MI HB5514

Amends Michigan's insurance code to update mortality tables and valuation standards for life insurance policies and annuity contracts issued after December 31, 2014.

Establishes new mortality tables for individual annuities (2012 IAR Table) and group annuities (1994 GAR Table) with interest rates determined by methodology in section 836.

Requires insurers using principle-based valuation to establish internal controls, provide annual certifications of effectiveness, and file valuation reports with the director.

Exempts domestic insurers with less than $500 million in ordinary life premiums and adequate capital reserves from new valuation requirements, unless they elect to comply.

Takes effect 90 days after enactment into law.