Formatted: Font: 10 pt, Font color: Auto B. Such a review opinion is intended to provide Company management, the Company’s board of directors, the Commissioner, and the Company’s auditors with a confidential, independent review of the subjective elements of a principles-based reserve valuation. (1) Requirements for the review opinion of a principles-based reserve (PBR)valuation per the Standard Valuation Law and per all relevant requirements pursuant to the Valuation Manual; and Deleted: 1