SB 2045 Summary

• Amends Oklahoma insurance law (36 O.S. 2011, Sections 1510, 4061, and 4029) to align with the National Association of Insurance Commissioners' (NAIC) Standard Valuation Law adopted in 2009.

• Establishes a "valuation manual" operative date when specific conditions are met (NAIC adoption, 75% of states enacting similar legislation, and 42+ jurisdictions adopting the law), after which new policies must comply with the manual's minimum valuation standards.

• Implements "principle-based valuation" requirements for certain policies, allowing insurers to use their own methods and assumptions while maintaining minimum standards for benefits, guarantees, and risk margins.

• Requires appointed actuaries to submit annual opinions on reserve adequacy and establishes confidentiality protections for actuarial memorandums and reports, with limited exceptions for regulatory oversight and professional discipline.

• Updates nonforfeiture provisions for life insurance policies to provide minimum standards for cash surrender values and paid-up benefits after the operative date of the valuation manual.

• Effective date: November 1, 2014.