reglab/housing_qa huggingface dataset:
RI Gen L § 27-4.4-11 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-11 - Proration of values - Additional benefits.

§ 27-4.4-11. Proration of values — Additional benefits.For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross consideration with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of §§ 27-4.4-5 — 27-4.4-8 and 27-4.4-10, additional benefits payable (1) in the event of total and permanent disability, (2) as reversionary annuity or deferred reversionary annuity benefits, or (3) as other policy benefits additional to life insurance, endowment, and annuity benefits, and consideration for all additional benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits that may be required by this chapter. The inclusion of the benefits shall not be required in any paid-up benefits, unless the additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender, and death benefits.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.4-12 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities|Section 27-4.4-12 - Rules and regulations.

§ 27-4.4-12. Rules and regulations.The commissioner of insurance may adopt reasonable rules and regulations for the implementation of this chapter.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.5-2 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-2 - Reserve valuation.

§ 27-4.5-2. Reserve valuation.(a) (1) Policies and contracts issued prior to the operative date of the valuation manual: The commissioner of insurance shall annually value, or cause to be valued, the reserve liabilities, called "reserves" in this chapter, 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 January 1, 1994, and prior to the operative date of the valuation manual. In calculating the 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 in this chapter of foreign or alien companies, the commissioner may accept the 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) The provisions set forth in §§ 27-4.5-4, 27-4.5-4.1, 27-4.5-5, 27-4.5-5.1, 27-4.5-6, 27-4.5-7, 27-4.5-8, 27-4.5-9, and 27-4.5-10 shall apply to all policies and contracts, as appropriate, subject to this chapter issued on or after January 1, 1994, and prior to the operative date of the valuation manual and the provisions set forth in §§ 27-4.5-13 and 27-4.5-14 shall not apply to any such policies and contracts.(3) The minimum standard for the valuation of policies and contracts issued prior to January 1, 1994, shall be that provided by the laws in effect immediately prior to that date.(b) (1) Policies and contracts issued on or after the operative date of the valuation manual. The commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health 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) The provisions set forth in §§ 27-4.5-13 and 27-4.5-14 shall apply to all policies and contracts issued on or after the operative date of the valuation manual.History of Section.P.L. 1993, ch. 180, § 1; P.L. 2013, ch. 17, § 2; P.L. 2013, ch. 20, § 2.
RI Gen L § 27-4.5-5.1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-5.1 - Reserve valuation method - Annuity and pure endowment benefits.

§ 27-4.5-5.1. 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 26 U.S.C. § 408.(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 those 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 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 each 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 gross considerations applied under the terms of the contracts to determine nonforfeiture values.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.5-6 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-6 - Minimum reserves.

§ 27-4.5-6. 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 January 1, 1994, be less than the aggregate reserves calculated in accordance with the methods set forth in §§ 27-4.5-5, 27-4.5-5.1, 27-4.5-8 and 27-4.5-9 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 § 27-4.5-3.History of Section.P.L. 1993, ch. 180, § 1; P.L. 2013, ch. 17, § 2; P.L. 2013, ch. 20, § 2.
RI Gen L § 27-4.5-7 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-7 - Optional reserve calculation.

§ 27-4.5-7. Optional reserve calculation.(a) Reserves for all policies and contracts issued prior to January 1, 1994, 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 as established by the commissioner of insurance, issued on or after the January 1, 1994, may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for the category than those calculated according to the minimum standard provided in this chapter, 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 in this chapter may adopt a lower standard of valuation, with the approval of the commissioner of insurance, but not lower than the minimum provided in this chapter; 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 § 27-4.5-3 shall not be deemed to be the adoption of a higher standard of valuation.History of Section.P.L. 1993, ch. 180, § 1; P.L. 2013, ch. 17, § 2; P.L. 2013, ch. 20, § 2.
RI Gen L § 27-4.5-8 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-8 - Reserve calculation - Valuation net premium exceeding the gross premium charged.

§ 27-4.5-8. Reserve calculation — Valuation net premium exceeding the gross premium charged.(a) If in any contract year the gross premium charged by the 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 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 §§ 27-4.5-4 and 27-4.5-4.1.(b) For any life insurance policy issued on or after January 1, 1994, 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 § 27-4.5-5, ignoring § 27-4.5-5(b). The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with § 27-4.5-5, including § 27-4.5-5(b), and the minimum reserve calculated in accordance with this section.History of Section.P.L. 1993, ch. 180, § 1; P.L. 1994, ch. 404, § 11; P.L. 2013, ch. 17, § 2; P.L. 2013, ch. 20, § 2.
RI Gen L § 27-4.5-9 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-9 - Reserve calculation - Indeterminate premium plans.

§ 27-4.5-9. Reserve calculation — Indeterminate premium plans.In the case of plan of life insurance that provides for future premium determination, the amounts of which are to be determined by the insurance company based on the then 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 §§ 27-4.5-5, 27-4.5-5.1 and 27-4.5-8, 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 chapter, as determined by regulations promulgated by the commissioner of insurance.Notwithstanding any other provision in the laws of this state, a policy, contract or certificate providing life insurance under such a plan shall be affirmatively approved by the commissioner before it can be marketed, issued, delivered or used in this state.History of Section.P.L. 1993, ch. 180, § 1; P.L. 2013, ch. 17, § 2; P.L. 2013, ch. 20, § 2.
RI Gen L § 27-4.5-10 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-10 - Minimum standards for accident and health insurance contracts.

