CT HB06613

Amends Connecticut insurance valuation law effective October 1, 2013, to align with the National Association of Insurance Commissioners (NAIC) Standard Valuation Law and implement adoption of the NAIC Valuation Manual for life insurance, accident and health insurance, and deposit-type contracts.

Requires life insurance companies to submit annual opinions from qualified actuaries certifying that reserves are computed appropriately, based on valid assumptions, consistent with prior reports, and compliant with state law; establishes requirements for supporting memoranda and allows the commissioner to engage actuaries at company expense if memoranda are inadequate.

Establishes principle-based valuation requirements for specified policies and contracts, requiring companies to quantify benefits and guarantees at appropriate conservatism levels, incorporate relevant assumptions and risk analysis methods, and maintain internal controls with annual board certifications.

Designates supporting memoranda, principle-based valuation reports, examination materials, and related confidential information as privileged and protected from disclosure, subpoena, and discovery in civil actions, with limited exceptions for fraud cases, regulatory sharing, and situations where companies publicly cite the materials.

Sets the operative date of the Valuation Manual as January 1 of the first year following adoption by NAIC and enactment by states representing 75 percent of direct written premiums and at least 42 of 55 specified jurisdictions.