reglab/housing_qa huggingface dataset:
WA Rev Code § 48.70.040 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.70 - Specified Disease Insurance Act.|48.70.040 - Rules required.

RCW 48.70.040 Rules required.By July 1, 1983, the commissioner shall adopt all rules necessary to ensure that specified disease policies provide a reasonable level of benefits to policyholders, and that purchasers and potential purchasers of such policies are fully informed of the level of benefits provided.[ 1982 c 181 § 23.]
WA Rev Code § 48.70.900 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.70 - Specified Disease Insurance Act.|48.70.900 - Application of chapter.

RCW 48.70.900 Application of chapter.This chapter shall apply to all policies issued on or after July 1, 1983. This chapter shall not apply to services provided by health care service contractors as defined in RCW 48.44.010.[ 1982 c 181 § 24.]
WA Rev Code § 48.74.010 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.010 - Short title.

RCW 48.74.010 Short title.This chapter may be known and cited as the standard valuation law.[ 2016 c 142 § 1; 1982 1st ex.s. c 9 § 1.]NOTES:Effective date—2016 c 142: "Sections 1 through 19 of this act take effect January 1, 2017." [ 2016 c 142 § 21.]
WA Rev Code § 48.74.020 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.020 - Valuation of reserve liabilities—Applicable before valuation manual is operative.

RCW 48.74.020 Valuation of reserve liabilities—Applicable before valuation manual is operative.This section applies to policies and contracts issued prior to the operative date of the valuation manual.(1) The commissioner shall annually value, or cause to be valued, the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state issued on or after July 10, 1982, and prior to the operative date of the valuation manual. In calculating such reserves, the commissioner may use group methods and approximate averages for fractions of a year or otherwise. In lieu of the valuation of the reserves herein required of any foreign or alien company, the commissioner may accept any valuation made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when such valuation complies with the minimum standard provided in this chapter.(2) RCW 48.74.030 through 48.74.090 apply to all policies and contracts, as appropriate, subject to this chapter issued on or after July 10, 1982, and prior to the operative date of the valuation manual and RCW 48.74.100 and 48.74.110 do not apply to any such policies and contracts.(3) The minimum standard for valuation of policies and contracts issued prior to July 10, 1982, is that provided by the laws immediately prior to that date.[ 2016 c 142 § 3; 1982 1st ex.s. c 9 § 2.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.
WA Rev Code § 48.74.022 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.022 - Valuation of reserve liabilities—Applicable after valuation manual is operative.

RCW 48.74.022 Valuation of reserve liabilities—Applicable after valuation manual is operative.This section applies to policies and contracts issued on or after the operative date of the valuation manual.(1) The commissioner shall annually value, or cause to be valued, the reserve liabilities, called reserves, for all outstanding life insurance contracts, annuity and endowment contracts, disability contracts, and deposit-type contracts of every company issued on or after the operative date of the valuation manual. In lieu of the valuation of the reserves required of a foreign or alien company, the commissioner may accept a valuation made, or caused to be made, by the insurance supervisory official of any state, or other jurisdiction when the valuation complies with the minimum standard provided in this chapter.(2) RCW 48.74.100 and 48.74.110 apply to all policies and contracts issued on or after the operative date of the valuation manual.[ 2016 c 142 § 4.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.
WA Rev Code § 48.74.026 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.026 - Confidentiality of material submitted under RCW 48.74.025.

RCW 48.74.026 Confidentiality of material submitted under RCW 48.74.025.(1)(a) The opinion and memorandum in support of the opinion submitted to the commissioner under RCW 48.74.025 are confidential and privileged, are exempt from disclosure pursuant to chapter 42.56 RCW, are not subject to subpoena, and are not subject to discovery or admissible in evidence in any private civil action, only if and to the extent that the opinion and memorandum supporting the opinion independently qualify for exemption from disclosure as documents, materials, or information in the possession of the commissioner pursuant to a financial conduct examination.(b) If independently qualifying for exemption from disclosure, as provided in (a) of this subsection, the provisions of RCW 48.02.065 apply to the opinion and memorandum in support of the opinion to the same extent as documents, materials, and information in possession of the commissioner pursuant to a financial conduct examination.(2) In addition to the provisions of RCW 48.02.065, (a) through (c) of this subsection apply to the opinion and memorandum in support of the opinion submitted to the commissioner under RCW 48.74.025.(a) A memorandum in support of the opinion, and any other material provided by the company to the commissioner in connection with the memorandum, may be subject to subpoena for the purpose of defending an action seeking damages from the actuary submitting the memorandum by reason of an action required by this section or by rules adopted under this section.(b) A memorandum or other material may otherwise be released by the commissioner with the written consent of the company or to the American academy of actuaries upon request stating that the memorandum or other material is required for the purpose of professional disciplinary proceedings and setting forth procedures satisfactory to the commissioner for preserving the confidentiality of the memorandum or other material.(c) Once any portion of the confidential memorandum is cited by the company in its marketing or is cited before a governmental agency other than a state insurance department or is released by the company to the news media, all portions of the confidential memorandum are no longer confidential.(3) Included in those agencies or organizations with which the commissioner may share the opinion and memorandum in support of the opinion, as provided in this section and RCW 48.02.065, is the office of the attorney general for purposes of investigating any consumer protection or antitrust action.[ 2016 c 142 § 7.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.
WA Rev Code § 48.74.050 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.050 - Minimum aggregate reserves.

