reglab/housing_qa huggingface dataset:
18 DE Code § 1117. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1117. Optional reserve calculation.

§ 1117. Optional reserve calculation. (a) Reserves for any category of policies, contracts, or benefits as established by the Commissioner, issued prior to 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 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 Act, 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 § 1113 of this title shall not be deemed to be the adoption of a higher standard of valuation. 80 Del. Laws, c. 117, §  1;
18 DE Code § 1118. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1118. Reserve calculation—Valuation net premium exceeding the gross premium charged.

§ 1118. 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 §§ 1114 and 1114B of this title. (b) Provided, that 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 § 1115 of this title, ignoring the second paragraph of § 1115 of this title. The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with § 1115 of this title, including the second paragraph of that section, and the minimum reserve calculated in accordance with this section. 80 Del. Laws, c. 117, §  1;
18 DE Code § 1119. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1119. Reserve calculation—Indeterminate premium plans.

§ 1119. Reserve calculation—Indeterminate premium plans. (a) 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 insurance 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 §§ 1115, 1115A and 1118 of this title, 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 regulations promulgated by the Commissioner. (b) 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. 80 Del. Laws, c. 117, §  1;
18 DE Code § 1120. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1120. Minimum standard for accident and health insurance contracts.

§ 1120. 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 § 1112(b) of this title. For disability, accident and sickness, accident and health insurance contracts issued on or after 1968 and prior to the operative date of the valuation manual the minimum standard of valuation is the standard adopted by the Commissioner by regulation. 80 Del. Laws, c. 117, §  1;
18 DE Code § 1122. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1122. Requirements of a principle-based valuation.

§ 1122. 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 polices 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 1 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 utilizing 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 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 1 or more policies or contracts subject to this section as specified in the valuation manual shall complete all of the following:  (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. 80 Del. Laws, c. 117, §  1;
18 DE Code § 1123. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1123. Experience reporting for policies in force on or after the operative date of the valuation manual.

§ 1123. 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. 80 Del. Laws, c. 117, §  1;
18 DE Code § 1125. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1125. Single state exemption.

§ 1125. 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 the State of Delaware from the requirements of § 1121 of this title, 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, §§ 1113, 1114, 1114A, 1114B, 1115, 1115A, 1116, 1117, 1118, 1119 and 1120 of this title shall be applicable. With respect to any company applying this exemption, any reference to § 1121 of this title found in §§ 1113, 1114, 1114A, 1114B, 1115, 1115A, 1116, 1117, 1118, 1119 and 1120 of this title shall not be applicable. 80 Del. Laws, c. 117, §  1;
18 DE Code § 1126. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter III. Life Insurance Reserves|§ 1126. Effective date.

§ 1126. Effective date. All acts and parts of acts inconsistent with the provisions of this Act are hereby repealed as of 1968. This Act shall take effect as of 1968. 80 Del. Laws, c. 117, §  1;
18 DE Code § 1127. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter IV. Valuation of Assets|§ 1127. Valuation of bonds.

§ 1127. Valuation of bonds. (a) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer may, if amply secured and not in default as to principal or interest, be valued as follows:  (1) If purchased at par, at the par value; (2) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made, or in lieu of such method, according to such accepted method of valuation as is approved by the Commissioner; (3) Purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage or express charges paid in the acquisition of such securities; (4) Unless otherwise provided by valuation established or approved by the Commissioner, no such security shall be carried at above the call price for the entire issue during any period within which the security may be so called. (b) Notwithstanding any other provision of this section, no bond or other evidence of debt shall be valued in excess of the value established by the National Association of Insurance Commissioners' Capital Markets and Investment Analysis Office. 18 Del. C. 1953, §  1114;  56 Del. Laws, c. 380, §  1;  69 Del. Laws, c. 92, §  4;  80 Del. Laws, c. 117, §  2;  83 Del. Laws, c. 184, § 3;
18 DE Code § 1128. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter IV. Valuation of Assets|§ 1128. Valuation of other securities.

