V.I. Code tit. 22, § 546 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 21 - Assets and Liabilities|Subchapter II - Standard Valuation Act of 2018|§ 546. Valuation manual for policies issued on or after the effective date of this subchapter

 (a) For policies issued on or after the effective date of this subchapter, the standard prescribed in the valuation manual is the minimum standard of valuation required under section 534(a), except as provided under subsections (e) or (g). (b) The operative date of the valuation manual is January 1, 2017. (c) Unless a change in the valuation manual specifies a later effective date, changes to the valuation manual are effective on January 1 following the date when all of the following have occurred: (1) The change to the valuation manual has been adopted by the NAIC by an affirmative vote representing: (A) At least 3/4 of the members of the NAIC voting, but not less than a majority of the total membership, and (B) Members of the NAIC representing jurisdictions totaling greater than 75 percent of the direct premiums written as reported in the following annual statements most recently available before the vote referred to in paragraph (1)(A): life, accident and health annual statements, health annual statements, or fraternal annual statements. (2) The valuation manual becomes effective pursuant to an order issued by or by regulation of the Commissioner. (d) The valuation manual must specify all of the following: (1) Minimum valuation standards for and definitions of the policies or contracts subject to section 534(a). The minimum valuation standards must be: (A) The Commissioner’s reserve valuation method for life insurance contracts, other than annuity contracts, subject to section 534(a); (B) The Commissioner’s annuity reserve valuation method for annuity contracts subject to section 534(a); and (C) Minimum reserves for all other policies or contracts subject to section 534(a). (2) Which policies or contracts or types of policies or contracts that are subject to the requirements of a principle-based valuation provided for in section 547(a) and the minimum valuation standards consistent with those requirements; (3) For policies and contracts subject to a principle-based valuation under section 547: (A) Requirements for the format of reports to the Commissioner under section 547(b)(3) and which must include information necessary to determine if the valuation is appropriate and in compliance with this subchapter; (B) Assumptions must be prescribed for risks over which the company does not have significant control or influence. (C) Procedures for corporate governance and oversight of the actuarial function, and a process for appropriate waiver or modification of such procedures. (4) For policies not subject to a principle-based valuation under section 547, the minimum valuation standard must either: (A) Be consistent with the minimum standard of valuation before the operative date of the valuation manual; or (B) Develop reserves that 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. (5) Other requirements, including those relating to reserve methods, models for measuring risk, generation of economic scenarios, assumptions, margins, use of company experience, risk measurement, disclosure, certifications, reports, actuarial opinions and memorandums, transition rules and internal controls; and (6) The data and form of the data required under section 548, with whom the data must be submitted, and may specify other requirements, including data analyses and reporting of analyses. (e) In the absence of a specific valuation requirement or if a specific valuation requirement in the valuation manual is not, in the opinion of the Commissioner, in compliance with this subchapter, then the company shall, with respect to such requirements, comply with minimum valuation standards prescribed by the Commissioner. (f) The Commissioner may engage a qualified actuary, at the expense of the company, to perform an actuarial examination of the company and opine on the appropriateness of any reserve assumption or method used by the company, or to review and opine on a company’s compliance with any requirement set forth in this subchapter. The Commissioner may rely upon the opinion of a qualified actuary engaged by the Commissioner from another state, district or territory of the United States regarding provisions contained within this subchapter. As used in this subsection, the term “engage” includes employment and contracting. (g) The Commissioner may require a company to change any assumption or method that in the opinion of the Commissioner is necessary in order to comply with the requirements of the valuation manual or this subchapter; and the company shall adjust the reserves as required by the Commissioner. The Commissioner may take other disciplinary action as permitted pursuant to chapters 7 and 9 of this title.