Standard Valuation Law
Georgia · Insurance · §§ 33-10-10 to 33-10-8 · 14 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
- O.C.G.A. § 33-10-10Title insurance, required reserves
- O.C.G.A. § 33-10-11Requirement of special reserve for certain bonds
- O.C.G.A. § 33-10-12Requirement by Commissioner of increase in loss reserves
- O.C.G.A. § 33-10-13Standard valuation
- O.C.G.A. § 33-10-14Valuation of investments
- O.C.G.A. § 33-10-16Valuation of real and personal property reserves
- O.C.G.A. § 33-10-17Valuation of mortgage reserves
- O.C.G.A. § 33-10-2Excluded assets
- O.C.G.A. § 33-10-3Deduction of assets from liabilities and liabilities from assets generally
- O.C.G.A. § 33-10-4Reporting of unallowed assets and assets of doubtful value or character as deduction from gross assets
- O.C.G.A. § 33-10-5Capital stock and liabilities charged against assets
- O.C.G.A. § 33-10-6Unearned premium reserve required for property, general casualty, and surety insurance generally
- O.C.G.A. § 33-10-7Marine insurance, required reserves
- O.C.G.A. § 33-10-8Accident and sickness insurance, required reserves
Enacted in other states
Alabama, Arkansas, California, Connecticut, Delaware, Florida, Iowa, Kentucky, Minnesota, Mississippi, North Carolina, New Hampshire, New Mexico, Rhode Island, Tennessee, Texas, Vermont
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