reglab/housing_qa huggingface dataset:
CO Code § 10-7-303 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-303. Computation of Cash Surrender Value

     Except as provided in paragraphs (b) and (c) of this subsection (1), 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 section 10-7-302, 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 sections 10-7-305 and 10-7-305.1, 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.       For any policy issued on or after the operative date of section 10-7-305.1 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 paragraph (a) of this subsection (1) shall be an amount not less than the sum of the cash surrender value as defined in said paragraph (a) 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 said paragraph (a) for a policy which provides only the benefits otherwise provided by such rider or supplemental policy provision.    For any family policy issued on or after the operative date of section 10-7-305.1 which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse reaches age seventy-one, the cash surrender value referred to in paragraph (a) of this subsection (1) shall be an amount not less than the sum of the cash surrender value as defined in said paragraph (a) 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 said paragraph (a) for a policy which provides only the benefits otherwise provided by such term insurance on the life of the spouse.       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 section 10-7-302, 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.     History. Source: L. 61: P. 461, § 3. CRS 53: § 72-20-3. C.R.S. 1963: § 72-19-3. L. 81: Entire section amended, p. 543, § 2, effective July 1. History. Source: L. 61: P. 461, § 3. CRS 53: § 72-20-3. C.R.S. 1963: § 72-19-3. L. 81: Entire section amended, p. 543, § 2, effective July 1.
CO Code § 10-7-304 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-304. Computation of Nonforfeiture Benefit

 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 shall be 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 part 3 in the absence of the condition that premiums shall be paid for at least a specified period.   History. Source: L. 61: P. 462, § 4. CRS 53: § 72-20-4. C.R.S. 1963: § 72-19-4. History. Source: L. 61: P. 462, § 4. CRS 53: § 72-20-4. C.R.S. 1963: § 72-19-4.
CO Code § 10-7-305.2 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-305.2. Future Premium Determination - Standards

  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 the then present 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 section 10-7-302, 10-7-303, 10-7-304, 10-7-305, or 10-7-305.1, then:   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 section 10-7-302, 10-7-303, 10-7-304, 10-7-305, or 10-7-305.1;    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;    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 part 3, as determined by regulations promulgated by the commissioner.        History. Source: L. 81: Entire section added, p. 547, § 5, effective July 1.
CO Code § 10-7-306 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-306. Calculation of Values - Supplemental Rules

  Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in sections 10-7-303 to 10-7-305.1 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall not be less than the amounts used to provide such additions.    Notwithstanding the provisions of section 10-7-303, additional benefits shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this part 3, and no such additional benefits shall be required to be included in any paid-up nonforfeiture benefits in the following events or circumstances:   In the event of death or dismemberment by accident or accidental means;    In the event of total and permanent disability;    As reversionary annuity or deferred reversionary annuity benefits;    As term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this part 3 would not apply;    As term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child's age is twenty-six, is uniform in amount after the child's age is one, and has not become paid up by reason of the death of a parent of the child;    As other policy benefits additional to life insurance and endowment benefits, and premiums for all such additional benefits.        History. Source: L. 61: P. 464, § 6. CRS 53: § 72-20-6. C.R.S. 1963: § 72-19-6. L. 81: (1) amended, p. 548, § 6, effective July 1. History. Source: L. 61: P. 464, § 6. CRS 53: § 72-20-6. C.R.S. 1963: § 72-19-6. L. 81: (1) amended, p. 548, § 6, effective July 1.
CO Code § 10-7-307 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-307. Exemptions

  Sections 10-7-302 to 10-7-306.1 shall not apply to any of the following:   Reinsurance;    Group insurance;    A pure endowment;    An annuity or reversionary annuity contract;    Any term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy;    Any term policy of decreasing amount, which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in sections 10-7-305 and 10-7-305.1, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance and for a term of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy;    Any policy which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in sections 10-7-303, 10-7-304, 10-7-305, and 10-7-305.1, exceeds two and one-half percent of the amount of insurance at the beginning of the same policy year; nor    Any policy which shall be delivered outside this state through an agent or other representative of the company issuing the policy.       For purposes of determining the applicability of sections 10-7-302 to 10-7-306.1, the age at expiry for a joint term life insurance policy shall be the age of expiry of the oldest life.     History. Source: L. 61: P. 464, § 7. CRS 53: § 72-20-7. C.R.S. 1963: § 72-19-7. L. 81: Entire section R&RE, p. 549, § 8, effective July 1. History. Source: L. 61: P. 464, § 7. CRS 53: § 72-20-7. C.R.S. 1963: § 72-19-7. L. 81: Entire section R&RE, p. 549, § 8, effective July 1.
CO Code § 10-7-308 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-308. Waiver Prohibited

