Code of Alabama - Title 27: Insurance - Chapter 36A - Standard Valuation Law

• Section 27-36A-1 Short title
  This chapter shall be known as the Standard Valuation Law.
• Section 27-36A-2 Definitions
  For purposes of this chapter, the following definitions shall apply on or after the operative date of the valuation manual as defined by Section 27-36A-15:...
• Section 27-36A-3 Reserve valuation
  (a) Policies and contracts issued prior to the operative date of the valuation manual. (1) The commissioner shall annually value, or cause to be valued,...
• Section 27-36A-4 Actuarial opinion of reserves
  (a) Actuarial opinion prior to the operative date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life insurance company doing business...
• Section 27-36A-5 Computation of minimum standard
  (a) Except as provided in Sections 27-36A-6, 27-36A-7 and 27-36A-14, the minimum standard for the valuation of all the policies and contracts issued prior to...
• Section 27-36A-6 Computation of minimum standard for annuities
  (a) Except as provided in Section 27-36A-7, the minimum standard of valuation for individual and group annuity and pure endowment contracts issued on or after...
• Section 27-36A-7 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...
• Section 27-36A-8 Reserve valuation method - Life insurance and endowment benefits
  (a) Except as otherwise provided in Sections 27-36A-9, 27-36A-12, and 27-36A-14, reserves according to the commissioners reserve valuation method, for the life insurance and endowment...
• Section 27-36A-9 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...
• Section 27-36A-10 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 January...
• Section 27-36A-11 Optional reserve calculation
  (a) Reserves for policies and contracts issued prior to January 1, 1972, may be calculated, at the option of the company, according to any standards...
• Section 27-36A-12 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 issued on or after January 1, 1972,...
• Section 27-36A-13 Reserve calculation - Indeterminate premium plans
  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...
• Section 27-36A-14 Minimum standard for accident and health insurance contracts
  (a) For accident and health insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual...
• Section 27-36A-15 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...
• Section 27-36A-16 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:...
• Section 27-36A-17 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.
• Section 27-36A-18 Confidentiality
  (a) For purposes of this section, "confidential information" shall mean all of the following: (1) A memorandum in support of an opinion submitted under Section...
• Section 27-36A-19 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 the State...
• Section 27-36A-20 Small company alternative valuation
  (a) A company calculating reserves under this section shall calculate reserves for ordinary life insurance, accident and health insurance contracts, credit life contracts, group life...

Last modified: May 3, 2021