§ 5-313. Standards, operative date, and contents of valuation manual; examination of company by...
West's Annotated Code of MarylandInsuranceEffective: October 1, 2015
Effective: October 1, 2015
MD Code, Insurance, § 5-313
§ 5-313. Standards, operative date, and contents of valuation manual; examination of company by qualified attorney
(a) Except as provided in subsection (e) or (g) of this section, for life insurance policies, accident and health insurance contracts, and deposit-type 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.
(b) The operative date of the valuation manual is January 1 of the first calendar year following the first July 1 as of which all of the following have occurred:
(c) Unless a change in the valuation manual specifies a later effective date, changes to the valuation manual shall be effective on January 1 following the date when the change to the valuation manual has been adopted by NAIC by an affirmative vote representing:
(d)(1) The valuation manual shall specify the following:
(iv) any other requirements, including requirements relating to reserve methods, models for measuring risk, generation of economic scenarios, assumptions, margins, use of company experience, risk measurement, disclosure, certifications, reports, actuarial opinions and memoranda, transition rules, and internal controls; and
(e) In the absence of a specific valuation requirement, or if a specific valuation requirement in the valuation manual is not, in the opinion of the Commissioner, in compliance with this subtitle, a company, with respect to the requirement, shall comply with the minimum valuation standard prescribed by the Commissioner by regulation.
(f)(1) The Commissioner may engage a qualified actuary at the expense of the company to:
(g)(1) The Commissioner may require a company to change any assumption or method used by the company if, in the opinion of the Commissioner, the change is necessary to comply with the requirements of the valuation manual or this subtitle.
Credits
Added by Acts 2015, c. 367, § 2, eff. Oct. 1, 2015. Amended by Acts 2016, c. 9, § 1, eff. March 14, 2016.
MD Code, Insurance, § 5-313, MD INSURANCE § 5-313
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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