Utah Admin. Code R590-226-8 - Additional Procedures for Group Market Filings

(1) A group life insurance filing shall comply with:

(a) Title 31A, Chapter 21, Insurance Contracts in General;

(b) Title 31A, Chapter 22, Part 4, Life Insurance and Annuities;

(c) Title 31A, Chapter 22, Part 5, Group Life Insurance;

(d) Rule R590-79;

(e) Rule R590-108;

(f) Rule R590-122;

(g) Rule R590-177; and

(h) Rule R590-191.

(2) Statement of Policy Cost and Benefit Information.

(a) A statement of policy cost and benefit information shall be included in group life insurance that includes a preneed funeral policy or prearrangement.

(b) The disclosure requirement extends to the issuance or delivery of a certificate and the policy under Section R590-79-4.

(3) Actuarial Memorandum.

(a) An actuarial memorandum shall be included in a non-term group life insurance filing.

(b) A filing for a policy, a rider, or an endorsement shall include an actuarial memorandum that demonstrates compliance with Section 31A-22-515.

(c) The actuarial memorandum shall include:

(i) a detailed description of the coverage;

(ii) a demonstration of compliance with nonforfeiture law;

(iii) the specific basis for exemption from nonforfeiture law; and

(iv) a certification of compliance with applicable nonforfeiture and valuation laws by a qualified actuary.

(4) An insurer shall determine if the group is an eligible group or a discretionary group.

(a) Eligible Group.

(i) A filing for an eligible group shall include a Utah Life and Annuity Group Questionnaire.

(ii) A questionnaire shall be completed for each eligible group under Sections 31A-22-501.1 through 31A-22-508.

(iii) When a filing applies to more than one employer or employee group, only one questionnaire is required.

(b) Discretionary Group.

(i) If a group is not an eligible group, a discretionary group authorization shall be obtained.

(ii) If a form filing is submitted without discretionary group authorization, the filing shall be rejected.

(iii) To obtain discretionary group authorization, a compliant Utah Life and Annuity Request for Discretionary Group Authorization must be submitted.

(iv) A change to an authorized discretionary group shall be submitted to the department within 30 days of the change.

(v) The commissioner may periodically re-evaluate a group's authorization.

(vi) An insurer shall file a separate discretionary group authorization to add another TOI to a previously authorized group.

Notes

Utah Admin. Code R590-226-8

Adopted by Utah State Bulletin Number 2023-09, effective 4/21/2023