SB0094 Summary: Illinois Insurance Code - Valuation of Policies

• Amends Sections 223 and 229.2 of the Illinois Insurance Code to establish separate valuation standards for life insurance policies issued before and after the operative date of the Valuation Manual.

• For policies issued prior to the Valuation Manual's operative date, maintains existing reserve valuation methods using specified mortality tables and interest rates, with qualified actuaries required to submit annual opinions on reserve adequacy.

• For policies issued on or after the Valuation Manual's operative date, implements principle-based valuation requirements that allow insurers to use company-specific assumptions and methods while maintaining conservative margins for uncertainty and risk.

• Establishes the Valuation Manual as the binding standard for new policies once adopted by the NAIC with required supermajority votes and enacted by states representing 75% of direct premiums written.

• Creates confidentiality protections for actuarial memorandums, valuation reports, and experience data submitted to the Director, with limited exceptions for regulatory action and professional disciplinary proceedings.