§ 26.1-35-00.2 — Application of valuation manual - Changes to valuation manual - Requirements of valuation manual

North Dakota § 26.1-35-00.2

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-35: Standard Valuation Law

Text

Requirements of valuation manual.
1. Except as provided under subsections 4 or 6 of section 26.1-35-00.2, for policies
issued on or after the operative date of the valuation manual, the standard prescribed
in the valuation manual is the minimum standard of valuation required under
subsection 2 of section 26.1-35-01.
2. Unless the commissioner or a change in the valuation manual specifies a later
effective date, changes to the valuation manual become effective on January first
following the date the commissioner adopts the changes. The commissioner may
adopt changes to the valuation manual if the valuation manual has been adopted by
the national association of insurance commissioners by an affirmative vote
representing:
a. At least three-fourths of the members of the national association of insurance
commissioners voting, but not less than a majority of the total membership; and

b. Members of the national association of insurance commissioners representing
jurisdictions totaling greater than seventy-five percent of the direct premiums
written as reported in the following annual statements most recently available
before the vote in paragraph a: life, accident and health annual statements;
health annual statements; or fraternal annual statements.
3. The valuation manual must specify all of the following:
a. Minimum valuation standards for and definitions of the policies or contracts
subject to subsection 2 of section 26.1-35-01. The minimum valuation standards
must be:
(1) The commissioners reserve valuation method for life insurance contracts,
other than annuity contracts, subject to subsection 2 of section 26.1-35-01;
(2) The commissioners annuity reserve valuation method for annuity contracts
subject to subsection 2 of section 26.1-35-01; and
(3) Minimum reserves for all other policies or contracts subject to subsection 2
of section 25.1-35-01.
b. Which policies or contracts or types of policies or contracts that are subject to the
requirements of a principle-based valuation in subsection 1 of section 26.1-35-12
and the minimum valuation standards consistent with those requirements.
c. For policies and contracts subject to a principle-based valuation under section