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Substitute House Bill No. 6376

Public Act No. 03-30

AN ACT CONCERNING MINIMUM VALUATION STANDARDS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 38a-70 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2003):

When adopting accounting rules and minimum valuation standards, the commissioner shall follow those accounting and valuation procedures and practices published in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions, including the preamble, all appendices and actuarial guidelines, and the National Association of Insurance Commissioners Annual Statement Instructions Manual, subject to any deviations the commissioner may prescribe.

Approved May 12, 2003