Standard Valuation Law
Vermont · Banking and Insurance · §§ 8-3791 to 8-3791r · 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
- Vt. Stat. Ann. tit. 8, § 3791Title
- Vt. Stat. Ann. tit. 8, § 3791aDefinitions
- Vt. Stat. Ann. tit. 8, § 3791bReserve valuation
- Vt. Stat. Ann. tit. 8, § 3791cActuarial opinion of reserves
- Vt. Stat. Ann. tit. 8, § 3791dComputation of minimum standard
- Vt. Stat. Ann. tit. 8, § 3791eComputation of minimum standard for annuities
- Vt. Stat. Ann. tit. 8, § 3791fComputation of minimum standard by calendar year of issue
- Vt. Stat. Ann. tit. 8, § 3791gReserve valuation method—Life insurance and endowment benefits
- Vt. Stat. Ann. tit. 8, § 3791hReserve valuation method—Annuity and pure endowment benefits
- Vt. Stat. Ann. tit. 8, § 3791iMinimum reserves
- Vt. Stat. Ann. tit. 8, § 3791jOptional reserve calculation
- Vt. Stat. Ann. tit. 8, § 3791kReserve calculation—Valuation net premium exceeding the gross premium charged
- Vt. Stat. Ann. tit. 8, § 3791lReserve calculation—Indeterminate premium plans
- Vt. Stat. Ann. tit. 8, § 3791mMinimum standard for accident and health insurance contracts
- Vt. Stat. Ann. tit. 8, § 3791nValuation manual for policies issued on or after the operative date of the valuation manual
- Vt. Stat. Ann. tit. 8, § 3791oRequirements of a principle-based valuation
- Vt. Stat. Ann. tit. 8, § 3791pExperience reporting for policies in force on or after the operative date of the valuation manual
- Vt. Stat. Ann. tit. 8, § 3791qConfidentiality
- Vt. Stat. Ann. tit. 8, § 3791rSingle state exemption
Enacted in other states
Alabama, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Iowa, Kentucky, Minnesota, Mississippi, North Carolina, New Hampshire, New Mexico, Rhode Island, Tennessee, Texas
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