MO HB70

Establishes the "Standard Valuation Law" (sections 376.365 to 376.380) governing how life insurance companies must calculate and maintain reserve liabilities for life insurance, annuity, accident and health insurance, and deposit-type contracts

Requires the Director of Insurance to annually value reserve liabilities for all outstanding policies and allows acceptance of valuations from other state insurance officials if they meet minimum standards

Introduces principle-based valuation requirements for policies issued after the operative date of a new NAIC valuation manual, requiring companies to quantify benefits, guarantees, and risks at conservative levels that account for unfavorable events with reasonable probability of occurring

Sets the operative date of the valuation manual as January 1st of the first calendar year after the NAIC adopts it with at least 42 member votes and after states representing 75%+ of direct premiums have enacted similar legislation

Creates confidentiality protections for actuarial memoranda, valuation reports, and experience data submitted to the director, exempting such information from public disclosure and subpoena except in limited circumstances