Adoption of the 2020 Valuation Manual

# BEFORE THE INSURANCE COMMISSIONER OF THE STATE OF OKLAHOMA FILED DEC 18 2019 INSURANCE COMMISSIONER OKLAHOMA IN RE: ADOPTION OF THE 2020 VALUATION MANUAL ) IN THE STATE OF OKLAHOMA Case No. 19-0755-TRN TO: LIFE AND ACCIDENT AND HEALTH INSURERS IN THE STATE OF OKLAHOMA ## JURISDICTION 1. The Insurance Commissioner, Glen Mulready, is charged with the duty of administering and enforcing the provisions of the Oklahoma Insurance Code, 36 O.S. §§ 101 et seq., pursuant to 36 O.S. § 307. ## FINDINGS OF FACT 1. The National Association of Insurance Commissioners (“NAIC”) adopted the valuation manual on December 2, 2012, which is operative January 1 of the first calendar year after the following occurred: a. The valuation manual was adopted by the NAIC by an affirmative vote of at least forty-two members, or three-fourths (3/4) of the members voting, whichever was greater, b. The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and provisions, was enacted by states representing greater than seventy-five percent (75%) of the direct premiums written as reported in the following annual statements submitted for 2008: life, accident and health annual statements: health annual statements; or fraternal annual statements; and 1 c. The Standard Valuation Law, as amended by the NAIC in 2009, or legislation including substantially similar terms and provision, has been enacted by at least forty-two of the following fifty-five jurisdictions: the fifty states of the United States of America, American Samoa, the American Virgin Islands, the District of Columbia, Guam, and Puerto Rico. 36 O.S. § 1510 (P)(2). 2. The NAIC adopted changes to the valuation manual which will become effective on January 1, 2020, as the following actions have occurred: a. The change to the valuation manual has been adopted by the NAIC by an affirmative vote representing: i. At least three-fourths (3/4) of the members of the NAIC voting, but not less than a majority of the total membership, and ii. Members of the NAIC representing jurisdictions totaling greater than seventy-five percent (75%) of the direct premiums written as reported in the following annual statements most recently available prior to the vote directly aforementioned vote: life, accident and health annual statements; health annual statements; or fraternal annual statements, and 3. The changes were adopted on August 6, 2019, with 49 members voting in the affirmative. 4. Member states representing 94.92% of premium volume voted to adopt the changes on August 6, 2019. ## CONCLUSIONS OF LAW 5. The Findings of Fact above are adopted and incorporated by reference in these Conclusions of Law as if fully set forth herein. 2 6. Based on the requirements of 36 O.S. § 1510 (P)(3) being met, the Insurance Commissioner finds that Oklahoma is authorized by statute to adopt the changes for the 2020 valuation manual. ## ORDER IT IS THEREFORE ORDERED, based upon the foregoing Findings of Fact and Conclusions of Law, the NAIC amended valuation manual effective January 1, 2020, his hereby adopted. IT IS SO ORDERED. WITNESS My Hand and Official Seal this 18th day of December, 2019.  BUDDY COMBS FIRST DEPUTY COMMISSIONER 3