§ 7112. Reserve valuation for policies and contracts issued on or after operative date of valuation manual.
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§ 7112. Reserve valuation for policies and contracts issued on or after operative date of valuation manual.
(a)Applicability.-- This section shall apply to each policy or contract issued on or after the operative date of the valuation manual.
(b)Annual valuation.-- The commissioner shall annually value, or cause to be valued, the reserve liabilities for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts and deposit-type contracts of each company doing business in this Commonwealth. The commissioner may certify the amount of reserves.
(c)Other jurisdictions.-- In lieu of the valuation of the reserves required of a foreign or alien 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 this chapter.
(d)Applicable standards.-- The following provisions shall govern a policy or contract under this section:
(1)Section 7124(a), (b),
(d)and
(e)(relating to minimum standard for accident and health insurance contracts).
(2)Section 7125 (relating to valuation manual for policies issued on or after operative date of valuation manual).
(3)Section 7126 (relating to requirements of principle-based valuation).
40c7112v
Cross References. Section 7112 is referred to in sections 7124, 7125 of this title.
40c7113s