Effective Date of Changes Made to the Principle-Based Reserving Valuation Manual

STATE OF CONNECTICUT INSURANCE DEPARTMENT BULLETIN No. FS-47 December 28, 2023 TO: All Insurance Companies Writing Life Insurance, Accident and Health Insurance and Deposit-Type Contracts RE: Effective Date of Changes Made to the Principle-Based Reserving Valuation Manual Pursuant to Conn. Gen. Stat. §38a-78a(b)(1), unless a later effective date has been specified, a change to the National Association of Insurance Commissioners’ Valuation Manual (Valuation Manual) shall apply on January first of the first calendar year following the date as of which both of the following have occurred: (A) the change to the Valuation Manual has been adopted by the NAIC by an affirmative vote of at least three-quarters of NAIC members voting but not less than a majority of the total NAIC membership; and (B) the change to the Valuation Manual has been adopted by NAIC members representing jurisdictions totaling greater than seventy-five per cent of the direct written premiums, as reported in the most recent annual statements submitted to NAIC prior to the vote in subparagraph (A) of this subdivision, for the following: life insurance, accident and health insurance, health insurance or fraternal annual statements. On August 16, 2023, 50 of the 56 NAIC jurisdictions (including Connecticut) participated in votes of the Executive (EX) Committee and Plenary to make changes to the Valuation Manual effective for January 1, 2024. These jurisdictions represented over 75% of the 2022 applicable premium as reported in the relevant 2022 annual statements. At this meeting, the NAIC Executive (EX) Committee and Plenary voted to adopt a package of 12 amendments to the Valuation Manual. The motion to adopt the package of amendments was passed by 50 jurisdictions representing 89.48 % of the applicable premium written. The 2024 edition of the Valuation Manual (which includes the adopted amendments) is available on the NAIC webpage at the following link: https://content.naic.org/sites/default/files/pbr_data_valuation_manual_future_edition.pdf Through this Bulletin, I, Andrew N. Mais, Insurance Commissioner for the State of Connecticut, hereby certify that the conditions described by Conn. Gen. Stat. §38a-78a(b)(1), which are necessary for the changes to the Valuation Manual to become operative, have been met. Therefore, pursuant to Conn. Gen. Stat. §38a-78a(b)(1), the effective date of said changes in Connecticut is January 1, 2024. Andrew N. Mais Insurance Commissioner www.ct.gov/cid P.O. Box 816 Hartford, CT 06142-0816 Affirmative Action/Equal Employment Opportunity Employer