This bill ensures that consumers are paying fair insurance premiums and improves the reliability of life insurance by overhauling a decades old regulatory structure used to generate insurance reserves. This bill authorizes the Commissioner of Insurance to adopt a new method to calculate life insurance reserves called principle based reserves (“PBR”). This new method would “rightsize” the funds that life insurance carriers set aside to ensure they can pay all life insurance benefits that are owed in the future. Current regulation regarding reserve requirements for insurance companies was instituted in the 1980s, meaning that the law does not reflect the modern insurance environment. House Bill 15-1048, by adjusting these requirements to match the needs of the industry today, will free up money and allow insurance organizations to benefit the economy even more than they currently do.