reglab/housing_qa huggingface dataset:
NH Rev Stat § 409-A:6 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities|Section 409-A:6 - Computation of Cash Surrender Benefits.

    409-A:6 Computation of Cash Surrender Benefits. –||For contracts which provide cash surrender benefits, such cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.|||Source. 1979, 360:4, eff. Aug. 22, 1979.|
NH Rev Stat § 409-A:7 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities|Section 409-A:7 - Computation of Paid-up Annuity Nonforfeiture Benefits.

    409-A:7 Computation of Paid-up Annuity Nonforfeiture Benefits. –||For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract. For contracts which do not provide any death benefits prior to the commencement of any annuity payments, such present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.|||Source. 1979, 360:4, eff. Aug. 22, 1979.|
NH Rev Stat § 409-A:8 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities|Section 409-A:8 - Determination of Maturity Date.

    409-A:8 Determination of Maturity Date. –||For the purpose of determining the benefits calculated under RSA 409-A:6 and 409-A:7, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.|||Source. 1979, 360:4, eff. Aug. 22, 1979.|
NH Rev Stat § 409-A:9 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities|Section 409-A:9 - Calculations of Values; Supplemental Rules.

    409-A:9 Calculations of Values;  Supplemental Rules. –||I. Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.||II. 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 considerations 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 RSA 409-A:5, 409-A:6, 409-A:7, 409-A:8 and 409-A:9, I, additional benefits payable (a) in the event of total and permanent disability, (b) as reversionary annuity or deferred reversionary annuity benefits, or (c) as other policy benefits additional to life insurance, endowment and annuity 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 such additional benefits shall not be required in any paid-up benefits, unless such additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits.|||Source. 1979, 360:4, eff. Aug. 22, 1979.|
NH Rev Stat § 409-A:10 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 409-A - Standard Nonforfeiture Law for Individual Deferred Annuities|Section 409-A:10 - Operative Date.

    409-A:10 Operative Date. –||After August 1, 1979, any company may file with the commissioner a written notice of its election to comply with the provisions of this chapter after a specified date before August 1, 1981. After filing of such notice, then upon such specified date, which shall be the operative date of this chapter for such company, this chapter shall become operative with respect to annuity contracts thereafter issued by such company. If a company makes no such election, the operative date of this chapter for such company shall be August 1, 1981.|||Source. 1979, 360:4, eff. Aug. 22, 1979.|
NH Rev Stat § 410:1 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:1 - Short Title.

    410:1 Short Title. –||This chapter shall be known as the Standard Valuation Law.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|
NH Rev Stat § 410:2 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:2 - Definitions.

    410:2 Definitions. –||In this chapter:||I. "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.||II. "Appointed actuary" means a qualified actuary who is appointed in accordance with the valuation manual to prepare the actuarial opinion required in RSA 410:4, II.||III. "Company" means an entity which:||(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.||IV. "Commissioner" means the insurance commissioner.||V. "Deposit-type contract" means contracts that do not incorporate mortality or morbidity risks and as may be specified in the valuation manual.||VI. "Life insurance" means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual.||VII. "NAIC" means the National Association of Insurance Commissioners.||VIII. "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 chapter including, but not limited to, 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.||IX. "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 RSA 410:16 as specified in the valuation manual.||X. "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.||XI. "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.||XII. "Valuation manual" means the manual of valuation instructions adopted by the NAIC as specified in this chapter or as subsequently amended.|||Source. 2013, 221:1. 2014, 84:1, eff. Aug. 10, 2014.|
NH Rev Stat § 410:3 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:3 - Reserve Valuation.

