. The Commission may exempt specific product forms or product lines of a domestic insurer that is licensed and doing business only in the Commonwealth from the requirements of § 38.2-1379 provided: 1. The Commission has issued an exemption in writing to the insurer and has not subsequently revoked the exemption in writing; and 2. […]
§ 38.2-1378. Minimum standard for accident and health insurance contracts
For accident and health insurance contracts 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 subsection B of § 38.2-1366. For disability and accident and sickness insurance contracts issued on or after January 1, 1937, and prior to […]
§ 38.2-1379. Valuation manual for policies issued on or after the operative date of the valuation manual
A. For policies 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 subsection B of § 38.2-1366, except as provided under subsection E or subsection G. B. The operative date of the valuation manual is January 1 of […]
§ 38.2-1380. Requirements of a principle-based valuation
A. An insurer 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 […]
§ 38.2-1374. Minimum reserves
A. In no event shall an insurer’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, be less than the aggregate reserves calculated in accordance with the methods set forth in §§ 38.2-1372, 38.2-1373, 38.2-1376, and 38.2-1377 and the mortality table or tables and rate or rates of interest used in […]
§ 38.2-1375. Optional reserve calculation
A. Reserves for any category of policies, contracts, or benefits as established by the Commission may be calculated, at the insurer’s option, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this article, but the rate or rates of interest used for […]