Wash. Rev. Code § 48.74.010
Short title
This chapter may be known and cited as the standard valuation law.
Revised Code of Washington Chapter 48.74 — Standard Valuation Law
Washington · statute · Wash. Rev. Code ch. 48.74 · 18 active provisions
Wash. Rev. Code § 48.74.015
Definitions—Applicable after valuation manual is operative
Beginning on the operative date of the valuation manual, the definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Appointed actuary" means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in RCW…
Wash. Rev. Code § 48.74.020
Valuation of reserve liabilities—Applicable before valuation manual is operative
This section applies to policies and contracts issued prior to the operative date of the valuation manual.(1) The commissioner shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every…
Wash. Rev. Code § 48.74.022
Valuation of reserve liabilities—Applicable after valuation manual is operative
This section applies to policies and contracts issued on or after the operative date of the valuation manual.(1) The commissioner shall annually value, or cause to be valued, the reserve liabilities, called reserves, for all outstanding life insurance contracts, annuity and endowment contracts, disability contracts, an…
Wash. Rev. Code § 48.74.025
Reserves and related actuarial items—Opinion of a qualified actuary—Requirements for the opinion—Rules—Applicable before valuation manual is operative
This section applies to actuarial opinions prior to the operative date of the valuation manual.(1) Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts speci…
Wash. Rev. Code § 48.74.026
Confidentiality of material submitted under RCW 48.74.025
(1)(a) The opinion and memorandum in support of the opinion submitted to the commissioner under RCW 48.74.025 are confidential and privileged, are exempt from disclosure pursuant to chapter 42.56 RCW, are not subject to subpoena, and are not subject to discovery or admissible in evidence in any private civil action, on…
Wash. Rev. Code § 48.74.028
Reserves and related actuarial items—Opinion of a qualified actuary—Requirements for the opinion—Rules—Applicable after valuation manual is operative
This section applies to actuarial opinions of reserves after the operative date of the valuation manual.(1) Every company with outstanding life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this state and subject to regulation by the commissioner must annually submit the opi…
Wash. Rev. Code § 48.74.030
Minimum standard for valuation
(1) Except as provided in subsections (2) and (3) of this section, or in RCW 48.74.090, the minimum standard for the valuation of all such policies and contracts issued prior to July 10, 1982, shall be that provided by the laws in effect immediately prior to such date. Except as otherwise provided in subsections (2) an…
Wash. Rev. Code § 48.74.040
Amount of reserves required
(1) Except as otherwise provided in RCW 48.74.040(2), 48.74.070, and 48.74.090, reserves according to the commissioner's reserve valuation method, for the life insurance and endowment benefits of policies providing for a uniform amount of insurance and requiring the payment of uniform premiums, shall be the excess, if…
Wash. Rev. Code § 48.74.050
Minimum aggregate reserves
(1) In no event may a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after July 10, 1982, be less than the aggregate reserves calculated in accordance with the methods set forth in RCW 48.74.040, 48.74.070, and 48.74.080 and the mortality t…
Wash. Rev. Code § 48.74.060
Other methods of reserve calculation
(1) Reserves for all policies and contracts issued prior to July 10, 1982, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to such date.(2)…
Wash. Rev. Code § 48.74.070
Minimum reserve if gross premium less than valuation net premium
If in any contract year the gross premium charged by a company on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve req…
Wash. Rev. Code § 48.74.080
Procedure when specified methods of reserve determination unfeasible
In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance or annuity which is of such a nature that the minimum reserves cannot b…
Wash. Rev. Code § 48.74.090
Valuation of disability insurance
For disability insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under RCW 48.74.022. For disability insurance contracts issued on or after July 10, 1982, and prior to the operative date of the…
Wash. Rev. Code § 48.74.100
Valuation manual—Operative date—Changes—Required contents—Use—Commissioner's powers
(1) For policies issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under RCW 48.74.022, except as provided under subsection (5) or (7) of this section.(2) The operative date of the valuation manual is January 1st…
Wash. Rev. Code § 48.74.110
Reserves—Principle-based valuation
(1) A company must establish reserves, consistent with the commissioner's superseding authority to establish reserves pursuant to RCW 48.74.100(7), using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual:(a) Quantify the benefits and guarantee…
Wash. Rev. Code § 48.74.120
Submission of data
A company must submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.
Wash. Rev. Code § 48.74.130
Confidentiality of certain information—Exceptions
(1) For purposes of this section, "confidential information" means:(a) A memorandum in support of an opinion submitted under RCW 48.74.025 and 48.74.028 and any other documents, materials, and other information, including, but not limited to, all working papers, and copies thereof, created, produced, or obtained by or…