NC H361

Adopts principle-based valuation methods for life insurance reserve calculations, allowing insurers to use their own methods and assumptions consistent with the NAIC valuation manual starting on the operative date specified in G.S. 58-58-51.

Establishes an "appointed actuary" requirement to prepare annual actuarial opinions on reserve adequacy, with detailed confidentiality protections for supporting memorandums and principle-based valuation reports.

Makes conforming changes to insurance laws governing professional employer organizations, insurance company deposits, continuing care retirement communities, health insurance external review, and insurance company names.

Modifies policy renewal provisions to clarify that delivery of a new policy by the same insurer or an affiliate/subsidiary with equivalent financial strength ratings is not considered a refusal to renew.

Revises the definition of "small employer" to align with federal standards under 42 U.S.C. § 18024(b) and makes technical corrections to various insurance statutes.