Section 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(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.Utah Admin. Code R590-227-9
Adopted by Utah State Bulletin Number 2023-09, effective 4/21/2023