reglab/housing_qa huggingface dataset:
40 PA Cons Stat § 7103 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7103 - Special applicability provisions

§ 7103. Special applicability provisions. The standards for the valuation of reserve liabilities for life insurance, accident and health insurance and deposit-type contracts shall be subject to the following applicability provisions:  (1) The following shall apply to policies or contracts subject to this chapter that were issued on or after May 17, 1921, and prior to the operative date of the valuation manual:  (i) Section 7115 (relating to computation of minimum standard). (ii) Section 7116 (relating to computation of minimum standard for annuities). (iii) Section 7117 (relating to computation of minimum standard by calendar year of issue). (iv) Section 7118 (relating to reserve valuation method for life insurance and endowment benefits).  (v) Section 7119 (relating to reserve valuation method for annuity and pure endowment benefits).  (vi) Section 7120 (relating to minimum reserves). (vii) Section 7121 (relating to optional reserve calculation). (viii) Section 7122 (relating to reserve calculation for valuation net premium exceeding gross premium charged).  (ix) Section 7123 (relating to reserve calculation for indeterminate premium plans). (2) Except as otherwise provided in this chapter, section 7124 (relating to minimum standard for accident and health insurance contracts) shall apply to policies issued before, on or after the operative date of the valuation manual.  (3) The following shall not apply to policies or contracts subject to this chapter that were issued on or after May 17, 1921, and prior to the operative date of the valuation manual:  (i) Section 7125 (relating to valuation manual for policies issued on or after operative date of valuation manual).  (ii) Section 7126 (relating to requirements of principle-based valuation). (4) Sections 7125 and 7126 shall apply to policies issued on or after the operative date of the valuation manual.
40 PA Cons Stat § 7104 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7104 - Notice regarding operative date of valuation manual

§ 7104. Notice regarding operative date of valuation manual. Upon the occurrence of the last occurring event under the definition of "operative date of the valuation manual" in section 7102 (relating to definitions), the commissioner shall issue a notice regarding the operative date of the valuation manual to be published in the Pennsylvania Bulletin and on the department's publicly accessible Internet website.
40 PA Cons Stat § 7105 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7105 - Regulations

§ 7105. Regulations. The department may promulgate regulations, as necessary, to implement, administer and enforce this chapter.
40 PA Cons Stat § 7112 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7112 - Reserve valuation for policies and contracts issued on or after operative date of valuation manual

§ 7112. Reserve valuation for policies and contracts issued on or after operative date of valuation manual. (a) Applicability.--This section shall apply to each policy or contract issued on or after the operative date of the valuation manual.  (b) Annual valuation.--The commissioner shall annually value, or cause to be valued, the reserve liabilities for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts and deposit-type contracts of each company doing business in this Commonwealth. The commissioner may certify the amount of reserves.  (c) Other jurisdictions.--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.  (d) Applicable standards.--The following provisions shall govern a policy or contract under this section:  (1) Section 7124(a), (b), (d) and (e) (relating to minimum standard for accident and health insurance contracts).  (2) Section 7125 (relating to valuation manual for policies issued on or after operative date of valuation manual).  (3) Section 7126 (relating to requirements of principle-based valuation).   Cross References. Section 7112 is referred to in sections 7124, 7125 of this title.
40 PA Cons Stat § 7119 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7119 - Reserve valuation method for annuity and pure endowment benefits

§ 7119. Reserve valuation method for annuity and pure endowment benefits. (a) Applicability.--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 of 1986 (Public Law 99-514, 26 U.S.C. § 408).  (b) Calculation.--The following shall apply:  (1) Reserves according to the commissioners 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.  (2) 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.  (3) The valuation considerations shall be the portions of the respective gross considerations applied under the terms of the contracts to determine nonforfeiture values.    Cross References. Section 7119 is referred to in sections 7103, 7115, 7116, 7118, 7120, 7123 of this title.
40 PA Cons Stat § 7120 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7120 - Minimum reserves

§ 7120. Minimum reserves. (a) Amount calculated.--A company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after May 17, 1921, shall not be less than the aggregate reserves calculated by using the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies and in accordance with the methods set forth in:  (1) Section 7118 (relating to reserve valuation method for life insurance and endowment benefits).  (2) Section 7119 (relating to reserve valuation method for annuity and pure endowment benefits).  (3) Section 7122 (relating to reserve calculation for valuation net premium exceeding gross premium charged).  (4) Section 7123 (relating to reserve calculation for indeterminate premium plans). (b) Amount necessary to render actuarial opinion.--The aggregate reserves for all policies, contracts and benefits shall not be less than the aggregate reserves determined by the appointed actuary to be necessary to render the opinion required by section 7113 (relating to actuarial opinion of reserves prior to operative date of valuation manual) or 7114 (relating to actuarial opinion of reserves on or after operative date of valuation manual).    Cross References. Section 7120 is referred to in section 7103 of this title.
40 PA Cons Stat § 7121 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7121 - Optional reserve calculation

