Utah Admin. Code R590-227-9 - Additional Procedures for Variable Annuity Filings

(1) An insurer submitting a variable annuity filing shall comply with:

(a) Section 31A-22-411; and

(b) Rule R590-133.

(2) An insurer submitting a variable annuity contract 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.

(a) An actuarial memorandum shall be included in a variable annuity filing.

(b) An actuarial memorandum shall:

(i) describe the type of accounts available in the contract; and

(ii) identify the accounts that are separate accounts, including modified guaranteed annuities and general accounts.

(c) The actuarial memorandum shall describe all contract provisions in detail, including all guaranteed and non-guaranteed elements that may affect the value.

(d) The actuarial memorandum shall include a demonstration of compliance with nonforfeiture law and shall:

(i) identify and describe all guaranteed factors that affect values, including:

(A) the guaranteed minimum interest rate for a fixed account, if applicable; and

(B) the maximum surrender charges and loads; and

(ii) numerically demonstrate compliance with:

(A) Section 31A-22-409 for a fixed interest general account; and

(B) Section 31A-22-411 for a variable annuity.

(e) An actuarial memorandum shall include a certification of compliance with applicable nonforfeiture and valuation laws by a qualified actuary.

(4) A rider or an endorsement that provides a benefit, such as a guaranteed minimum death benefit or guaranteed minimum withdrawal benefit, shall be filed and shall include an actuarial memorandum.

Notes

Utah Admin. Code R590-227-9

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