HB 1142 Summary

• Creates and amends North Dakota Century Code sections to implement the National Association of Insurance Commissioners' Valuation Manual for life insurance, annuities, and related contracts issued on or after the operative date of the manual.

• Establishes definitions for key terms including "appointed actuary," "principle-based valuation," "valuation manual," and "policyholder behavior" that apply when the valuation manual becomes operative.

• Requires insurers to use valuation methods specified in the valuation manual as the minimum standard for policies issued after the operative date, while maintaining existing standards for policies issued before that date.

• Creates confidentiality protections for actuarial opinions, memorandums, principle-based valuation reports, and related materials submitted to or examined by the insurance commissioner, with limited exceptions for litigation and regulatory sharing.

• Effective date is contingent on: valuation manual adoption by NAIC, enactment by states representing 75% of direct premiums written, and adoption by at least 42 of 55 specified U.S. jurisdictions.