§ 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 […]
§ 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 […]
§ 3791. Title
§ 3791. Title This subchapter shall be known as the Standard Valuation Law. (Added 2015, No. 63, § 1, eff. June 17, 2015.)