reglab/housing_qa huggingface dataset:
8 V.S.A. § 3773
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3773. Effective date; applicability

§ 3773. Effective date; applicability|After the effective date of this subchapter, any company may file with the Commissioner a written notice of its election to comply with the provisions of this subchapter after a specified date before January 1, 1948. After the filing of such notice, then upon the specified date (which shall be the operative date for the company), this subchapter shall become operative with respect to the policies thereafter issued by the company. If a company makes no such election, the operative date of this subchapter for the company shall be January 1, 1948. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
8 V.S.A. § 3791
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791. Title

§ 3791. Title|This subchapter shall be known as the Standard Valuation Law. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
8 V.S.A. § 3791a
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791a. Definitions

§ 3791a. Definitions|As used in this subchapter:  (1) "Accident and health insurance" means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the Valuation Manual. (2) "Appointed actuary" means a qualified actuary who is appointed in accordance with the Valuation Manual to prepare the actuarial opinion required in subsection 3791c(b) of this subchapter. (3) "Company" means an entity that:  (A) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in this State and has at least one such policy in force or on claim; or (B) has written, issued, or reinsured life insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this State.  (4) "Deposit-type contract" means contracts that do not incorporate mortality or morbidity risks and as may be specified in the Valuation Manual. (5) "Life insurance" means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the Valuation Manual. (6) "NAIC" means the National Association of Insurance Commissioners. (7) "Policyholder behavior" means any action a policyholder, contract holder, or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this subchapter including, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract. (8) "Principle-based valuation" means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with section 3791o of this subchapter as specified in the Valuation Manual. (9) "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 for actuaries signing such statements and who meets the requirements specified in the Valuation Manual. (10) "Tail risk" means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude. (11) "Valuation Manual" means the manual of valuation instructions adopted by the NAIC as specified in this subchapter or as subsequently amended. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
8 V.S.A. § 3791h
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791h. Reserve valuation method- annuity and pure endowment benefits

§ 3791h. Reserve valuation method- annuity and pure endowment benefits|(a) This section shall apply 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 Section 408 of the Internal Revenue Code, as may be amended.(b) Reserves according to the Commissioner's annuity reserve method for benefits under annuity or pure endowment contracts, excluding any disability and accidental death benefits in the 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 the 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 the contract, that become payable prior to the end of the 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 the contracts for determining guaranteed benefits. The valuation considerations are the portions of the respective gross considerations applied under the terms of the contracts to determine nonforfeiture values. (Added 2015, No. 63, § 1.)
8 V.S.A. § 3791i
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791i. Minimum reserves

§ 3791i. Minimum reserves|(a) 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, 1968 be less than the aggregate reserves calculated in accordance with the methods set forth in sections 3791g, 3791h, 3791k, and 3791l of this subchapter and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies.(b) 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 3791c of this subchapter. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
8 V.S.A. § 3791j
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791j. Optional reserve calculation

§ 3791j. Optional reserve calculation|(a) Reserves for policies and contracts issued prior to July 1, 1968 may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by the laws in effect immediately prior to that date.(b) Reserves for any category of policies, contracts or benefits established by the Commissioner, issued on or after July 1, 1968 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 herein, 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.(c) A company, which adopts at any time a standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided under this subchapter, may adopt a lower standard of valuation with the approval of the Commissioner, but not lower than the minimum provided herein; provided that, 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 by section 3791c of this subchapter shall not be deemed to be the adoption of a higher standard of valuation. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
8 V.S.A. § 3791k
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791k. Reserve calculation- valuation net premium exceeding the gross premium charged

§ 3791k. Reserve calculation- valuation net premium exceeding the gross premium charged|(a) If in any contract year the gross premium charged by a company on a policy or contract is less than the valuation net premium for the policy or 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 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 the policy or contract, or the reserve calculated by the method actually used for the 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 sections 3791d and 3791f of this subchapter.(b) For a life insurance policy issued on or after January 1, 1987, 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 the excess and which provides an endowment benefit or a cash surrender value or a combination in an amount greater than the excess premium, the provisions of this section shall be applied as if the method actually used in calculating the reserve for the policy were the method described in section 3791g of this subchapter, ignoring the subsection 3791g(b) of this subchapter. The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with section 3791g of this subchapter, including the subsection (b) of that section, and the minimum reserve calculated in accordance with this section. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
8 V.S.A. § 3791l
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791l. Reserve calculation- indeterminate premium plans

§ 3791l. Reserve calculation- indeterminate premium plans|In the case of a plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the company based on then estimates of future experience, or in the case of a 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 3791g, 3791h, and 3791k of this subchapter, the reserves that are held under the plan shall:  (1) be appropriate in relation to the benefits and the pattern of premiums for that plan; and (2) be computed by a method that is consistent with the principles of this Standard Valuation Law, as determined by rules adopted by the Commissioner. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
8 V.S.A. § 3791m
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791m. Minimum standard for accident and health insurance contracts

§ 3791m. Minimum standard for accident and health insurance contracts|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 subsection 3791b(b) of this subchapter. For disability, accident and sickness, accident and health insurance contracts issued on or after July 1, 1968 and prior to the operative date of the Valuation Manual the minimum standard of valuation is the standard adopted by the Commissioner by rule. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
8 V.S.A. § 3791o
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791o. Requirements of a principle-based valuation

