1. An applicable company using a principle-based valuation for one or more policies or contracts subject to this chapter, and as specified in the Valuation Manual, shall: (a) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the Valuation Manual. (b) Provide to the Commissioner, and the company’s board of directors, an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. Such controls must be designed to ensure that all material risks inherent in the liabilities and associated assets subject to such valuation are included in the valuation, and that valuations are made pursuant to the Valuation Manual. The certification must be based on the controls in place as of the end of the preceding calendar year. (c) Develop and, upon request, provide to the Commissioner a principle-based valuation report that complies with the standards prescribed in the Valuation Manual. 2. Except as otherwise provided in NRS 681B.310, the provisions of this section apply only on or after the operative date of the Valuation Manual. (Added to NRS by 2015, 3397)
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