(a)Policies and contracts issued prior to the operative
date of the valuation manual shall be governed by the following
provisions:
(i)The commissioner, annually, shall value, or cause
to be valued, the reserve liabilities (or reserves) for all
outstanding life insurance policies and annuity and pure
endowment contracts of any authorized life insurer issued prior
to the operative date of the valuation manual. The commissioner
may use group methods and approximate averages for fractions of
a year or otherwise in calculating reserves. In the case of an
alien insurer, the valuation is limited to its United States
business;
(ii)Instead of the valuation of reserves required of
any foreign or alien insurer, the commissioner may accept any
valuation from the insurance supervisory official of a
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(a) Policies and contracts issued prior to the operative
date of the valuation manual shall be governed by the following
provisions:
(i) The commissioner, annually, shall value, or cause
to be valued, the reserve liabilities (or reserves) for all
outstanding life insurance policies and annuity and pure
endowment contracts of any authorized life insurer issued prior
to the operative date of the valuation manual. The commissioner
may use group methods and approximate averages for fractions of
a year or otherwise in calculating reserves. In the case of an
alien insurer, the valuation is limited to its United States
business;
(ii) Instead of the valuation of reserves required of
any foreign or alien insurer, the commissioner may accept any
valuation from the insurance supervisory official of any state
or other jurisdiction if that valuation complies with the
minimum standard provided in this article;
(iii) The commissioner may accept the valuation made
by any domestic life insurer upon satisfactory proof of its
correctness and compliance with W.S. 26-6-208;
(iv) The provisions set forth in W.S. 26-6-203 and
26-6-205 through 26-6-207 shall apply to all policies and
contracts, as appropriate, subject to this article prior to the
operative date of the valuation manual and the provisions set
forth in W.S. 26-6-209 and 26-6-210 shall not apply to the
policies and contracts.
(b) Repealed by Laws 2017, ch. 67, § 3.
(c) Any insurer which adopts any standard of valuation
producing greater aggregate reserves than those calculated
according to the minimum standard provided in this article, with
the commissioner's approval, may adopt any lower standard of
valuation, but not lower than the minimum standard. For the
purposes of this section, the holding of additional reserves
previously determined by the appointed actuary to be necessary
to render the opinion required by W.S. 26-6-208 shall not be
deemed to be the adoption of a higher standard of valuation.
(d) Reserves for any category of policies, contracts or
benefits as the commissioner establishes, may at the insurer's
option, be calculated according to any standards which produce
greater aggregate reserves for the category than those
calculated according to the minimum standard provided in this
article. However, the rates of interest used for policies and
contracts other than annuity and pure endowment contracts shall
not be greater than the corresponding rates of interest used in
calculating any nonforfeiture benefits provided in the policies
and contracts.
(e) Policies and contracts issued on or after the
operative date of the valuation manual shall be governed by the
following provisions:
(i) The commissioner shall annually value, or cause
to be valued, the reserve liabilities (or reserves) for all
outstanding life insurance contracts, annuity and pure endowment
contracts, accident and health contracts, and deposit type
contracts of any authorized life insurer issued on or after the
operative date of the valuation manual. In the case of an alien
insurer, the valuation is limited to its United States business;
(ii) Instead of the valuation of reserves required of
any foreign or alien insurer, the commissioner may accept any
valuation from the insurance supervisory official of any state
or other jurisdiction if that valuation complies with the
minimum standard provided in this article;
(iii) The commissioner may accept the valuation made
by any domestic life insurer upon satisfactory proof of its
correctness and compliance with W.S. 26-6-208;
(iv) The provisions set forth in W.S. 26-6-209 and
26-6-210 shall apply to all policies and contracts issued on or
after the operative date of the valuation manual.