§ 27-4.5-10. Minimum standards 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 § 27-4.5-2(b). For accident and health insurance contracts issued on or after January 1, 1994 and prior to the operative date of the valuation manual the minimum standard of valuation is the standard adopted by the commissioner by regulation.History of Section.P.L. 1993, ch. 180, § 1; P.L. 2013, ch. 17, § 2; P.L. 2013, ch. 20, § 2.
RI Gen L § 27-4.5-11 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-11 - Rules and regulations.

§ 27-4.5-11. Rules and regulations.The commissioner of insurance may adopt reasonable rules and regulations for the implementation and administration of this chapter.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.5-12 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-12 - Severability.

§ 27-4.5-12. Severability.If any provision of this chapter, or the application of the provision to any person or circumstances, shall be held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be affected by that invalidity.History of Section.P.L. 1993, ch. 180, § 1.
RI Gen L § 27-4.5-14 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-14 - Requirements of a principle-based valuation.

§ 27-4.5-14. 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 utilized 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:(i) The assumption is prescribed in the valuation manual.(ii) For assumptions that are not prescribed, the assumptions shall:(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.(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 the 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 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 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.History of Section.P.L. 2013, ch. 17, § 4; P.L. 2013, ch. 20, § 4.
RI Gen L § 27-4.5-15 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-15 - Experience reporting for policies in force on or after the operative date of the valuation manual.

§ 27-4.5-15. 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 of Section.P.L. 2013, ch. 17, § 4; P.L. 2013, ch. 20, § 4.
RI Gen L § 27-4.5-17 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.5 - The Standard Valuation Law|Section 27-4.5-17 - Single state exemption.

§ 27-4.5-17. 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 Rhode Island from the requirements of § 27-4.5-13 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 the commissioner and promulgated by regulation.(b) For any company granted an exemption under this section, and §§ 27-4.5-3, 27-4.5-4, 27-4.5-4.1, 27-4.5-4.2, 27-4.5-5, 27-4.5-5.1, 27-4.5-6, 27-4.5-7, 27-4.5-8, 27-4.5-9 and 27-4.5-10 shall be applicable. With respect to any company applying this exemption, any reference to § 27-4.5-13 found in §§ 27-4.5-3, 27-4.5-4, 27-4.5-4.1, 27-4.5-4.2, 27-4.5-5, 27-4.5-5.1, 27-4.5-6, 27-4.5-7, 27-4.5-8, 27-4.5-9 and 27-4.5-10 shall not be applicable.History of Section.P.L. 2013, ch. 17, § 4; P.L. 2013, ch. 20, § 4.
RI Gen L § 27-4.6-1 (2021)
2021 Rhode Island General Laws|Title 27 - Insurance|Chapter 27-4.6 - Risk-Based Capital (RBC) for Insurers Act|Section 27-4.6-1 - Definitions.

§ 27-4.6-1. Definitions.As used in this chapter:(1) "Adjusted RBC report" means an RBC report adjusted by the commissioner in accordance with § 27-4.6-2(e).(2) "Corrective order" means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required.(3) "Domestic insurer" means any insurance company domiciled in this state.(4) "Foreign insurer" means any insurance company licensed to do business in this state under chapter 2 of this title but is not domiciled in this state.(5) "Life and/or health insurer" means any insurance company licensed under chapters 1 or 2 of this title and: (i) authorized to transact the business of life insurance or annuities as defined in chapter 4 of this title, or (ii) authorized to write policies of accident and sickness as defined in § 27-18-1, or (iii) a licensed property and casualty insurer writing only accident and health insurance.(6) "NAIC" means the National Association of Insurance Commissioners.(7) "Negative trend" means, with respect to a life and/or health insurer, negative trend over a period of time, as determined in accordance with the "trend test calculation" included in the RBC instructions.(8) "Property and casualty insurer" means all other insurance companies licensed under chapters 1 or 2 of this title but shall not include mono-line mortgage guaranty insurers, financial guaranty insurers and title insurers.(9) "RBC instructions" means the RBC report including risk-based capital instructions adopted by the NAIC, as the RBC instructions may be amended by the NAIC in accordance with the procedures adopted by the NAIC.(10) "RBC level" means an insurer's company action level RBC, regulatory action level RBC, authorized control level RBC, or mandatory control level RBC where:(i) "Company action level RBC" means, with respect to any insurer, the product of two (2.0) and its authorized control level RBC;(ii) "Regulatory action level RBC" means the product of one and one-half (1.5) and its authorized control level RBC;(iii) "Authorized control level RBC" means the number determined under the risk-based capital formula in accordance with the RBC instructions;(iv) "Mandatory control level RBC" means the product of seven-tenths (.70) and the authorized control level RBC.(11) "RBC plan" means a comprehensive financial plan containing the elements specified in § 27-4.6-3(b). If the commissioner rejects the RBC plan, and it is revised by the insurer, with or without the commissioner's recommendation, the plan shall be called the "revised RBC plan."(12) "RBC report" means the report required in § 27-4.6-2.(13) "Total adjusted capital" means the sum of:(i) An insurer's statutory capital and surplus; and(ii) Those other items, if any, as the RBC instructions may provide.History of Section.P.L. 1996, ch. 187, § 2.