HF3384 Summary

• Amends Minnesota insurance law sections 61A.24 and 61A.25 to update life insurance reserve calculation requirements and align with the National Association of Insurance Commissioners' valuation manual standards.

• Adds definition of "operative date of the valuation manual" as January 1 of the first calendar year the valuation manual becomes effective, with applicability to policies issued on or after that date.

• Establishes that for policies issued after the valuation manual's operative date, insurers must use principle-based valuation methods, commissioner's reserve valuation methods, and assumptions specified in the valuation manual rather than prior statutory standards.

• Requires companies to submit annual actuarial opinions and memorandums on reserve adequacy; allows commissioner to engage actuaries at company expense to review compliance with valuation standards.

• Designates actuarial memorandums, principle-based valuation reports, and experience data submitted under the new requirements as confidential, protected from discovery and subpoena in private civil actions, with limited exceptions for regulatory use.