§ 1128. Valuation of other securities. (a) Securities, other than those referred to in § 1127 of this title, held by an insurer shall be valued, in the discretion of the Commissioner, at their market value, or at their appraised value, or at prices determined by the Commissioner as representing their fair market value. (b) Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the Commissioner and in accordance with such method of computation as he or she may approve. (c) Notwithstanding any other provision of this section, securities shall be valued at prices established by the National Association of Insurance Commissioners' Capital Markets and Investment Analysis Office and in accordance with procedures established by the National Association of Insurance Commissioners. 18 Del. C. 1953, §  1115;  56 Del. Laws, c. 380, §  1;  59 Del. Laws, c. 79, §  39;  68 Del. Laws, c. 48, §  1;  70 Del. Laws, c. 186, §  1;  80 Del. Laws, c. 117, §  2;  83 Del. Laws, c. 184, § 4;
18 DE Code § 1129. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter IV. Valuation of Assets|§ 1129. Valuation of property.

§ 1129. Valuation of property. (a) Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the Commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract plus interest due and accrued at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property. (b) Real property owned by an insurer shall be valued at cost plus capital improvements less depreciation. Such a value shall not be in excess of the NAIC accounting practices and procedures manual valuation nor in excess of fair market value as determined by a recent appraisal acceptable to the Commissioner. If the valuation is based on an appraisal more than 3 years old, the Commissioner may require a new appraisal to determine fair market value. 18 Del. C. 1953, §  1116;  56 Del. Laws, c. 380, §  1;  69 Del. Laws, c. 92, §  5;  80 Del. Laws, c. 117, §  2;
18 DE Code § 1130. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter IV. Valuation of Assets|§ 1130. Valuation of purchase money mortgages.

§ 1130. Valuation of purchase money mortgages. Purchase money mortgages on real property referred to in § 1129(a) of this title shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90% of the fair value of such real property, whichever is less. 18 Del. C. 1953, §  1117;  56 Del. Laws, c. 380, §  1;  80 Del. Laws, c. 117, §  2;
18 DE Code § 1131. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter V. Property and Casualty Actuarial Opinion Law|§ 1131. Title.

§ 1131. Title. This subchapter shall be known as the “Property and Casualty Actuarial Opinion Law of 2011.” 78 Del. Laws, c. 57, §  1;  80 Del. Laws, c. 117, §  2;
18 DE Code § 1132. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 11. Assets and Liabilities|Subchapter V. Property and Casualty Actuarial Opinion Law|§ 1132. Actuarial opinion of reserves and supporting documentation.

§ 1132. Actuarial opinion of reserves and supporting documentation. (a) This section shall become operative January 1, 2013. (b) Every property and casualty insurance company doing business in Delaware, unless otherwise exempted by the Commissioner, shall annually submit to the Department of Insurance the opinion of an appointed actuary entitled “Statement of Actuarial Opinion.” This opinion shall be filed in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions. (c) Every property and casualty insurance company domiciled in Delaware that is required to submit a Statement of Actuarial Opinion shall annually submit an actuarial opinion summary, written by the company's appointed actuary. This actuarial opinion summary shall be filed in accordance with the appropriate NAIC Property and Casualty Annual Statement Instructions and shall be considered as a document supporting the actuarial opinion required in subsection (b) of this section. (d) A company licensed but not domiciled in Delaware shall provide the actuarial opinion summary upon request. (e) An actuarial report and underlying workpapers as required by the appropriate NAIC Property and Casualty Annual Statement Instructions shall be prepared to support each actuarial opinion. (f) If the insurance company fails to provide a supporting actuarial report and/or workpapers at the request of the Commissioner or the Commissioner determines that the supporting actuarial report or workpapers provided by the insurance company are otherwise unacceptable to the Commissioner, the Commissioner may engage a qualified actuary at the expense of the company to review the opinion and the basis for the opinion and prepare the supporting actuarial report or workpapers. (g) The appointed actuary shall not be liable for damages to any person (other than the insurance company and the Commissioner) for any act, error, omission, decision or conduct with respect to the actuary's opinion, except in cases of fraud or wilful misconduct on the part of the appointed actuary. 78 Del. Laws, c. 57, §  1;  80 Del. Laws, c. 117, §  2;
18 DE Code § 1901. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 19. Delaware Nonadmitted Insurance Act|Subchapter I. Compliance With Federal Statutes|§ 1901. Finding and purpose.

