Utah Admin. Code 590-226-7

Current through Bulletin 2024-19, October 1, 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;

(c) Rule R590-79;

(d) Rule R590-93;

(e) Rule R590-94;

(f) Rule R590-95;

(g) Rule R590-98;

(h) Rule R590-108;

(i) Rule R590-122;

(j) Rule R590-177;

(k) Rule R590-191;

(l) Rule R590-198; and

(m) Rule R590-223.

(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