Ala. Admin. Code r. 482-1-161-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-161-.02 - Determination Of Operative Date Of Valuation Manual

(1) The Commissioner of Insurance hereby makes the following determination:

(a) The valuation manual was adopted by the NAIC on December 2, 2012, by an affirmative vote of forty-three (43) members, representing over three-fourths of the members voting.

(b) The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and conditions, has been enacted by states representing over 79.5% of the direct premiums written as reported in the following annual statements submitted in 2008: Life, accident and health annual statements; health annual statements; or fraternal annual statements.

(c) The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar temls and conditions, has been enacted by 45 states.

(2) Thus, in accordance with subsection (b) of Section 27-36 A-15, the operative date of the valuation manual for this state is January 1, 2017.

Ala. Admin. Code r. 482-1-161-.02

Adopted by Alabama Administrative Monthly Volume XXXV, Issue No.02, November 30, 2016, eff. 1/1/2017.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-3 6A-15.