RCW 48.74.050 Minimum aggregate reserves.(1) In no event may a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after July 10, 1982, be less than the aggregate reserves calculated in accordance with the methods set forth in RCW 48.74.040, 48.74.070, and 48.74.080 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for such policies.(2) In no event may the aggregate reserves for all policies, contracts, and benefits be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required under RCW 48.74.025 and 48.74.028.[ 2016 c 142 § 9; 1993 c 462 § 88; 1982 1st ex.s. c 9 § 5.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.Severability—Implementation—1993 c 462: See RCW 48.31B.901 and 48.31B.902.
WA Rev Code § 48.74.060 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.060 - Other methods of reserve calculation.

RCW 48.74.060 Other methods of reserve calculation.(1) Reserves for all policies and contracts issued prior to July 10, 1982, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to such date.(2) Reserves for any category of policies, contracts, or benefits as established by the commissioner, issued on or after July 10, 1982, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for such category than those calculated according to the minimum standard herein provided, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, shall not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided in the policies or contracts.(3) A company which adopts at any time any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard under this chapter may , adopt a lower standard of valuation with the approval of the commissioner, but not lower than the minimum provided. For the purposes of this section, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required under RCW 48.74.025 and 48.74.028 is not to be the adoption of a higher standard of valuation.[ 2016 c 142 § 10; 1993 c 462 § 89; 1982 1st ex.s. c 9 § 6.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.Severability—Implementation—1993 c 462: See RCW 48.31B.901 and 48.31B.902.
WA Rev Code § 48.74.070 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.070 - Minimum reserve if gross premium less than valuation net premium.

RCW 48.74.070 Minimum reserve if gross premium less than valuation net premium.If in any contract year the gross premium charged by a company on any policy or contract is less than the valuation net premium for the policy or contract calculated by the method used in calculating the reserve thereon but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for such policy or contract shall be the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for such policy or contract, or the reserve calculated by the method actually used for such policy or contract but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium by the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium. The minimum valuation standards of mortality and rate of interest referred to in this section are those standards stated in RCW 48.74.030 (1) and (3): PROVIDED, That for any life insurance policy issued on or after January 1, 1986, for which the gross premium in the first policy year exceeds that of the second year and for which no comparable additional benefit is provided in the first year for such excess and which provides an endowment benefit or a cash surrender value or a combination thereof in an amount greater than such excess premium, the foregoing provisions of this section shall be applied as if the method actually used in calculating the reserve for such policy were the method described in RCW 48.74.040, ignoring the second paragraph of that section. The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with RCW 48.74.040, including the second paragraph of that section, and the minimum reserve calculated in accordance with this section.[ 2016 c 142 § 11; 1982 1st ex.s. c 9 § 7.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.
WA Rev Code § 48.74.080 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.080 - Procedure when specified methods of reserve determination unfeasible.

RCW 48.74.080 Procedure when specified methods of reserve determination unfeasible.In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance or annuity which is of such a nature that the minimum reserves cannot be determined by the methods described in RCW 48.74.040 and 48.74.070, the reserves which are held under any such plan must, under regulations promulgated by the commissioner:(1) Be appropriate in relation to the benefits and the pattern of premiums for that plan; and(2) Be computed by a method which is consistent with the principles of this standard valuation law.[ 1982 1st ex.s. c 9 § 8.]
WA Rev Code § 48.74.090 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.090 - Valuation of disability insurance.

RCW 48.74.090 Valuation of disability insurance.For disability insurance contracts issued on or after the operative date of the valuation manual, the standard prescribed in the valuation manual is the minimum standard of valuation required under RCW 48.74.022. For disability insurance contracts issued on or after July 10, 1982, and prior to the operative date of the valuation manual, the minimum standard of valuation is the standard adopted by the commissioner by rule.[ 2016 c 142 § 12; 1993 c 462 § 90.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.Severability—Implementation—1993 c 462: See RCW 48.31B.901 and 48.31B.902.
WA Rev Code § 48.74.110 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.110 - Reserves—Principle-based valuation.

