Section R590-251-2 - Purpose and Scope(1) The purpose of this rule is to:(a) establish minimum mortality standards for reserves and nonforfeiture values for a preneed life insurance product; and(b) require the use of the Ultimate 1980 CSO to determine: (i) the minimum standard of valuation of reserve liabilities; and(ii) the minimum standard for nonforfeiture values.(2) This rule applies to preneed insurance contracts and similar policies and certificates issued on or after January 1, 2009.Utah Admin. Code R590-251-2
Amended by Utah State Bulletin Number 2022-23, effective 11/22/2022