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23-84-119. Single-state and small company exemptions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-119. Single-state and small company exemptions.
(a)(1) The Insurance Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this state from the requirements of §§ 23-84-115 — 23-84-117 if:
(A) The commissioner has issued a written exemption to the company and has not subsequently revoked the exemption in writing; and
(B) The company computes reserves using assumptions and methods used before the operative date of the valuation manual in addition to any requirements established by the commissioner.
(2) If a company is granted an exemption under subdivision (a)(1) of this section:
(A) Sections 23-84-103 — 23-84-114 apply to the company; and
(B) Any reference to § 23-84-115 found in §§ 23-84-103 — 23-84-112 and 23-84-114 do not apply to the company.
(b)(1) A company that has less than three hundred million dollars ($300,000,000) of ordinary life premiums, that is licensed and doing business in this state, and that is subject to the requirements of §§ 23-84-115 — 23-84-118 may hold reserves based on the mortality tables and interest rates defined by the valuation manual for net premium reserves using the methodology defined in §§ 23-84-106 and 23-84-108 — 23-84-111 as applicable to ordinary life insurance in lieu of the reserves required by §§ 23-84-115 — 23-84-118, if:
(A) In the event the company is a member of a group of life insurers, the group has combined ordinary life premiums of less than six hundred million dollars ($600,000,000);
(B)(i) The company reported total adjusted capital of at least four hundred fifty percent (450%) of authorized control level risk-based capital in the most recent risk-based capital report.
(ii) Upon written request from a company that doe
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-119
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:23-84-119
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d8321d5dfa0ad7505509c5d7a5b0ba3fdb62d6e3192ac52ddd4e4fab17010ada
Source location: content.xml paragraph 51092
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23-84-119. Single-state and small company exemptions.
(a)(1) The Insurance Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this state from the requirements of §§ 23-84-115 — 23-84-117 if:
(A) The commissioner has issued a written exemption to the company and has not subsequently revoked the exemption in writing; and
(B) The company computes reserves using assumptions and methods used before the operative date of the valuation manual in addition to any requirements established by the commissioner.
(2) If a company is granted an exemption under subdivision (a)(1) of this section:
(A) Sections 23-84-103 — 23-84-114 apply to the company; and
(B) Any reference to § 23-84-115 found in §§ 23-84-103 — 23-84-112 and 23-84-114 do not apply to the company.
(b)(1) A company that has less than three hundred million dollars ($300,000,000) of ordinary life premiums, that is licensed and doing business in this state, and that is subject to the requirements of §§ 23-84-115 — 23-84-118 may hold reserves based on the mortality tables and interest rates defined by the valuation manual for net premium reserves using the methodology defined in §§ 23-84-106 and 23-84-108 — 23-84-111 as applicable to ordinary life insurance in lieu of the reserves required by §§ 23-84-115 — 23-84-118, if:
(A) In the event the company is a member of a group of life insurers, the group has combined ordinary life premiums of less than six hundred million dollars ($600,000,000);
(B)(i) The company reported total adjusted capital of at least four hundred fifty percent (450%) of authorized control level risk-based capital in the most recent risk-based capital report.
(ii) Upon written request from a company that does not satisfy subdivision (b)(1)(B)(i) of this section, the commissioner may exempt the company from subdivision (b)(1)(B)(i) of this section;
(C) The appointed actuary has provided an unqualified opinion on the reserves in accordance with § 23-84-112; and
(D) The company has provided a certification by a qualified actuary that any universal life policy with a secondary guarantee issued or assumed by the company after the operative date of the valuation manual meets the definition of a nonmaterial secondary guarantee universal life product as defined in the valuation manual.
(2) For purposes of subdivision (b)(1) of this section, ordinary life premiums are measured as direct premium plus reinsurance assumed from an unaffiliated company, as reported in the prior calendar year annual statement.
