2017 Operative Date of Principle-Based Valuation Manual

STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES Bulletin 2016-17-INS In the matter of 2017 Operative Date of Principle-Based Valuation Manual Issued and entered this J^dav of July 2016 By Patrick M. McPharlin Director INFORMATIONAL STATEMENT ISSUED PURSUANT TO MCL 500.836b MCL 500.836b provides that the operative date of the valuation manual will be January 1 following July 1 of the first calendar year in which certain triggers found in MCL 500.836b(1)(b)aremet. This year, the number of states adopting the National Association of Insurance Commissioners (NAIC) valuation manual has reached the specified supermajority. As of this date, 45 states, including Michigan, have advised the NAIC that they have enacted laws substantially similar to the model standard valuation law. These states represent more than 79% of the applicable premium volume required in MCL 500.836b(1)(b)(ii). After conducting an extensive analysis of the states' laws, the NAIC member states voted unanimously to recognize that all three triggers defining the operative date have been satisfied. Accordingly, the operative date for the valuation manual in Michigan is January 1, 2017. Any questions regarding the bulletin should be directed to: Department of Insurance & Financial Services Office of Insurance Evaluation 530 W. Allegan Street - 7th Floor P.O. Box 30220 Lansing, Michigan 48909-7720 Toll Free 877-999-6442