On and after the operative date of the Valuation Manual specified in section 34 of this chapter, as used in this chapter, "principal based valuation" means a reserve valuation that:

1. (1) uses at least one (1) method or assumption determined by the insurer; and
2. (2) is required to comply with section 35 of this chapter as specified in the Valuation Manual.

As added by P.L.276-2013, SEC.10. Amended by P.L.124-2018, SEC.21.