(3)(A) On or before July 1 each year, a domestic company that meets all of the conditions required by this subsection may file a statement with the commissioner certifying that the conditions are met for the current calendar year based on premiums and other values from the financial statements of the prior calendar year.
(B) The commissioner may reject the statement on or before September 1 of the same calendar year and require the domestic company to comply with the valuation manual requirements for life insurance reserves.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-103. Minimum standard for valuation generally.
(a) Except as provided in §§ 23-84-104, 23-84-105, and 23-84-114, the minimum standard for the valuation of all policies and contracts issued prior to the operative date of § 23-81-213(a) shall be provided by the laws in effect immediately prior to January 1, 1960.
(b) Except as otherwise provided in §§ 23-84-104, 23-84-105, and 23-84-114, the minimum standard for the valuation of all policies and contracts issued on or after the operative date of § 23-81-213(a) shall be the Insurance Commissioner's reserve valuation methods defined in §§ 23-84-106, 23-84-107, 23-84-110, and 23-84-114, three and one-half percent (3.5%) interest, or in the case of policies and contracts, other than annuity and pure endowment contracts, five and one-half percent (5.5%) interest for single premium life insurance policies and four and one-half percent (4.5%) interest for all other policies issued on and after March 18, 1977, and the following tables:
(1) For all ordinary policies of life insurance issued on the standard basis, excluding any disability and accidental death benefits in the policies:
(A) The Commissioner's 1941 Standard Ordinary Mortality Table for policies issued prior to the operative date of § 23-81-213(b);
(B)(i) For policies issued on or after the operative date of § 23-81-213(b) and prior to the operative date of § 23-81-213(d), the Commissioner's 1958 Standard Ordinary Mortality Table.
(ii) For any category of policies issued on female risks under this subdivision (b)(1)(B), all modified net premiums and present values referred to in this chapter may be calculated according to an age not more than six (6) years younger than the actual age of the insured; or
(C) For policies issued on or after the operati
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-103
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 23-84-103. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-114. Minimum standard for accident and health insurance.
(a) The Insurance Commissioner shall promulgate rules containing the minimum standards that apply to the valuation of accident and health insurance issued on or after January 1, 1960, but before the operative date of the valuation manual.
(b) For accident and health insurance 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 § 23-84-102(b).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-114
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 23-84-114. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-115. Valuation of policy or contract issued on or after operative date of the valuation manual.
(a) Except as provided in this section, for a policy or contract 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 § 23-84-102(b).
(b) The valuation manual shall specify:
(1) Minimum valuation standards and definitions for policies or contracts subject to § 23-84-102(b), including without limitation:
(A) The Insurance Commissioner's reserve valuation method for life insurance contracts, other than annuity contracts, subject to § 23-84-102(b);
(B) The commissioner's annuity reserve valuation method for annuity contracts subject to § 23-84-102(b); and
(C) Minimum reserves for all other policies or contracts subject to § 23-84-102(b);
(2) Which policies or contracts or types of policies or contracts are subject to the requirements of a principle-based valuation under § 23-84-116(a) and the minimum valuation standards consistent with those requirements;
(3) For policies and contracts subject to a principle-based valuation under § 23-84-116:
(A) Requirements for the format of reports to the commissioner under § 23-84-116(b)(3), including without limitation information necessary to determine if the valuation is appropriate and in compliance with this chapter;
(B) Assumptions for risks over which the company does not have significant control or influence; and
(C) Procedures for corporate governance and oversight of the actuarial function and a process for appropriate waiver or modification of those procedures;
(4) For policies not subject to a principle-based valuation under § 23-84-116, a minimum valuation standard:
(A) That is consistent
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-115
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 23-84-115. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-84-117. Experience reporting.
For a policy or contract in force on or after the operative date of the valuation manual, a company shall submit mortality, morbidity, policyholder behavior, or expense and other data as prescribed in the valuation manual.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-84-117
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 23-84-117. This identifies an authority to review, not proof of applicability.