§ 7121. Optional reserve calculation. (a) Issuance prior to May 17, 1921.--Reserves for policies and contracts issued prior to May 17, 1921, may be calculated, at the option of the company, according to any standards that produce greater aggregate reserves for all these policies and contracts than the minimum reserves required by law.  (b) Issuance on or after May 17, 1921.--Reserves for any category of policies, contracts or benefits established by the commissioner, issued on or after May 17, 1921, 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 under 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) Adoption of alternative standards.--The following shall apply:  (1) Subject to paragraph (2), a company that adopts at any time a standard of valuation producing greater aggregate reserves than those calculated according to the minimum standard provided under this chapter may adopt a lower standard of valuation with the approval of the commissioner, but not lower than the minimum provided in this chapter.  (2) 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 7113 (relating to actuarial opinion of reserves prior to operative date of valuation manual) or 7114 (relating to actuarial opinion of reserves on or after operative date of valuation manual) shall not be deemed to be the adoption of a higher standard of valuation.    Cross References. Section 7121 is referred to in section 7103 of this title.
40 PA Cons Stat § 7122 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7122 - Reserve calculation for valuation net premium exceeding gross premium charged

§ 7122. Reserve calculation for valuation net premium exceeding gross premium charged. (a) Calculation of minimum reserve.--The following shall apply:  (1) 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:  (i) The reserve calculated according to the mortality table, rate of interest and method actually used for the policy or contract.  (ii) 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.  (2) The minimum valuation standards of mortality and rate of interest referred to in this subsection are those standards stated in sections 7115 (relating to computation of minimum standard) and 7117 (relating to computation of minimum standard by calendar year of issue).  (b) How to apply this section for certain policies.--The following shall apply:  (1) For a 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 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 7118 (relating to reserve valuation method for life insurance and endowment benefits), ignoring section 7118(b).  (2) The minimum reserve at each policy anniversary of the policy under paragraph (1) shall be the greater of the minimum reserve calculated in accordance with section 7118, including section 7118(b), and the minimum reserve calculated in accordance with this section.    Cross References. Section 7122 is referred to in sections 7103, 7115, 7118, 7120, 7123 of this title.
40 PA Cons Stat § 7123 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7123 - Reserve calculation for indeterminate premium plans

§ 7123. Reserve calculation for indeterminate premium plans. (a) Applicability.--This section shall apply to either of the following:  (1) A 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 estimates of future experience.  (2) A plan of life insurance or annuity that is of a nature that the minimum reserves cannot be determined by the methods described in any of the following:  (i) Section 7118 (relating to reserve valuation method for life insurance and endowment benefits).  (ii) Section 7119 (relating to reserve valuation method for annuity and pure endowment benefits).  (iii) Section 7122 (relating to reserve calculation for valuation net premium exceeding gross premium charged).  (b) Nature and calculation of reserves.--The reserves that are held under a plan under this section shall be:  (1) Appropriate in relation to the benefits and the pattern of premiums for the plan. (2) Computed by a method that is consistent with the principles of this chapter, as determined by regulation.    Cross References. Section 7123 is referred to in sections 7103, 7120 of this title.
40 PA Cons Stat § 7124 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7124 - Minimum standard for accident and health insurance contracts

§ 7124. Minimum standard for accident and health insurance contracts. (a) Annual valuation of reserve liabilities.--On an annual basis as of the December 31 of the preceding year, the commissioner shall value or cause to be valued, or require the insurer to value or cause to be valued the reserve liabilities of each company doing business in this Commonwealth, with respect to all the accident and health insurance contracts of the company.  (b) Issuances after operative date of 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 shall be the minimum standard of valuation required under section 7112 (relating to reserve valuation for policies and contracts issued on or after operative date of valuation manual).  (c) Issuances prior to operative date of valuation manual.--For accident and health insurance contracts issued on or after May 17, 1921, and prior to the operative date of the valuation manual, the following shall apply:  (1) The minimum standard of valuation shall be the standard adopted by the commissioner by regulation.  (2) The company shall maintain a claim reserve for incurred but unpaid claims and an active life reserve that shall:  (i) place a sound value on its liabilities under these contracts; and (ii) be not less than the reserve according to appropriate standards as prescribed by regulation. (3) The active life reserve shall not be less in the aggregate than the pro rata gross unearned premiums for the contracts.  (d) Foreign or alien insurers.--For a foreign or alien insurer, the commissioner may accept a like valuation of the insurance supervising official of the state, province or foreign country in which that insurer is domiciled, if that valuation is made upon a basis and according to standards producing an aggregate reserve not less than contained in this chapter.  (e) Applicability.--This section shall not apply to total and permanent disability benefits supplementary to life insurance or annuity policies or contracts.    Cross References. Section 7124 is referred to in sections 7103, 7112, 7115, 7118 of this title.
40 PA Cons Stat § 7126 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7126 - Requirements of principle-based valuation