    410:3 Reserve Valuation. –||I. Policies and Contracts Issued Prior to the Operative Date of the Valuation Manual.||(a) The insurance commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurance company doing business in this state, except that in the case of an alien company, such valuation shall be limited to its United States business, issued on or after April 7, 1943 and prior to the operative date of the valuation manual. In calculating 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 of a foreign or alien company, the commissioner may accept any 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.||(b) The provisions set forth in RSA 410:5 through RSA 410:14 of this chapter shall apply to all policies and contracts, as appropriate, subject to this chapter issued on or after April 7, 1943 and prior to the operative date of the valuation manual and the provisions set forth in RSA 410:15 and RSA 410:16 of this chapter shall not apply to any such policies and contracts.||(c) The minimum standard for the valuation of policies and contracts issued prior to April 7, 1943 shall be that provided by the laws in effect immediately prior to that date.||II. Policies and Contracts Issued On or After the Operative Date of the Valuation Manual.||(a) 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.||(b) The provisions set forth in RSA 410:15 and RSA 410:16 of this chapter shall apply to all policies and contracts issued on or after the operative date of the valuation manual.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|
NH Rev Stat § 410:9 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:9 - Reserve Valuation Method; Annuity and Pure Endowment Benefits.

    410:9 Reserve Valuation Method;  Annuity and Pure Endowment Benefits. –||I. 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 now or hereafter amended.||II. 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.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|
NH Rev Stat § 410:10 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:10 - Minimum Reserves.

    410:10 Minimum Reserves. –||I. In no event shall a company's aggregate reserves for all life insurance policies, excluding disability and accidental death benefits, issued on or after the effective date of this chapter, be less than the aggregate reserves calculated in accordance with the methods set forth in RSA 410:8, RSA 410:9, RSA 410:12 and RSA 410:13 and the mortality table or tables and rate or rates of interest used in calculating nonforfeiture benefits for the policies.||II. 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 RSA 410:4.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|
NH Rev Stat § 410:11 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:11 - Optional Reserve Calculation.

    410:11 Optional Reserve Calculation. –||I. Reserves for policies and contracts issued prior to the effective date of this chapter 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.||II. Reserves for any category of policies, contracts, or benefits as established by the commissioner, issued on or after the effective date of this chapter, 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 for in the policies or contract.||III. 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 chapter 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 RSA 410:4 shall not be deemed to be the adoption of a higher standard of valuation.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|
NH Rev Stat § 410:12 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:12 - Reserve Calculation; Valuation Net Premium Exceeding the Gross Premium Charged.

    410:12 Reserve Calculation;  Valuation Net Premium Exceeding the Gross Premium Charged. –||I. If in any contract year the gross premium charged by a 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 RSA 410:5 and RSA 410:7.||II. 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 such policy were the method described in RSA 410:8, I. The minimum reserve at each policy anniversary of such a policy shall be the greater of the minimum reserve calculated in accordance with RSA 410:8, I and II, and the minimum reserve calculated in accordance with this section.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|
NH Rev Stat § 410:13 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:13 - Reserve Calculation; Indeterminate Premium Plans.

    410:13 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 insurance company based on its 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 RSA 410:8, 410:9 and 410:12, the reserves that are held under the plan shall:||I. Be appropriate in relation to the benefits and the pattern of premiums for that plan; and||II. Be computed by a method that is consistent with the principles of this chapter as determined by rules adopted by the commissioner pursuant to RSA 541-A.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|
NH Rev Stat § 410:14 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:14 - Minimum Standard for Accident and Health Insurance Contracts.

    410:14 Minimum Standard for Accident and Health Insurance Contracts. –||For accident and health insurance contracts used 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 RSA 410:3, II. For insurance contracts issued on or after April 7, 1943 and prior to the operative date of the valuation manual the minimum standard of valuation is the standard adopted by the commissioner by rule.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|
NH Rev Stat § 410:16 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:16 - Requirements of a Principle-Based Valuation.

    410:16 Requirements of a Principle-Based Valuation. –||I. A company shall establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual:||(a) 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.||(b) 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.||(c) Incorporate assumptions that are derived in one of the following manners:||(1) The assumption is prescribed in the valuation manual.||(2) For assumptions that are not prescribed, the assumption 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.||II. 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:||(a) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual.||(b) 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 evaluation. 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.||(c) Develop, and file with the commissioner upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual.||III. A principle-based valuation may include a prescribed formulaic reserve component.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|
NH Rev Stat § 410:17 (2021)
2021 New Hampshire Revised Statutes|Title XXXVII - Insurance|Title 410 - Standard Valuation Law|Section 410:17 - Experience Reporting for Policies in Force On or After the Operative Date of the Valuation Manual.

    410:17 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.|||Source. 2013, 221:1, eff. Jan. 1, 2014.|