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GA HB975
Bill
Status
Engrossed
2/23/2016
Primary Sponsor
James Shaw
Click for details
AI Summary
- Amends Code Section 33-10-13 to allow life insurers with less than $300 million in ordinary life premiums to hold reserves based on mortality tables and interest rates from the valuation manual using older methodologies, in lieu of principal-based reserve (PBR) requirements
- Requires qualifying insurers that are part of a group to have combined group ordinary life premiums of less than $600 million and total adjusted capital of at least 450% of authorized control level risk-based capital
- Removes the prior provision that companies meeting the opt-out requirements were also subject to subsection (l) requirements of the Code section
- Permits qualifying domestic companies to file a certification with the Commissioner prior to July 1 confirming eligibility, with the Commissioner authorized to reject the statement prior to September 1 and require full compliance with valuation manual reserve requirements
Legislative Description
Commerce and trade; assets and liabilities; provide certain updates to the standard valuation law
Last Action
Senate Read Second Time
3/10/2016
Full Bill Text
No bill text available