2015-2016 Session
Change SessionH.482 (Act 63)
An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
House Committee on Commerce and Economic Development
5/16/2015 - Signed by Governor on June 17, 2015
- Sponsor(s)
- Last Recorded Action
- House 5/16/2015 - Signed by Governor on June 17, 2015
Bill/Resolution Text
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An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Detailed Status
2015 - 2016 Legislative Session
| Body | Date | Journal | Calendar | Location | Full Status |
|---|
An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Roll Call History
2015 - 2016 Legislative Session
| Body | Date | Journal | Location | Full Status |
|---|
Although procedurally bills and resolutions are assigned to only one committee at a time, other committees may review the bill or resolution. This page contains results from both the assigned committee as well as other committees.
An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Committee Meetings
2015 - 2016 Legislative Session
| Meeting Date | Committee |
|---|
An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Meeting Full List
2015 - 2016 Legislative Session
Thursday, March 12, 2015
- Committee(s):
- House Committee on Commerce and Economic Development
- 9:00 AM
-
H.482 - An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Committee Bill
David Provost, Deputy Commissioner, Captive Insurance, Department of Financial Regulation
Kaj Samsom, Deputy Commissioner of Insurance, Department of Financial Regulation
Maria Royle, Legislative Counsel, Office of Legislative Council
Dan Towle, Director of Financial Services, Agency of Commerce and Community Development
- 15 Min. after Adj.
-
H.482 - An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Committee Bill
Chris Rice, Lobbyist, American Council of Life Insurers
Maria Royle, Legislative Counsel, Office of Legislative Council
Thursday, April 2, 2015
- Committee(s):
- Senate Committee on Finance
- 3:30 PM
-
H.482 - An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Walk-through
Kaj Samsom, Deputy Commissioner of Insurance, Department of Financial Regulation
David Provost, Deputy Commissioner of Captive Insurance, Department of Financial Regulation
Maria Royle, Legislative Counsel, Office of Legislative Council
Monday, April 13, 2015
- Committee(s):
- Senate Committee on Finance
- 3:40 PM
-
H.482 - An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Maria Royle, Legislative Counsel, Office of Legislative Council
Thursday, May 14, 2015
- Committee(s):
- Senate Committee on Finance
- 3:25 PM
-
H.482 - An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Maria Royle, Legislative Counsel, Office of Legislative Council
Saturday, May 16, 2015
- Committee(s):
- House Committee on Commerce and Economic Development
- 12:00 PM
-
H.482 - An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Maria Royle, Legislative Counsel, Office of Legislative Council
Committee Documents
An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Witnesses Who Testified
2015 - 2016 Legislative Session
House Committee on Commerce and Economic Development
- David Provost, Deputy Commissioner, Captive Insurance, Department of Financial Regulation
- Chris Rice, Lobbyist, American Council of Life Insurers
- Maria Royle, Legislative Counsel, Office of Legislative Council
- Kaj Samsom, Deputy Commissioner of Insurance, Department of Financial Regulation
- Dan Towle, Director of Financial Services, Agency of Commerce and Community Development
Senate Committee on Finance
- David Provost, Deputy Commissioner of Captive Insurance, Department of Financial Regulation
- Maria Royle, Legislative Counsel, Office of Legislative Council
- Kaj Samsom, Deputy Commissioner of Insurance, Department of Financial Regulation
Fiscal notes and materials available on this web page are provided for informational purposes only, and may not comprise all materials received by the Vermont Legislature or the final fiscal information related to a specific bill. The Legislature is not responsible for the accuracy of any information in these materials, and their posting does not constitute approval or endorsement by the Legislature.
No fiscal documents found for H.482 in the 2015 - 2016 Legislative Session.
No committee of conference members found for H.482 in the 2015 - 2016 Legislative Session.
An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Committee of Conference Meetings
2015 - 2016 Legislative Session
| Meeting Date | Committee |
|---|
An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Committee of Conference Meeting Full List
2015 - 2016 Legislative Session
No committee of conference meeting history found for H.482 in the 2015 - 2016 Legislative Session.
No committee of conference report found for H.482 in the 2015 - 2016 Legislative Session.
Act
- Signed into law 6/17/2015
- As Enacted (ACT 63)
- Act Summary
An act relating to principle-based valuation for life insurance reserves and a standard nonforfeiture law for life insurance policies
Statutes Affected
2015 - 2016 Legislative Session
| Statute |
|---|
| 8 V.S.A. § 15. Rules, orders, and administrative interpretations |
| 8 V.S.A. § 19. Fees and departmental expenses |
| 8 V.S.A. § 23. Confidentiality of investigation and examination reports |
| 8 V.S.A. §§ 3741-3749. Repealed. 2015, No. 63, § 6, effective June 17, 2015. |
| 8 V.S.A. § 3760. Title |
| 8 V.S.A. § 3761. Definitions |
| 8 V.S.A. § 3762. Nonforfeiture benefits |
| 8 V.S.A. § 3763. Computation of cash surrender value |
| 8 V.S.A. § 3764. Computation of paid-up nonforfeiture benefits |
| 8 V.S.A. § 3765. Calculation of adjusted premiums |
| 8 V.S.A. § 3766. Calculation of adjusted premiums; ordinary policies |
| 8 V.S.A. § 3767. Calculation of adjusted premiums; industrial policies |
| 8 V.S.A. § 3768. Calculations of adjusted premiums by the nonforfeiture net level premium method |
| 8 V.S.A. § 3769. Nonforfeiture benefits for indeterminate premium plans |
| 8 V.S.A. § 3770. Proration of values; net value of paid-up additions |
| 8 V.S.A. § 3771. Consistency of progression of cash surrender values with increasing policy duration |
| 8 V.S.A. § 3772. Exceptions |
| 8 V.S.A. § 3773. Effective date; applicability |
| 8 V.S.A. §§ 3781-3789. Repealed. 2015, No. 63, § 6, effective June 17, 2015. |
| 8 V.S.A. § 3791. Title |
| 8 V.S.A. § 3791a. Definitions |
| 8 V.S.A. § 3791b. Reserve valuation |
| 8 V.S.A. § 3791c. Actuarial opinion of reserves |
| 8 V.S.A. § 3791d. Computation of minimum standard |
| 8 V.S.A. § 3791e. Computation of minimum standard for annuities |
| 8 V.S.A. § 3791f. Computation of minimum standard by calendar year of issue |
| 8 V.S.A. § 3791g. Reserve valuation method-life insurance and endowment benefits |
| 8 V.S.A. § 3791h. Reserve valuation method-annuity and pure endowment benefits |
| 8 V.S.A. § 3791i. Minimum reserves |
| 8 V.S.A. § 3791j. Optional reserve calculation |
| 8 V.S.A. § 3791k. Reserve calculation-valuation net premium exceeding the gross premium charged |
| 8 V.S.A. § 3791l. Reserve calculation-indeterminate premium plans |
| 8 V.S.A. § 3791m. Minimum standard for accident and health insurance contracts |
| 8 V.S.A. § 3791n. Valuation manual for policies issued on or after the operative date of the valuation manual |
| 8 V.S.A. § 3791o. Requirements of a principle-based valuation |
| 8 V.S.A. § 3791p. Experience reporting for policies in force on or after the operative date of the valuation manual |
| 8 V.S.A. § 3791q. Confidentiality |
| 8 V.S.A. § 3791r. Single state exemption |
