HB15-1048 Summary

• Authorizes the Colorado Insurance Commissioner to adopt principle-based life insurance reserve requirements for policies issued on or after the operative date of the Valuation Manual.

• Requires life insurance companies to establish reserves using principle-based valuations that quantify benefits and risks at appropriate conservatism levels and incorporate company experience and risk management techniques.

• Establishes an "operative date" for the Valuation Manual requiring adoption by NAIC with 42+ member votes and enactment by states representing 75%+ of direct premiums written, plus 42+ jurisdictions.

• Creates confidentiality protections for actuarial memorandums, principle-based valuation reports, experience data, and examination materials submitted to the Commissioner, with limited exceptions for regulatory proceedings and information sharing.

• Allows single-state domestic companies in Colorado to seek exemption from Valuation Manual requirements if they use pre-operative date assumptions and methods approved by the Commissioner.