§ 7126. Requirements of principle-based valuation. (a) Characteristics of valuation.--For policies or contracts specified in the valuation manual, a company shall establish reserves using a principle-based valuation that:  (1) Quantifies benefits and guarantees and the funding associated with contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events having 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.  (2) Incorporates 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) Incorporates assumptions that are: (i) Prescribed in the valuation manual. (ii) If not prescribed in the valuation manual, established by utilizing either of the following:  (A) The company's available experience, to the extent it is relevant and statistically credible.  (B) Other relevant and statistically credible experience, to the extent that company data is not available, relevant or statistically credible.  (4) Provides margins for uncertainty, including adverse deviation and estimation error, so that the greater the uncertainty, the larger the margin and resulting reserve.  (b) Company requirements.--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. These controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to this 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) Formulaic reserve component.--A principle-based valuation may include a prescribed formulaic reserve component.    Cross References. Section 7126 is referred to in sections 7102, 7103, 7112, 7125, 7131, 7137, 7141 of this title.
40 PA Cons Stat § 7127 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7127 - Experience reporting for policies in force on or after operative date of valuation manual

§ 7127. Experience reporting for policies in force on or after operative date of valuation manual. A company shall submit to the commissioner, or the commissioner's designee or agent, mortality, morbidity, policyholder behavior or expense experience and other data as prescribed in the valuation manual.    Cross References. Section 7127 is referred to in sections 7102, 7125 of this title.
40 PA Cons Stat § 7131 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7131 - Confidential information defined

§ 7131. Confidential information defined. As used in this subchapter, the following words and phrases shall have the meanings given to them in this section unless the context clearly indicates otherwise:  "Confidential information." Any of the following: (1) A memorandum in support of an opinion submitted under section 7113 (relating to actuarial opinion of reserves prior to operative date of valuation manual) or 7114 (relating to actuarial opinion of reserves on or after operative date of valuation manual) and any other documents, materials and other information, including all working papers and copies thereof, created, produced or obtained by or disclosed to the commissioner or any other person in connection with the memorandum.  (2) All documents, materials and other information, including all working papers and copies thereof, created, produced or obtained by or disclosed to the commissioner or any other person in the course of an examination made under section 7125(d) (relating to valuation manual for policies issued on or after operative date of valuation manual), except that confidential information shall not include an examination report or other material prepared in connection with an examination made under Article IX of the act of May 17, 1921 (P.L.789, No.285), known as The Insurance Department Act of 1921, to the extent not held to be private and confidential information under section 905 of The Insurance Department Act of 1921.  (3) Reports, documents, materials and other information developed by a company in support of or in connection with an annual certification by the company under section 7126(b)(2) (relating to requirements of principle-based valuation), which evaluates the effectiveness of the company's internal controls regarding a principle-based valuation, and any other documents, materials and other information, including all working papers and copies thereof, created, produced or obtained by or disclosed to the commissioner or any other person in connection with the reports, documents, materials and other information.  (4) A principle-based valuation report developed under section 7126(b)(3) and any other documents, materials and other information, including all working papers and copies thereof, created, produced or obtained by or disclosed to the commissioner or any other person in connection with the report.  (5) Experience data, experience materials and any other documents, materials, data and other information, including all working papers and copies thereof, created, produced or obtained by or disclosed to the commissioner or any other person in connection with experience data or experience materials.    Cross References. Section 7131 is referred to in section 7137 of this title.
40 PA Cons Stat § 7132 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 40 - INSURANCE|Chapter 71 - Reserve Liabilities|Section 7132 - General rule for confidential information

§ 7132. General rule for confidential information. Except as otherwise provided in this subchapter, confidential information shall be privileged and given confidential treatment and shall not be:  (1) Subject to discovery or admissible as evidence in a private civil action. (2) Subject to subpoena. (3) Subject to the act of February 14, 2008 (P.L.6, No.3), known as the Right-to-Know Law.    Cross References. Section 7132 is referred to in section 7137 of this title.