Bill Summary: SF3230 - Life Insurance Reserves

• Amends Minnesota's life insurance reserve valuation law by adding definitions and creating separate regulatory frameworks for policies issued before and after the "operative date of the valuation manual"

• Modifies nonforfeiture premium calculation methods for life insurance policies, establishing specific percentages (one percent and 125 percent) and caps (four percent) for adjusted premium determinations

• Establishes a new valuation manual system adopted by the National Association of Insurance Commissioners that becomes effective on January 1 following July 1 when specified legislative adoption thresholds are met across states

• Creates "principle-based valuation" requirements for certain policies that allow insurers to use their own methods and assumptions subject to conservative margins for uncertainty and regulatory oversight

• Implements confidentiality protections for actuarial memorandums, principle-based valuation reports, and experience data submitted to the insurance commissioner, with limited exceptions for regulatory actions and disciplinary proceedings