MO HB2182

Repeals and replaces sections 376.370, 376.380, and 376.670 regarding life insurance reserve valuations and creates new section 376.365 establishing the "Standard Valuation Law"

Establishes two different valuation standards: one for policies issued before the valuation manual operative date (using existing methods) and one for policies issued after (using principle-based valuation methods)

Requires companies to use the NAIC valuation manual as the minimum standard for reserves on policies issued after the valuation manual becomes effective, with provisions for principle-based valuation that quantify benefits and risks at appropriate levels of conservatism

Creates confidentiality protections for actuarial opinions, memorandums, and valuation reports submitted to the director, prohibiting disclosure except to regulatory agencies, the NAIC, or with company consent

Allows the director to exempt certain domestic companies from valuation manual requirements if they calculate reserves using pre-manual assumptions and methods approved by regulation