reglab/housing_qa huggingface dataset:
IN Code § 27-1-12.8-4 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-4. "Company"

Sec. 4. As used in this chapter, "company" is limited to a company that has:(1) issued, delivered, or reinsured at least one (1):(A) policy of insurance described in Class 1(a) or Class 1(c)(1) of IC 27-1-5-1; or(B) policy of insurance or contract described in Class 1(b), Class 1(c)(2), or Class 2(a) of IC 27-1-5-1;in Indiana that is in force or subject to at least one (1) outstanding claim; or(2) issued, delivered, or reinsured a policy or contract described in subdivision (1)(A) or (1)(B) in another state and is required to hold a certificate of authority to issue, deliver, or reinsure a policy or contract described in subdivision (1)(A) or (1)(B) in Indiana.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-5 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-5. "Confidential Information"

Sec. 5. As used in sections 37 and 38 of this chapter, "confidential information" means the following:(1) A supporting memorandum submitted under section 21, 22, or 23 of this chapter and any other documents, materials, and other information, including all working papers and copies of working papers that are created, produced, or obtained by or disclosed to the commissioner or another person in connection with the supporting memorandum.(2) All documents, materials, and other information, including all working papers and copies of working papers that are created, produced, or obtained by or disclosed to the commissioner or another person in the course of an examination made under section 34(f) of this chapter. However, if an examination report or other material prepared in connection with an examination made under IC 27-1-3.1 is not maintained as private and confidential information under IC 27-1-3.1, an examination report or other material prepared in connection with an examination made under section 34(f) of this chapter is not confidential to the same extent as if the examination report or other material had been prepared under IC 27-1-3.1.(3) A report, document, material, or other information developed by a company in support of or in connection with an annual certification by the company under section 35(c)(2) of this chapter evaluating the effectiveness of the company's internal controls with respect to a principle based valuation and any other document, material, or other information, including all working papers and copies of working papers that are created, produced, or obtained by or disclosed to the commissioner or another person in connection with the report, document, material, or other information.(4) A principle based valuation report developed under section 35(c)(3) of this chapter and any document, material, or other information, including all working papers and copies of working papers that are created, produced, or obtained by or disclosed to the commissioner or another person in connection with the report.(5) A document, material, data, or other information submitted by a company under section 36 of this chapter and any other document, material, data, or other information, including all working papers and copies of working papers that are created or produced in connection with the document, material, data, or other information in each case that:(A) includes any potentially company identifying or personally identifiable information;(B) is provided to or obtained by the commissioner with the document, material, data, or other information; and(C) any other document, material, data, or other information, including all working papers and copies of working papers that are created, produced, or obtained by or disclosed to the commissioner or another person in connection with a document, material, data, or other information described in this subdivision.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-6 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-6. "Contract"

Sec. 6. As used in this chapter, "contract" means a contract or a policy.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-7 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-7. "Contractholder Behavior"

Sec. 7. (a) As used in this chapter, "contractholder behavior" means an action taken by a contract holder, certificate holder, or another person possessing the right to elect options, including:(1) lapse;(2) withdrawal;(3) transfer;(4) deposit;(5) premium payment;(6) loan;(7) annuitization;(8) benefit elections; and(9) other options;under the contract.(b) As used in this chapter, "contractholder behavior" does not include events of mortality or morbidity resulting in benefits prescribed according to the terms of the contract.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-8 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-8. "Deposit Type Contract"

Sec. 8. (a) Before the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "deposit type contract" means a contract that does not incorporate mortality or morbidity risk.(b) On and after the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "deposit type contract" means a contract that does not incorporate mortality or morbidity risk and as may be specified in the valuation manual.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-9 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-9. "Issue Year Basis"

Sec. 9. As used in this chapter, "issue year basis" refers to a valuation basis under which the interest rate used to determine the minimum valuation standard for the entire duration of an annuity or a guaranteed interest contract is the calendar year valuation interest rate for the year of issue or year of purchase of the annuity or guaranteed interest contract.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-10 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-10. "Life Insurance"

Sec. 10. (a) Before the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "life insurance" means insurance under a contract that incorporates mortality risk, including annuity and pure endowment contracts.(b) On and after the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "life insurance" means insurance under a contract that incorporates mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-11 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-11. "Naic"

Sec. 11. As used in this chapter, "NAIC" refers to the National Association of Insurance Commissioners.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-12 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-12. "Plan Type"

