§ 3791. Title
§ 3791. Title This subchapter shall be known as the Standard Valuation Law. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
§ 3791a. Definitions
§ 3791a. Definitions As used in this subchapter: (1) “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. (2) “Appointed actuary” means a qualified actuary who is appointed in accordance with the […]
§ 3791b. Reserve valuation
§ 3791b. Reserve valuation (a)(1) Policies and contracts issued prior to the operative date of the Valuation Manual. The Commissioner 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 company doing business in this State […]
§ 3791c. Actuarial opinion of reserves
§ 3791c. Actuarial opinion of reserves (a) Actuarial Opinion of Reserves after the Operative Date of the Valuation Manual; General. Every company with outstanding life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this State and subject to regulation by the Commissioner shall annually submit the opinion of the appointed actuary as […]
§ 3791d. Computation of minimum standard
§ 3791d. Computation of minimum standard Except as provided in sections 3791e, 3791f, and 3791m of this subchapter, the minimum standard for the valuation of policies and contracts issued prior to the effective date of this subchapter shall be that provided by the laws in effect immediately prior to that date. Except as otherwise provided […]
§ 3791e. Computation of minimum standard for annuities
§ 3791e. Computation of minimum standard for annuities (a) Except as provided in section 3791f of this subchapter, the minimum standard of valuation for individual annuity and pure endowment contracts issued on or after the effective date of this section and for annuities and pure endowments purchased on or after the operative date under group […]
§ 3791f. Computation of minimum standard by calendar year of issue
§ 3791f. Computation of minimum standard by calendar year of issue (a) 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: (1) life insurance policies issued in a particular calendar year, on or after the […]
§ 3791g. Reserve valuation method—life insurance and endowment benefits
§ 3791g. Reserve valuation method—life insurance and endowment benefits (a) Except as otherwise provided in sections 3791g, 3791h, and 3791m of this subchapter, reserves according to the 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 […]
§ 3791h. Reserve valuation method—annuity and pure endowment benefits
§ 3791h. Reserve valuation method—annuity and pure endowment benefits (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 […]
§ 3791i. Minimum reserves
§ 3791i. Minimum reserves (a) In no event shall a company’s aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after July 1, 1968 be less than the aggregate reserves calculated in accordance with the methods set forth in sections 3791g, 3791h, 3791k, and 3791l of this subchapter […]
§ 3791j. Optional reserve calculation
§ 3791j. Optional reserve calculation (a) Reserves for policies and contracts issued prior to July 1, 1968 may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to that […]
§ 3791k. Reserve calculation—valuation net premium exceeding the gross premium charged
§ 3791k. 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 […]
§ 3791l. Reserve calculation—indeterminate premium plans
§ 3791l. Reserve calculation—indeterminate premium plans In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the company based on then estimates of future experience, or in the case of a plan of life insurance or annuity that is of such […]
§ 3791m. Minimum standard for accident and health insurance contracts
§ 3791m. 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 3791b(b) of this subchapter. For disability, accident and sickness, accident and health […]
§ 3791n. Valuation manual for policies issued on or after the operative date of the valuation manual
§ 3791n. 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 3791b(b) of this subchapter, except as provided under […]
§ 3791o. Requirements of a principle-based valuation
§ 3791o. Requirements of a principle-based valuation (a) A company must 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 […]
§ 3791p. Experience reporting for policies in force on or after the operative date of the valuation manual
§ 3791p. Experience reporting for policies in force on or after the operative date of the valuation manual A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the Valuation Manual. (Added 2015, No. 63, § 1.)
§ 3791q. Confidentiality
§ 3791q. Confidentiality (a) As used in this subchapter, “confidential information” means: (1) a memorandum in support of an opinion submitted under section 3791c of this subchapter and any other documents, materials, and information including all working papers and copies thereof, created, produced, or obtained by or disclosed to the Commissioner or any other person […]
§ 3791r. Single state exemption
§ 3791r. Single state exemption (a) The Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in Vermont from the requirements of section 3791n of this subchapter provided: (1) the Commissioner has issued an exemption in writing to the company and has not subsequently […]