§951-A. Definitions As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2013, c. 238, Pt. C, §2 (NEW).] 1. Appointed actuary. “Appointed actuary” means the actuary appointed by an insurer pursuant to section 952‑A, subsection 1. [PL 2013, c. 238, Pt. C, §2 (NEW).] […]
§951. Short title This subchapter may be known and cited as “the Standard Valuation Law.” [PL 2013, c. 238, Pt. C, §1 (NEW).] SECTION HISTORY PL 1969, c. 132, §1 (NEW). PL 1983, c. 346, §1 (AMD). PL 2013, c. 238, Pt. C, §1 (RPR).
§952-A. Actuarial opinion of reserves 1. General. An insurer doing business in this State subject to this subchapter shall appoint a qualified actuary, in accordance with any applicable requirements of the valuation manual or rules adopted by the superintendent, and annually submit the opinion of the appointed actuary as to whether the reserves and related […]
§952-B. Applicability of reserving methodologies Sections 953 to 958‑A do not apply to a policy or contract that is issued on or after the operative date of the valuation manual and is subject to section 959, unless those sections are made applicable by reference in whole or part in the valuation manual. [PL 2013, […]
§952. Calculation of reserve liabilities 1. The superintendent shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer transacting business in this State in accordance with this subchapter, except that in the case of an […]
§953-A. Applicable interest rates 1. 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 section: A. All life insurance policies issued in a particular calendar year, on or after the operative date of the Standard […]
§953. Minimum standards 1. This subsection applies only to policies and contracts issued prior to January 1, 1948, or such earlier date after July 21, 1945, as shall have been elected by an insurer as the date on and after which it would comply with the standard nonforfeiture law. Except as otherwise provided in […]
§954. Commissioners reserve valuation method defined 1. Policies providing for uniform insurance and uniform premiums. Except as otherwise provided in subsection 2 and section 957, reserves according to the commissioners 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 […]
§955. Minimum reserves 1. Minimum aggregate reserves for life insurance policies. An insurer’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, that are subject to section 953, subsection 2 may not be less than the aggregate reserves calculated in accordance with the method set forth in sections 954 and 957‑A […]
§956. Optional reserve calculation 1. Reserve calculation. Reserves for any category of policies, contracts or benefits as established by the superintendent that are subject to section 953, subsection 2, may be calculated at the option of the insurer according to any standards that produce greater aggregate reserves for that category than those calculated according to […]
§957-A. Superintendent’s authority to approve certain plans 1. 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 insurance company based on then estimates of future experience, or in the case of any plan of life insurance or annuity which […]
§957. Deficiency reserve If the gross premium charged by any life insurer on any policy or contract which is subject to section 953, subsection 2, 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 […]
§958-A. Interest rates extended Notwithstanding section 958, the changes in the interest rates for life insurance specified in this subchapter and in sections 2528 to 2534, which were made by the Amendatory Acts of 1979, shall continue to apply to life insurance policies issued on or after January 1, 1980 and prior to the operative […]
§958. Interest rates All changes in the interest rates specified in this subchapter and in sections 2528 to 2534, which were made by the Amendatory Acts of 1979, shall become ineffective as to contracts or policies issued on or after November 1, 1987, unless expressly extended by law. [PL 1979, c. 453, §8 (NEW).] […]
§959. Reserves subject to valuation manual 1. General requirement. On and after the operative date of the valuation manual, reserves on policies and contracts of subject lines of insurance must be valued as follows, except as otherwise specifically provided in this section or in rules adopted by the superintendent: A. For policies and contracts […]
§960. Requirements for principle-based reserves 1. Scope. This section applies to all policies and contracts for which principle-based reserving is required by the valuation manual, unless exempted by the superintendent in accordance with the following standards: A. An exemption under this subsection may not be granted unless the insurer is licensed and doing business […]
§961. Experience reporting For all policies and contracts in force on or after the operative date of the valuation manual, an insurer shall submit mortality, morbidity, policyholder behavior and expense experience data, as applicable, and other data as prescribed in the valuation manual. [PL 2013, c. 238, Pt. C, §9 (NEW).] SECTION HISTORY PL […]
§962. Confidentiality 1. Information subject to this section. For purposes of this section, “protected valuation information” means: A. A memorandum in support of an opinion submitted under section 952‑A 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 […]
