Connecticut Insurance Department Updates Reserving Manual

S T A T E O F C O N N E C T I C U T I N S U R A N C E D E P A R T M E N T BULLETIN No. FS- 45 December 19, 2022 TO: All Insura nc e Companies Wr iting Life Insurance, Accide nt and Health Insurance and Deposit-Type Contra ct s RE: Eff ective Da te o f Changes Made to the Principle-Based Res erving Valuation Manual Pursuant to Conn. Gen. Stat. §38a-78a(b)(1), unless a later effective d ate has been specified, a change to the Valuatio n Manual sh a ll a pply on January first of the first calendar year following the date as of which both of the f ollowing have occurred: (A) Th e change to the Valuation Manual has bee n adopted by NAIC by an affirmative vote of at least three-quarters of NAIC memb ers voting b ut not less than a majority of the total NAI C membership; and (B) The change to the Valuation Manual has bee n adopted by NAIC members representing jurisdict i ons tot aling greater than seventy-five per cent of t he direct written premiums, as r eported in the most rec e nt annual statements sub mitt ed to NAIC prior to the vote in subparagraph (A) of this subdivision, for th e following: Life insurance, accident and health insurance, health insurance or frat e rnal annual statements. On August 13, 2022, 47 of the 56 NAIC jurisd i ctions (including Co nne cticut) pa rticip ated in votes of the Executive (EX) Committee and Plenary to make changes to the Valuation Manual effective for January 1, 2023. These jurisdictions r epresented over 75% of the 2021 a pplicable premium as reported in the relevant 2021 annua l statements. At this meeting, the NAIC Executiv e (EX) Committee and P le nary voted t o a dopt a pack a ge of 9 amendments to the Valuation Manual. The motion t o a dopt the pack age o f amend ments was passed by 46 jurisdictions representing 93.84 % of the applicable premiums written. A copy of the 2023 edition of the Valuation Manual (which includes the adopted amendments) has been posted on the NAIC webpage and may be viewed at the following link: https://content.naic.org/sites/default/files/pbr_da tavaluationmanualfutureedition.pdf Through this Bulletin, I, An dre w N. Mais, Insurance Commi ssioner for the State of Conne cticut, hereby certify that t he conditions described by Conn. Gen. Stat. §38a-78a(b)(1), which are necessary fo r the ch anges to the Valuation Manual to become operative, have been met. Theref or e, pursuant to Conn. Gen. Stat. §38a-78a(b)(1), the effective date o f s aid c hanges in Connecticut is January 1, 2023. Insurance Commissioner _____________________ ___________ Andrew N. Mais www.ct.go v/cid P.O. Box 8 16 Har tford, CT 0614 2-0816 Affirm ative Action /Equal E mploymen t Opportunit y Employer