Section 733.328 - Annual valuation of reserve liabilities(1) The Director of the Department of Consumer and Business Services each year shall value, or cause to be valued, the reserve liabilities for all outstanding accident and health contracts, annuity and pure endowment contracts, deposit-type contracts and life insurance contracts that every insurer issues on or after the operative date of the valuation manual.(2) In lieu of valuing or causing a valuation of the reserves required of any foreign or alien insurer, the director may accept any valuation that the insurance supervisory official of any state or other jurisdiction makes or causes to be made if the valuation complies with the minimum standard under the Standard Valuation Law.(3) The provisions set forth in sections 15 to 17, chapter 547, Oregon Laws 2015, apply to all policies and contracts that insurers issue on or after the operative date of the valuation manual.