Utah Admin. Code R590-226-9 - Additional Procedures for Variable Life Filings
(1) An insurer submitting a variable life
insurance filing shall comply with:
(a)
Section 31A-22-411; and
(b) Rule R590-133.
(2) An insurer submitting a variable life
insurance policy shall certify it has:
(a) a
variable contract line of authority; and
(b) a separate account established in the
state of domicile.
(3)
Actuarial Memorandum. An actuarial memorandum shall:
(a) be included in a variable life insurance
filing;
(b) describe the type of
accounts available in the policy, identifying the accounts that are separate
accounts, including modified guaranteed accounts, and general
accounts;
(c) demonstrate
nonforfeiture compliance for:
(i) separate
accounts pursuant to Section 31A-22-411; and
(ii) fixed interest general accounts pursuant
to Section
31A-22-408;
(d) identify a fixed account's:
(i) guaranteed minimum interest rate; and
(ii) maximum surrender charge;
and
(e) include a
certification of compliance with applicable nonforfeiture and valuation laws by
a qualified actuary.
Notes
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