Withdrawal of Administrative Letter 1990-17; Foreign and Alien Life Insurer’s Reserve Valuation Certificate

SCOTT A. WHITE COMMISSIONER OF INSURANCE STATE CORPORATION COMMISSION BUREAU OF INSURANCE GOMMONVVEALTH- OF VIRG IN ik ,,•••*,„ P.O. BOX 1157 RICHMOND, VIRGINIA 23218 1300 E. MAIN STREET RICHMOND, VIRGINIA 23219 TELEPHONE: (804) 371-9741 www.scc.virginia.gov/boi May 31, 2018 Administrative Letter 2018 - 03 To: All Companies Licensed to Write Life Insurance in Virginia Re: Withdrawal of Administrative Letter 1990-17 Foreign and Alien Life Insurer's Reserve Valuation Certificate Requirements This letter serves as notice that Administrative Letter 1990-17 is hereby withdrawn. Administrative Letter 1990-17 requires foreign and alien insurers to submit to the Commission a "Life Reserve Valuation Certificate" pursuant to §38.2-3127 B. In 2014 Virginia's Reserve statute (§38.2-3126 et seq.), which includes §38.2-3127, was repealed and replaced with a new Article 10 in Chapter 13 entitled Standard Valuation (§38.2-1365 et seq.). Virginia's new Standard Valuation law does not require that a specific "Life Reserve Valuation Certificate" be filed with the Commission. Administrative Letter 1990- 17 is therefore withdrawn. Questions regarding this letter may be directed to: Stephen A. Thomas Manager Non-Domestic Section Financial Regulation Division Bureau of Insurance State Corporation Commission P.O. Box 1157 Richmond, Virginia 23218 804-371-9161 Stephen.Thomas@scc.virginia.gov Cordially, Cord Scott A. White Commissioner of Insurance SCOTT A. WHITE COMMISSIONER OF INSURANCE STATE CORPORATION COMMISSION BUREAU OF INSURANCE GOMMONVVEALTH- OF VIRGIN ik ,,•••*,„ P.O. BOX 1157 RICHMOND, VIRGINIA 23218 1300 E. MAIN STREET RICHMOND, VIRGINIA 23219 TELEPHONE: (804) 371-9741 www.scc.virginia.gov/boi May 31, 2018 To: ll Companies Licensed to Write Life Insurance in Virginia Re: Withdrawal of Administrative Letter 1990-17 Foreign and Alien Life Insurer's Reserve Valuation Certificate Requirements This letter serves as notice that Administrative Letter 1990-17 is hereby withdrawn. Administrative Letter 1990-17 requires foreign and alien insurers to submit to the Commission a "Life Reserve Valuation Certificate" pursuant to §38.2-3127 B. In 2014 Virginia's Reserve statute (§38.2-3126 et seq.), which includes §38.2-3127, was repealed and replaced with a new Article 10 in Chapter 13 entitled Standard Valuation (§38.2-1365 et seq.). Virginia's new Standard Valuation law does not require that a specific "Life Reserve Valuation Certificate" be filed with the Commission. Administrative Letter 1990- 17 is therefore withdrawn. Questions regarding this letter may be directed to: Stephen A. Thomas Manager Non-Domestic Section Financial Regulation Division Bureau of Insurance State Corporation Commission P.O. Box 1157 Richmond, Virginia 23218 804-371-9161 Stephen.Thomas@scc.virginia.gov Cord Scott A. White Commissioner of Insurance