§ 3791o. Requirements of a principle-based valuation|(a) A company must establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the Valuation Manual:  (1) 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, reflects conditions appropriately adverse to quantify the tail risk. (2) Incorporate assumptions, risk analysis methods and financial models, and management techniques that are consistent with, but not necessarily identical to, those used within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods. (3) Incorporate assumptions that are derived in one of the following manners:  (A) The assumption is prescribed in the Valuation Manual. (B) For assumptions that are not prescribed, the assumptions shall:  (i) be established using the company's available experience, to the extent it is relevant and statistically credible; or (ii) to the extent that company data is not available, relevant, or statistically credible, be established using other relevant, statistically credible experience.   (4) Provide margins for uncertainty including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve.   (b) A company using a principle-based valuation for one or more policies or contracts subject to this section as specified in the Valuation Manual shall:  (1) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the Valuation Manual. (2) Provide to the Commissioner and its Board of Directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. Such controls shall be designed to ensure 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 shall be based on the controls in place as of the end of the preceding calendar year. (3) Develop and file with the Commissioner, upon request, a principle-based valuation report that complies with standards prescribed in the Valuation Manual.   (c) A principle-based valuation may include a prescribed formulaic reserve component. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
8 V.S.A. § 3791p
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791p. Experience reporting for policies in force on or after the operative date of the valuation manual

§ 3791p. 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. (Added 2015, No. 63, § 1.)
8 V.S.A. § 3791r
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3791r. Single state exemption

§ 3791r. Single state exemption|(a) The Commissioner may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in Vermont from the requirements of section 3791n of this subchapter provided:  (1) the Commissioner has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and (2) the company computes reserves using assumptions and methods used prior to the operative date of the Valuation Manual in addition to any requirements established by rule adopted by the Commissioner.   (b) For any company granted an exemption under this section, sections 3791c-3791m of this subchapter shall be applicable. With respect to any company applying this exemption, any reference to section 3791n found in sections 3791c-3791m of this subchapter shall not be applicable. (Added 2015, No. 63, § 1, eff. June 17, 2015.)
8 V.S.A. § 3801
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3801. Scope of subchapter- Short title

§ 3801. Scope of subchapter- Short title|This subchapter applies only to group life insurance and may be known and cited as the "Group Life Insurance Law."  (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 1).)
8 V.S.A. § 3802
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3802. Group contracts must meet group requirements

§ 3802. Group contracts must meet group requirements|(a) No life insurance policy shall be delivered or issued for delivery in this State insuring the lives of more than one individual unless to one of the groups as provided for in sections 3803-3810a of this title, and unless in compliance with the other applicable provisions of this subchapter.(b) Subsection (a) of this section shall not apply to life insurance policies:  (1) insuring only individuals related by blood, civil marriage, or legal adoption; or (2) insuring only individuals having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or (3) insuring only individuals otherwise having an insurable interest in each other's lives. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 2); amended 1993, No. 55, § 11, eff. June 3, 1993; 2009, No. 3, § 12a, eff. Sept. 1, 2009.)
8 V.S.A. § 3803
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3803. Employee groups

§ 3803. Employee groups|The lives of a group of individuals may be insured under a policy issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to the following requirements:  (1) The employees eligible for insurance under the policy shall be all of the employees of the employer, or all of any class or classes thereof determined by conditions pertaining to their employment. The policy may provide that the term "employees" shall include the employees of one or more subsidiary corporations, and the employees, individual proprietors, and partners of one or more affiliated corporations, proprietors, or partnerships if the business of the employer and of such affiliated corporations, proprietors, or partnerships is under common control through stock ownership, contract, or otherwise. The policy may provide that the term "employees" shall include the individual proprietor or partners if the employer is an individual proprietor or a partnership. The policy may provide that the term "employees" shall include retired employees. No director of a corporate employer shall be eligible for insurance under the policy unless such person is otherwise eligible as a bona fide employee of the corporation, by performing services other than the usual duties of a director. No individual proprietor or partner shall be eligible for insurance under the policy unless he or she is actively engaged in and devotes a substantial part of his or her time to the conduct of the business of the proprietor or partnership. A policy issued to insure the employees of a public body may provide that the term "employees" shall include elected or appointed officials. (2) The premium for the policy shall be paid by the policyholder, either wholly from the employer's funds or funds contributed by him or her, or partly from such funds and partly from funds contributed by the insured employees. No policy may be issued on which the entire premium is to be derived from funds contributed by the insured employees. A policy on which no part of the premium is to be derived from funds contributed by the insured employees must insure all eligible employees, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. (3) The policy must cover at least two employees at date of issue. (4) The amounts of insurance under the policy must be based upon some plan precluding individual selection either by the employees or by the employer or trustees. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 3); amended 2005, No. 36, § 7, eff. June 1, 2005; 2009, No. 137 (Adj. Sess.), § 5.)
8 V.S.A. § 3804
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 103 - Life Insurance Policies and Annuity Contracts|§ 3804. Labor union groups

§ 3804. Labor union groups|The lives of a group of individuals may be insured under a policy issued to a labor union, which shall be deemed the policyholder, to insure members of such union for the benefit of persons other than the union or any of its officials, representatives, or agents, subject to the following requirements:  (1) The members eligible for insurance under the policy shall be all of the members of the union, or all of any class or classes thereof determined by conditions pertaining to their employment or to membership in the union, or both. (2) The premium for the policy shall be paid by the policyholder, either wholly from the union's funds, or partly from such funds and partly from funds contributed by the insured members specifically for their insurance. No policy may be issued on which the entire premium is to be derived from funds contributed by the insured members specifically for their insurance. A policy on which part of the premium is to be derived from funds contributed by the insured members specifically for their insurance may be placed in force only if at least 75 percent of the then eligible members excluding any as to whom evidence of individual insurability is not satisfactory to the insurer, elect to make the required contributions. A policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for the insurance must insure all eligible members, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. (3) The policy must cover at least 10 members at date of issue. (4) The amounts of insurance under the policy must be based upon some plan precluding individual selection either by the members or by the union. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 4).)