RCW 48.74.110 Reserves—Principle-based valuation.(1) A company must establish reserves, consistent with the commissioner's superseding authority to establish reserves pursuant to RCW 48.74.100(7), using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual:(a) Quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts. For policies or contracts with significant tail risk, valuations must reflect conditions appropriately adverse to quantify the tail risk.(b) Incorporate assumptions, risk analysis methods, and financial models and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods.(c) Incorporate assumptions that are derived in one of the following manners:(i) The assumption is prescribed in the valuation manual.(ii) For assumptions that are not prescribed, the assumptions must:(A) Be established utilizing the company's available experience, to the extent it is relevant and statistically credible; or(B) To the extent that company data is not available, relevant, or statistically credible, be established utilizing other relevant, statistically credible experience.(d) Provide margins for uncertainty including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve.(2) A company using a principle-based valuation for one or more policies or contracts subject to this section as specified in the valuation manual must:(a) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual.(b) Provide to the commissioner and the board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. These controls must be designed to assure that all material risks inherent in the liabilities and associated assets subject to such valuation are included in the valuation, and that valuations are made in accordance with the valuation manual. The certification must be based on the controls in place as of the end of the preceding calendar year.(c) Develop, and file with the commissioner upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual.(3) A principle-based valuation may include a prescribed formulaic reserve component.[ 2016 c 142 § 14.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.
WA Rev Code § 48.74.120 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.74 - Standard Valuation Law.|48.74.120 - Submission of data.

RCW 48.74.120 Submission of data.A company must submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.[ 2016 c 142 § 15.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.
WA Rev Code § 48.76.010 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.76 - Standard Nonforfeiture Law for Life Insurance.|48.76.010 - Short title—"NAIC" and "operative date of the valuation manual" defined.

RCW 48.76.010 Short title—"NAIC" and "operative date of the valuation manual" defined.(1) This chapter may be known and cited as the standard nonforfeiture law for life insurance.(2) As used in this chapter:(a) "NAIC" means the national association of insurance commissioners.(b) "Operative date of the valuation manual" means the January 1st of the first calendar year that the valuation manual as defined in chapter 48.74 RCW is effective.[ 2016 c 142 § 17; 1982 1st ex.s. c 9 § 10.]NOTES:Effective date—2016 c 142: See note following RCW 48.74.010.
WA Rev Code § 48.76.030 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.76 - Standard Nonforfeiture Law for Life Insurance.|48.76.030 - Amount of cash surrender value.

RCW 48.76.030 Amount of cash surrender value.(1) Subject to subsections (2) and (3) of this section, any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by RCW 48.76.020, shall be an amount not less than the excess, if any, of the present value, on such anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of the then present value of the adjusted premiums as defined in RCW 48.76.050, corresponding to premiums which would have fallen due on and after such anniversary, and the amount of any indebtedness to the company on the policy.(2) For any policy issued on or after the operative date of *RCW 48.76.050(4), which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in subsection (1) of this section shall be an amount not less than the sum of the cash surrender value as defined in such paragraph for an otherwise similar policy issued at the same age without such rider or supplemental policy provision and the cash surrender value as defined in such paragraph for a policy which provides only the benefits otherwise provided by such rider or supplemental policy provision.(3) For any family policy issued on or after the operative date of *RCW 48.76.050(4), which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's age seventy-one, the cash surrender value shall be an amount not less than the sum of the cash surrender value as defined in this section for an otherwise similar policy issued at the same age without such term insurance on the life of the spouse and the cash surrender value as defined in this section for a policy which provides only the benefits otherwise provided by such term insurance on the life of the spouse.(4) Any cash surrender value available within thirty days after any policy anniversary under any policy paid-up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by RCW 48.76.020, shall be an amount not less than the present value, on such anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the company on the policy.[ 1982 1st ex.s. c 9 § 12.]NOTES:*Reviser's note: RCW 48.76.050 was amended by 2016 c 142 § 18, changing subsection (4) to subsection (7), effective January 1, 2017.
WA Rev Code § 48.76.040 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.76 - Standard Nonforfeiture Law for Life Insurance.|48.76.040 - Nonforfeiture benefit in case of premium default.

RCW 48.76.040 Nonforfeiture benefit in case of premium default.Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary is at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this chapter in the absence of the condition that premiums shall have been paid for at least a specified period.[ 1982 1st ex.s. c 9 § 13.]
WA Rev Code § 48.76.060 (2021)
2021 Revised Code of Washington|Title 48 - Insurance|Chapter 48.76 - Standard Nonforfeiture Law for Life Insurance.|48.76.060 - Requirements when specified methods of minimum values determination unfeasible.

RCW 48.76.060 Requirements when specified methods of minimum values determination unfeasible.In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in RCW 48.76.020 through 48.76.050, then:(1) The commissioner must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by RCW 48.76.020 through 48.76.050;(2) The commissioner must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds;(3) The cash surrender values and paid-up nonforfeiture benefits provided by such plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of this chapter, as determined by regulations promulgated by the commissioner.[ 1982 1st ex.s. c 9 § 15.]