 No agreement between the company and the policyholder or applicant for insurance contrary to the provisions of sections 10-7-301 to 10-7-307 , or contrary to the provisions of section 10-3-205 , shall be held to waive any of such provisions.   History. Source: L. 61: P. 465, § 8. CRS 53: § 72-20-8. C.R.S. 1963: § 72-19-8. History. Source: L. 61: P. 465, § 8. CRS 53: § 72-20-8. C.R.S. 1963: § 72-19-8.
CO Code § 10-7-310.5 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-310.5. Individual Annuity and Pure Endowment Reserves

  This section applies to all annuity and pure endowment contracts other than group annuity and pure endowment contracts purchased under a retirement plan or plan of deferred compensation, established or maintained by an employer (including a partnership or sole proprietorship) or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under the federal “Internal Revenue Code of 1986”, 26 U.S.C. sec. 408, as now or hereafter amended.    Reserves according to the commissioners annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in such contracts, shall be the greatest of the respective excesses of the present values, at the date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits, provided for by such contracts at the end of each respective contract year, over the present value, at the date of valuation, of any future valuation considerations derived from future gross considerations, required by the terms of such contracts, that become payable prior to the end of such respective contract year. The future guaranteed benefits shall be determined by using the mortality table, if any, and the interest rate, or rates, specified in such contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of such contracts to determine nonforfeiture values.     History. Source: L. 77: Entire section added, p. 526, § 6, effective July 1. L. 2000: (1) amended, p. 1840, § 10, effective August 2. L. 2015: (1) amended,(HB 15-1048), ch. 63, p. 163, § 7, effective August 5.
CO Code § 10-7-311 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-311. Minimum Aggregate Reserves

  In no event shall a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after July 1, 1992, be less than the aggregate reserves calculated in accordance with the methods set forth in sections 10-7-310, 10-7-310.5, 10-7-313, and .1 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for such policies.    In no event shall 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 by section 10-7-114.     History. Source: L. 61: P. 468, § 15. CRS 53: § 72-20-11. C.R.S. 1963: § 72-19-11. L. 77: Entire section amended, p. 527, § 7, effective July 1. L. 81: Entire section amended, p. 557, § 12, effective July 1. L. 92: Entire section amended, p. 1497, § 24, effective July 1. L. 2015: Entire section amended,(HB 15-1048), ch. 63, p. 163, § 8, effective August 5. History. Source: L. 61: P. 468, § 15. CRS 53: § 72-20-11. C.R.S. 1963: § 72-19-11. L. 77: Entire section amended, p. 527, § 7, effective July 1. L. 81: Entire section amended, p. 557, § 12, effective July 1. L. 92: Entire section amended, p. 1497, § 24, effective July 1. L. 2015: Entire section amended,(HB 15-1048), ch. 63, p. 163, § 8, effective August 5.
CO Code § 10-7-312 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-312. Optional Standards

  Reserves for any category of policies or benefits as established by the commissioner may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this part 3, but the rate or rates of interest used for policies and contracts, other than annuity and pure endowment contracts, must not be greater than the corresponding rate or rates of interest used in calculating any nonforfeiture benefits provided for in the policies or contracts.    Any company that at any time has adopted any standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided in this part 3 may adopt a lower standard of valuation with the approval of the commissioner, but not lower than the minimum provided in this part 3; except that, for the purposes of this part 3, the holding of additional reserves previously determined by the appointed actuary to be necessary to render the opinion required by section 10-7-114 shall not be deemed to be the adoption of a higher standard of valuation.     History. Source: L. 61: P. 468, § 16. CRS 53: § 72-20-12. C.R.S. 1963: § 72-19-12. L. 77: (1) amended, p. 527, § 8, effective July 1. L. 92: (2) amended, p. 1497, § 25, effective July 1. L. 2015: Entire section amended,(HB 15-1048), ch. 63, p. 163, § 9, effective August 5. History. Source: L. 61: P. 468, § 16. CRS 53: § 72-20-12. C.R.S. 1963: § 72-19-12. L. 77: (1) amended, p. 527, § 8, effective July 1. L. 92: (2) amended, p. 1497, § 25, effective July 1. L. 2015: Entire section amended,(HB 15-1048), ch. 63, p. 163, § 9, effective August 5.
CO Code § 10-7-313 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-313. Minimum Reserves

