(a) The Commissioner shall annually value, or cause to be valued, the reserve for all outstanding life insurance contracts, annuity and pure endowment contracts, accident and health contracts, and deposit-type contracts of every company issued on or after the effective date of this subchapter. In making a valuation, the Commissioner may use the Department’s actuary or employ an actuary for that purpose. Upon demand by the Commissioner, the insurer shall pay the reasonable compensation and expenses of the actuary, at a rate approved by the Commissioner, which is supported by an itemized statement of the compensation and expenses.
(b) The Commissioner may accept a valuation of the reserves of a foreign or alien company made, or caused to be made, by the insurance supervisory official of any state or other jurisdiction when the valuation complies with the minimum standard provided in this subchapter.
(c) Sections 546 and 547 apply to all policies and contracts issued on or after the effective date of this subchapter.