Standard Valuation Law
Delaware · Insurance Code · §§ 18-1111 to 18-1126 · 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
- Del. Code tit. 18, § 1111Title and definitions
- Del. Code tit. 18, § 1112Reserve valuation
- Del. Code tit. 18, § 1113Actuarial opinions of reserves
- Del. Code tit. 18, § 1114Computation of minimum standard
- Del. Code tit. 18, § 1114AComputation of minimum standards for annuities
- Del. Code tit. 18, § 1114BComputation of minimum standard by calendar year of issue
- Del. Code tit. 18, § 1115Reserve valuation method—Life insurance and endowment benefits
- Del. Code tit. 18, § 1115AReserve valuation method—Annuity and pure endowment benefits
- Del. Code tit. 18, § 1116Minimum reserves
- Del. Code tit. 18, § 1117Optional reserve calculation
- Del. Code tit. 18, § 1118Reserve calculation—Valuation net premium exceeding the gross premium charged
- Del. Code tit. 18, § 1119Reserve calculation—Indeterminate premium plans
- Del. Code tit. 18, § 1120Minimum standard for accident and health insurance contracts
- Del. Code tit. 18, § 1121Valuation manual for policies issued on or after the operative date of the valuation manual
- Del. Code tit. 18, § 1122Requirements of a principle-based valuation
- Del. Code tit. 18, § 1123Experience reporting for policies in force on or after the operative date of the valuation manual
- Del. Code tit. 18, § 1124Confidentiality
- Del. Code tit. 18, § 1125Single state exemption
- Del. Code tit. 18, § 1126Effective date
Enacted in other states
Alabama, Arkansas, California, Connecticut, Florida, Georgia, Iowa, Kentucky, Minnesota, Mississippi, North Carolina, New Hampshire, New Mexico, Rhode Island, Tennessee, Texas, Vermont
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