  If in any contract year the gross premium charged by a company on any policy is less than the valuation net premium for the policy calculated by the method used in calculating the reserve on the policy but using the minimum standards of mortality and rate of interest, the minimum reserve required for the policy is the greater of either the reserve calculated according to the mortality table, rate of interest, and method actually used for the policy or the reserve calculated by the method actually used for the policy but using the minimum 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 sections 10-7-309 and 10-7-309.5; except that for any life insurance policy issued on or after January 1, 1985, 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 that provides an endowment benefit, a cash surrender value, or a combination of endowment benefit and cash surrender value in an amount greater than the excess premium, the provisions of this section must be applied as if the method actually used in calculating the reserve for the policy were the method described in section 10-7-310, ignoring subsection (1.5) of that section. The minimum reserve at each policy anniversary of the policy must be the greater of the minimum reserve calculated in accordance with section 10-7-310, including subsection (1.5) of that section, and the minimum reserve calculated in accordance with this section.     History. Source: L. 61: P. 469, § 17. CRS 53: § 72-20-13. C.R.S. 1963: § 72-19-13. L. 77: Entire section amended, p. 527, § 9, effective July 1. L. 81: Entire section amended, p. 557, § 13, effective July 1. L. 2015: Entire section amended,(HB 15-1048), ch. 63, p. 164, § 10, effective August 5. History. Source: L. 61: P. 469, § 17. CRS 53: § 72-20-13. C.R.S. 1963: § 72-19-13. L. 77: Entire section amended, p. 527, § 9, effective July 1. L. 81: Entire section amended, p. 557, § 13, effective July 1. L. 2015: Entire section amended,(HB 15-1048), ch. 63, p. 164, § 10, effective August 5.
CO Code § 10-7-313.1 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-313.1. Minimum Reserves - Exceptions

  In the case of any plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on then-present estimates of future experience, or in the case of any plan of life insurance or annuity that is of such a nature that the minimum reserves cannot be determined by the methods described in sections 10-7-310, 10-7-310.5, and 10-7-313, the reserves that are held under any such plan must:   Be appropriate in relation to the benefits and the pattern of premiums for that plan; and    Be computed by a method that is consistent with the principles of this part 3, as such appropriateness and method is determined by rules promulgated by the commissioner.        History. Source: L. 2015: Entire section added,(HB 15-1048), ch. 63, p. 164, § 11, effective August 5.    Editor's note:   This section is similar to former § 10-7-313.5 as it existed prior to 2015.
CO Code § 10-7-313.2 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-313.2. Minimum Standards for Other Coverages Including Accident and Health Insurance Contracts - Rules

 The commissioner may promulgate rules prescribing minimum standards applicable to the valuation of plans or products not otherwise included within this article and in conformance with standards as adopted by the NAIC. The commissioner shall promulgate rules containing the minimum standards applicable to the valuation of health plans, including disability, sickness, and accident, issued on or after the operative date of this part 3 and prior to the operative date of the valuation manual. For accident and health 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 10-7-101 (2)(a)(IV) .   History. Source: L. 2015: Entire section added,(HB 15-1048), ch. 63, p. 165, § 11, effective August 5.    Editor's note:   This section is similar to former § 10-7-313.7 as it existed prior to 2015.
CO Code § 10-7-313.4 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-313.4. Requirements of a Principle-Based Valuation

  A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual. The valuation must:   Quantify the benefits, guarantees, and 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, the valuation must reflect conditions appropriately adverse to quantify the tail risk.    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;    Incorporate assumptions that are derived in one of the following manners:   The assumption is prescribed in the valuation manual.    For assumptions that are not prescribed, the assumptions must:   Be established utilizing the company's available experience, to the extent it is relevant and statistically credible; or    To the extent that company data is not available, relevant, or statistically credible, be established utilizing other relevant, statistically credible experience.          Provide margins for uncertainty, including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve.       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:   Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;    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. The company shall design the controls to assure that all material risks inherent in the liabilities and associated assets subject to the valuation are included in the valuation and that valuations are made in accordance with the valuation manual. The certification shall be based on the controls in place as of the end of the preceding calendar year.    Develop, and file with the commissioner upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual.       A principle-based valuation may include a prescribed formulaic-reserve component.     History. Source: L. 2015: Entire section added,(HB 15-1048), ch. 63, p. 167, § 12, effective August 5.
CO Code § 10-7-313.6 (2021)
2021 Colorado Code|Title 10 - Insurance|Article 7 - Life Insurance|Part 3 - Standard Nonforfeiture and Valuation Act|§ 10-7-313.6. Experience Reporting for Policies in Force on or After the Operative Date of the Valuation Manual

 A company shall submit mortality, morbidity, policyholder behavior, or expense experience and other data as prescribed in the valuation manual.   History. Source: L. 2015: Entire section added,(HB 15-1048), ch. 63, p. 168, § 12, effective August 5.