2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 42 - Actuarial Opinion and Memorandum
§ 1034. Liabilities to be covered.

Universal Citation: V.I. Code tit. 22, § 1034 (2019)
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  • (a) Under authority of section 535 of this title, the statement of actuarial opinion applies to all in-force business on the statement date, whether directly issued or assumed, regardless of when or where issued (e.g., reserves of Exhibits 5, 6 and 7), and claim liabilities in Exhibit 8, Part 1 and equivalent items in the separate account statement or statements.

  • (b) If the appointed actuary determines as the result of asset adequacy analysis that a reserve should be held in addition to the aggregate reserve held by the company and calculated in accordance with methods set forth in the Standard Valuation Law of 2018, the company shall establish the additional reserve.

  • (c) Additional reserves established under subsection (b) and deemed not necessary in subsequent years may be released. Any amounts released must be disclosed in the actuarial opinion for the applicable year. The release of such reserves may not be deemed an adoption of a lower standard of valuation.

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