Sec. 12. As used in this chapter, "plan type" refers to the following:(1) "Plan Type A" means a plan type for which a contractholder:(A) may not withdraw funds; or(B) at any time may withdraw funds only:(i) with an adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company;(ii) without an adjustment, but with installments over at least five (5) years; or(iii) as an immediate life annuity.(2) "Plan Type B" means a plan type for which:(A) before expiration of the interest rate guarantee, a contractholder may not withdraw funds, or may withdraw funds only:(i) with an adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company; or(ii) without an adjustment, but in installments over at least five (5) years; and(B) at the expiration of the interest rate guarantee, funds may be withdrawn without an adjustment in a single sum or installments over less than five (5) years.(3) "Plan Type C" means a plan type for which a contractholder may withdraw funds before expiration of the interest rate guarantee in a single sum or installments over less than five (5) years:(A) without adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company; or(B) subject only to a fixed surrender charge stipulated in the contract as a percentage of the fund.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-13 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-13. "Principal Based Valuation"

Sec. 13. On and after the operative date of the Valuation Manual specified in section 34 of this chapter, as used in this chapter, "principal based valuation" means a reserve valuation that:(1) uses at least one (1) method or assumption determined by the insurer; and(2) is required to comply with section 35 of this chapter as specified in the Valuation Manual.As added by P.L.276-2013, SEC.10. Amended by P.L.124-2018, SEC.21.
IN Code § 27-1-12.8-14 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-14. "Qualified Actuary"

Sec. 14. (a) Before the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "qualified actuary" means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards.(b) On and after the operative date of the valuation manual specified in section 34 of this chapter, as used in this chapter, "qualified actuary" means an individual who:(1) is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards; and(2) meets the requirements specified in the valuation manual.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-15 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-15. "Reserves"

Sec. 15. As used in this chapter, "reserves" means reserve liabilities.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-16 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-16. "Tail Risk"

Sec. 16. As used in this chapter, "tail risk" means a risk that occurs where:(1) the frequency of low probability events is higher than expected under a normal probability distribution; or(2) there are observed events of very significant size or magnitude.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-19 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-19. Valuation of Contracts, Annuities, and Endowment Contracts After Transition Date or January 1, 1948, and Before Operative Date of Valuation Manual

Sec. 19. (a) The commissioner shall annually value or cause to be valued the reserves for all outstanding life insurance contracts and annuity and pure endowment contracts:(1) of each company doing business in Indiana; and(2) issued on or after the transition date selected by the company under IC 27-1-12-12, the transition date in no event to be later than January 1, 1948, and before the operative date of the valuation manual.(b) In calculating 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 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 another state or jurisdiction when the valuation complies with the minimum standard provided in sections 19 through 40 of this chapter.(c) Sections:(1) 24 through 33 of this chapter apply to all contracts, as appropriate, issued on or after the transition date selected by a company under IC 27-1-12-12, the transition date in no event to be later than January 1, 1948, and before the operative date of the valuation manual; and(2) 34 and 35 of this chapter do not apply to contracts described in subdivision (1).(d) The minimum standard for the valuation of contracts issued before the transition date selected by a company under IC 27-1-12-12, the transition date in no event to be later than January 1, 1948, is the minimum standard specified in section 18 of this chapter.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-20 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-20. Annual Reserve Valuation

Sec. 20. (a) The commissioner shall annually value, or cause to be valued, the reserves for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and sickness insurance contracts, and deposit-type contracts:(1) of each company; and(2) 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 another state or jurisdiction if the valuation complies with the minimum standards provided in sections 19 through 40 of this chapter.(b) Sections 34 and 35 of this chapter apply to all contracts issued on or after the operative date of the valuation manual.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-28 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-28. Reserves According to Commissioners Annuity Reserve Method

Sec. 28. (a) This section applies to an annuity or a pure endowment contract other than a group annuity or pure endowment contract that is purchased under a retirement plan or plan of deferred compensation that is established or maintained by:(1) an employer (including a partnership or sole proprietorship);(2) an employee organization; or(3) both;other than a plan providing individual retirement accounts or individual retirement annuities under Section 408 of the Internal Revenue Code.(b) Reserves according to the commissioners annuity reserve method for benefits under an annuity or a pure endowment contract, excluding disability and accidental death benefits in a contract, is the greatest of the respective excesses of:(1) the present value (on the date of valuation) of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by the contract at the end of each respective contract year; over(2) the present value (on the date of valuation) of any future valuation considerations derived from future gross considerations required by the terms of the contract, that become payable before the end of the respective contract year.The future guaranteed benefits must be determined by using any mortality table, if applicable, and the interest rate or rates specified in the contracts for determining guaranteed benefits. The valuation considerations are the portion of the respective gross considerations applied under the terms of a contract to determine the nonforfeiture value.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-29 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-29. Aggregate Reserves

