Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-161 - ADOPTION OF VALUATION MANUAL
Section 482-1-161-.02 - Determination Of Operative Date Of Valuation Manual
Universal Citation: AL Admin Code R 482-1-161-.02
Current through Register Vol. 42, No. 11, August 30, 2024
(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.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, §§ 27-2-17, 27-3 6A-15.
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