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23-84-109. Calculation of reserves — Standards of valuation.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-109. Calculation of reserves — Standards of valuation.
(a) Reserves for policies and contracts issued before January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for all the policies and contracts than the minimum reserves required by the laws in effect immediately prior to the date.
(b) Reserves for any category of policies, contracts, or benefits as established by the Insurance Commissioner which are issued on or after January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this chapter, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.
(c)(1) Any insurer which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this chapter may adopt, with the approval of the commissioner, any lower standard of valuation, but not lower than the minimum provided in this chapter.
(2) However, for the purposes of this chapter, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by § 23-84-112 shall not be deemed to be the adoption of a higher standard of valuation.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-109
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-84-109
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 567cb810757babb110d73ac61b45a05c3d3e10a613ec4ce398f7ccf9d10e471b
Source location: content.xml paragraph 50894
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23-84-109. Calculation of reserves — Standards of valuation.
(a) Reserves for policies and contracts issued before January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for all the policies and contracts than the minimum reserves required by the laws in effect immediately prior to the date.
(b) Reserves for any category of policies, contracts, or benefits as established by the Insurance Commissioner which are issued on or after January 1, 1960, may be calculated, at the option of the insurer, according to any standards which produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this chapter, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.
(c)(1) Any insurer which at any time shall have adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this chapter may adopt, with the approval of the commissioner, any lower standard of valuation, but not lower than the minimum provided in this chapter.
(2) However, for the purposes of this chapter, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by § 23-84-112 shall not be deemed to be the adoption of a higher standard of valuation.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-112. Actuarial opinion of reserves — Definition.
(a)Actuarial Opinion Prior to Operative Date of the Valuation Manual.
(1)General.
(A) Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the Insurance Commissioner by rule are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state.
(B) By rule, the commissioner shall define the specifics of this opinion and add any other items deemed to be necessary to its scope.
(2)Actuarial Analysis of Reserves and Assets Supporting Such Reserves.
(A) Except as exempted by or pursuant to rule, every life insurance company shall also annually include in the opinion required by subdivision (a)(1) of this section an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the commissioner by rule, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including, but not limited to, the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including, but not limited to, the benefits under and expenses associated with the policies and contracts.
(B) The commissioner may provide by rule for a transition period for establishing any higher reserves which the qualified actuary may deem necessary in order to render the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-112
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-84-112. This identifies an authority to review, not proof of applicability.