HB 432 Summary

• Amends Section 41-612 (Standard Valuation Law for Life Insurance) to define terms including "accident and health insurance," "appointed actuary," "company," "deposit-type contract," "life insurance," "policyholder behavior," "principle-based valuation," "qualified actuary," "tail risk," and "valuation manual."

• Establishes requirements for reserve valuation of insurance policies issued on or after the operative date of the valuation manual, incorporating principle-based valuation methods that quantify benefits, guarantees, and funding at appropriate levels of conservatism.

• Requires companies to establish procedures for corporate governance and oversight of the actuarial function, provide annual certifications of internal control effectiveness, and file principle-based valuation reports with the director upon request.

• Amends Section 41-1927 (Standard Nonforfeiture Law for Life Insurance) to define "operative date of the valuation manual" and align nonforfeiture standards with the valuation manual requirements.

• Amends Section 74-107 to exempt information submitted to insurance companies pursuant to Section 41-612(17) from public disclosure under the public records law.