Sec. 20. (a) The commissioner shall annually value, or cause to be valued, the reserves for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and sickness insurance contracts, and deposit-type contracts:
(1) of each company; and
(2) issued on or after the operative date of the valuation manual.
In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of another state or jurisdiction if the valuation complies with the minimum standards provided in sections 19 through 40 of this chapter.
(b) Sections 34 and 35 of this chapter apply to all contracts issued on or after the operative date of the valuation manual.