Current through Bulletin 2024-24, December 15, 2024
Section R590-226-7 - Additional Procedures for Individual Life Insurance Forms and Group Life Insurance Certificates Marketed Individually(1) An insurer filing a life insurance form shall comply with: (a) Title 31A, Chapter 21, Insurance Contracts in General;(b) Title 31A, Chapter 22, Part 4, Life Insurance and Annuities;(2) A life insurance policy, rider, or endorsement filing shall include an actuarial memorandum that demonstrates compliance with Section 31A-22-408 for: (a) an individual life insurance policy; or(b) a group life insurance policy that is marketed individually.(3) The actuarial memorandum shall include: (a) a detailed description of the coverage;(b) a demonstration of compliance with nonforfeiture law;(c) the specific basis for exemption from nonforfeiture law; and(d) a certification of compliance with applicable nonforfeiture and valuation laws by a qualified actuary.Utah Admin. Code R590-226-7
Adopted by Utah State Bulletin Number 2023-09, effective 4/21/2023