38.2-3126 - Annual valuation of reserves. - Virginia Statutes

§ 38.2-3126. Annual valuation of reserves.

A. The Commission shall annually value or have valued the reserveliabilities, referred to in this article as "reserves," for all outstandinglife insurance policies and annuity and pure endowment contracts of each lifeinsurer doing business in this Commonwealth. For an alien insurer thevaluation shall be limited to its United States business. The Commission maycertify the amount of the reserves, specifying the mortality table, interestrates and net level premium or other methods to be used in calculating thereserves. In calculating the reserves, the Commission may use group methodsand approximate averages for suitable periods. The Commission may accept acertificate of valuation from the insurer for the reserve liability for thedisability provision incorporated in life insurance policies if theCommission is satisfied, by using general averages and percentages, that thereserve has been computed in accordance with this article.

B. On or before the last day of February of each year, every domesticincorporated life insurer shall furnish the Commission the necessary data fordetermining the valuation of all of its policies outstanding on the lastpreceding December 31. For good cause shown, the Commission may extend aninsurer's deadline for submitting this data.

(Code 1950, § 38-390; 1952, c. 317, § 38.1-452; 1986, c. 562; 1990, c. 333.)