Sec. 29. (a) A company's aggregate reserves for all contracts, excluding disability and accidental death benefits, issued on or after the transition date selected by the company under IC 27-1-12-12, the transition date in no event to be later than January 1, 1948, must not be less than the aggregate reserves calculated in accordance with sections 27, 28, 31, and 32 of this chapter and the mortality tables and rates of interest used in calculating nonforfeiture benefits for the contracts.(b) The aggregate reserves for all contracts and benefits must not be less than the aggregate reserves determined by the appointed actuary to be necessary to render an opinion required by section 21 or 23 of this chapter.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-30 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-30. Reserves; Calculation

Sec. 30. (a) Reserves for contracts issued before the transition date selected by a company under IC 27-1-12-12, the transition date in no event to be later than January 1, 1948, may be calculated (at the option of the company) according to any standards that produce greater aggregate reserves for all of the contracts than the minimum reserves required by the laws in effect immediately before the transition date.(b) Reserves for a category, established by the commissioner, of contracts or benefits issued on or after the transition date selected by a company under IC 27-1-12-12, the transition date in no event to be later than January 1, 1948, may be calculated (at the option of the company) according to any standards that produce greater aggregate reserves for the category than the aggregate reserves calculated according to the minimum standard under this chapter. However, the rates of interest used for contracts other than annuity and pure endowment contracts must not be greater than the corresponding rate of interest used in calculating nonforfeiture benefits provided in the contracts.(c) A company that adopts a standard of valuation that produces greater aggregate reserves than the aggregate reserves calculated under sections 19 through 40 of this chapter may adopt a lower standard of valuation with the approval of the commissioner. However, the lower standard of valuation must not be lower than the minimum standard provided under this chapter. For purposes of this subsection, the holding of additional reserves previously determined by the appointed actuary to be necessary to render an opinion required by section 21 or 23 of this chapter is not the adoption of a higher standard of valuation.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-31 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-31. Minimum Reserve Requirement Related to Gross Premium

Sec. 31. (a) If in any contract year the gross premium charged by a company on a contract is less than the valuation net premium for the contract calculated by the method used in calculating the reserve, but using the minimum valuation standards of mortality and rate of interest, the minimum reserve required for the contract is the greater of:(1) the reserve calculated according to the mortality table, rate of interest, and method actually used for the contract; or(2) the reserve calculated by the method actually used for the contract, but using the minimum valuation standards of mortality and rate of interest and replacing the valuation net premium with the actual gross premium in each contract year for which the valuation net premium exceeds the actual gross premium.(b) The minimum valuation standards of mortality and rate of interest referred to in this section are the standards specified in sections 24 and 26 of this chapter.(c) For a life insurance contract issued on or after January 1, 1985:(1) for which:(A) the gross premium in the first contract year exceeds the gross premium in the second contract year; and(B) no comparable additional benefit is provided in the first contract year for the excess; and(2) that provides an endowment benefit, a cash surrender value, or a combination, in an amount greater than the excess premium;this section applies as if the method actually used in calculating the reserve for the contract were the method described in section 27(a), 27(b), and 27(d) of this chapter. The minimum reserve on each contract anniversary of a contract described in this subsection is the greater of the minimum reserve calculated in accordance with section 27 of this chapter and the minimum reserve calculated under this section.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-32 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-32. Minimum Reserve Requirement for Certain Contracts

Sec. 32. In the case of:(1) a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the company based on estimates of future experience; or(2) a contract of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in sections 27, 28, and 31 of this chapter;the reserves that are held under the contract must be appropriate in relation to the benefits and pattern of premiums for the contract and computed by a method that is consistent with the principles of this chapter, as determined under rules adopted by the commissioner under IC 4-22-2.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-33 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-33. Accident and Sickness Insurance Contracts

Sec. 33. The following apply to accident and sickness insurance contracts:(1) For accident and sickness 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 section 20 of this chapter.(2) For accident and sickness insurance contracts issued before the operative date of the valuation manual, the minimum standard of valuation is the standard adopted by the commissioner in rules adopted under IC 4-22-2.As added by P.L.276-2013, SEC.10.
IN Code § 27-1-12.8-36 (2021)
2021 Indiana Code|Title 27. Insurance|Article 1. Department of Insurance|Chapter 12.8. Standard Valuation Law|27-1-12.8-36. Submission of Data Prescribed by Valuation Manual

Sec. 36. On and after the operative date of the valuation manual specified in section 34 of this chapter, a company shall submit mortality, morbidity, contractholder behavior, or expense experience and other data as prescribed in the valuation manual.As added by P.L.276-2013, SEC.10.