1. For policies and contracts issued on or after the operative date of the Valuation Manual:
(a) The Commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every applicable company doing business in this State.
(b) In lieu of the valuation of the reserves required of a foreign or alien applicable company, the Commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in NRS 681B.110 to 681B.510, inclusive.
2. The provisions set forth in NRS 681B.300, 681B.320, 681B.360, 681B.370 and 681B.380 apply to all policies and contracts issued on or after the operative date of the Valuation Manual.
3. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only to, or in connection with, policies and contracts issued on or after the operative date of the Valuation Manual.