Standard Valuation Law
Arkansas · Public Utilities and Regulated Industries · §§ 23-84-101 to 23-84-119 · 19 sections
Overview
The Standard Valuation Law governs how insurers value the liabilities carried on their statutory financial statements, setting minimum reserve standards across lines of business — life, annuity and endowment, accident and health, casualty, title, mortgage guaranty, and unearned premium reserves including marine and transportation — and defining which assets may be admitted in that accounting. It prescribes the methods used to compute reserves, including the commissioners reserve valuation method and a principle-based valuation framework operating under a valuation manual, and requires insurers to maintain aggregate, contingency, and deficiency reserves and to file an annual actuarial opinion attesting that reserves are appropriately computed and comply with state law. It also frames the regulator's supporting authority: required data submissions and their confidential treatment, exemptions for particular products or product lines, penalties for transactions that misstate asset positions, and rulemaking to implement the standards.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Ark. Code Ann. § 23-84-101Title — Definitions
- Ark. Code Ann. § 23-84-102Valuation of reserves by Insurance Commissioner
- Ark. Code Ann. § 23-84-103Minimum standard for valuation generally
- Ark. Code Ann. § 23-84-104Minimum standard for valuation — Annuity and pure endowment contracts
- Ark. Code Ann. § 23-84-105Minimum standard for valuation — Interest rates — Definitions
- Ark. Code Ann. § 23-84-106Calculation of reserves generally
- Ark. Code Ann. § 23-84-107Calculation of reserves — Certain annuity and pure endowment contracts
- Ark. Code Ann. § 23-84-108Calculation of reserves — Minimum aggregate reserves for certain life insurance policies
- Ark. Code Ann. § 23-84-109Calculation of reserves — Standards of valuation
- Ark. Code Ann. § 23-84-110Calculation of reserves — Certain life insurance policies and contracts
- Ark. Code Ann. § 23-84-111Calculation of reserves — Future premium determinations by life insurers
- Ark. Code Ann. § 23-84-112Actuarial opinion of reserves — Definition
- Ark. Code Ann. § 23-84-113Rules
- Ark. Code Ann. § 23-84-114Minimum standard for accident and health insurance
- Ark. Code Ann. § 23-84-115Valuation of policy or contract issued on or after operative date of the valuation manual
- Ark. Code Ann. § 23-84-116Requirements of principle-based valuation
- Ark. Code Ann. § 23-84-117Experience reporting
- Ark. Code Ann. § 23-84-118Confidentiality — Definition
- Ark. Code Ann. § 23-84-119Single-state and small company exemptions
Enacted in other states
Alabama, California, Connecticut, Delaware, Florida, Georgia, Iowa, Kentucky, Minnesota, Mississippi, North Carolina, New Hampshire, New Mexico, Rhode Island, Tennessee, Texas, Vermont
Download
Copy
Embed on your site
Hover to preview · click to copy the code