Utah Admin. Code R590-227-9 - Additional Procedures for Variable Annuity Filings Procedures
Current through Bulletin No. 2021-18, September 15, 2021
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(1) Insurers submitting variable annuity filings are advised to review the following code sections and rule prior to submitting a filing:
(a) Section 31A-22-411, "Contracts Providing Variable Benefits;" and
(b) R590-133, "Variable Contracts."
(2) A variable annuity contract must have been previously approved or accepted by the licensee's state of domicile before it is submitted for filing in Utah.
(3) Information regarding the status of the filing of the variable annuity with the Securities and Exchange Commission must be included in the filing.
(4) The description and the actuarial memorandum must:
(a) describe the type of accounts available in the contract; and
(b) identify those accounts that are separate accounts, including modified guaranteed annuities, and those accounts that are general accounts.
(5) The actuarial memorandum must describe all contract provisions in detail, including all guaranteed and non-guaranteed elements that may affect the values.
(6) The actuarial demonstration must numerically demonstrate compliance with the applicable nonforfeiture laws:
(a) for variable annuities, including modified guaranteed annuities, pursuant to Section 31A-22-411;
(b) for fixed interest general accounts pursuant to 31A-22-409, identify and describe all guaranteed factors that affect values, including:
(i) the guaranteed minimum interest rate; and
(ii) the maximum surrender charges and loads.
(7) An actuarial certification of compliance with applicable Utah laws and rules must be included in the filing.
(8) A filing for a rider that provides benefits, such as guaranteed minimum death benefit and guaranteed minimum withdrawal benefit, must include an actuarial memorandum.
(9) A prospectus is not required to be filed.