§ 1901. Finding and purpose. (a) It is determined and declared as a matter of legislative finding that it is in the public interest to cooperate on a reciprocal basis with other states in considering procedures which implement the provisions of the Nonadmitted and Reinsurance Reform Act of 2010 [15 U.S.C. § 8201 et seq.]. (b) It is further determined and declared that the purpose and policy of this chapter shall be to:  (1) Carry out the requirements of the Nonadmitted and Reinsurance Reform Act of 2010 [15 U.S.C. § 8201 et seq.] as such act existed on January 1, 2011; (2) Provide authority for the Insurance Commissioner to enter into an interstate cooperative agreement, reciprocal agreement, or compact if doing so is in the best interests of this State; and (3) Regulate the placement of insurance coverage with nonadmitted insurers when this State is the home state of the insured.78 Del. Laws, c. 176, §  1;
18 DE Code § 1902. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 19. Delaware Nonadmitted Insurance Act|Subchapter I. Compliance With Federal Statutes|§ 1902. Home state regulation of nonadmitted insurance.

§ 1902. Home state regulation of nonadmitted insurance. (a) The placement of nonadmitted insurance business shall be subject to the statutory and regulatory requirements solely of the insured's home state as defined in this chapter. (b) This section may not be construed to preempt any law, rule, or regulation that restricts the placement of workers' compensation insurance or excess insurance for self-funded workers' compensation plans with a nonadmitted insurer. 78 Del. Laws, c. 176, §  1;
18 DE Code § 1903. (2021)
2021 Delaware Code|Title 18 - Insurance Code|Chapter 19. Delaware Nonadmitted Insurance Act|Subchapter I. Compliance With Federal Statutes|§ 1903. Interstate insurance regulatory cooperation.

§ 1903. Interstate insurance regulatory cooperation. (a) The Commissioner is authorized to enter into an interstate cooperative agreement, reciprocal agreement, or compact, hereafter “Agreement,” for the purpose of carrying out the Nonadmitted and Reinsurance Reform Act of 2010 [15 U.S.C. § 8201 et seq.] (NRRA) and to facilitate the collection, allocation, and disbursement of premium taxes attributable to the placement of nonadmitted insurance, to provide for uniform methods of allocation and reporting among nonadmitted insurance risk classifications, and share information among states relating to nonadmitted insurance premium taxes. (b) The Commissioner may also enter into other cooperative agreements with surplus lines stamping offices located in this state or other states for the reporting and capturing of related tax information. In addition, the Commissioner may enter into cooperative agreements with processing entities located in this State or other states related to the capturing and processing of insurance premium and tax data. (c) The Commissioner may participate in a clearinghouse operation established for the purpose of collecting and disbursing to reciprocal states any premium tax funds collected applicable to properties, risks, or exposures located or to be performed outside of this State. The Commissioner may also participate in such clearinghouse for purposes of surplus lines policies applicable to risks located solely within this State. (d) In order to assist in the performance of the Commissioner's duties, under the NRRA, the Commissioner may contract with nongovernmental entities, including the NAIC or any affiliates or subsidiaries that the NAIC oversees, to perform any ministerial functions that the Commissioner and the nongovernmental entity may deem to be appropriate, including:  (1) The collection of fees related to producer licensing; and (2) The collection of the premium tax under § 1925 of this title. The NAIC or other entity with whom the Commissioner contracts may charge a reasonable fee to the insurer, insured, or other appropriate person for the functions performed. (e) An Agreement entered into under this section prevails over an inconsistent rule of the Commissioner. Except as otherwise provided by this section, a statute of this State prevails over an inconsistent provision of an Agreement entered into under this section. (f) The Commissioner may adopt rules as necessary to implement this chapter or the terms of an Agreement entered into under this section. In adopting rules under this chapter, the Commissioner may not adopt a rule that does not specifically implement this chapter or the Agreement. 78 Del. Laws, c. 176, §  1;