SB136 Alabama 2021 Session

Under existing law, the Standard Valuation Law requires the Commissioner of Insurance to annually value the reserves for outstanding life insurance policies and annuity and endowment contracts of life insurance companies doing business in this state. The law provides for an alternative valuation for small companies that meet certain conditions, including certain dollar figures of premiums.

This bill would revise the conditions for the Commissioner of Insurance to use the small company alternative valuation provisions for the valuation of the reserves of certain small companies meeting certain requirements.

Relating to insurance; to amend Section 27-36A-20 of the Code of Alabama 1975, the Standard Valuation Law, which requires the Commissioner of Insurance to annually value the reserves for outstanding life insurance policies and other contracts of life insurance companies doing business in this state; and to revise the small company alternative valuation.