Nebraska Administrative Code
Topic - INSURANCE, DEPARTMENT OF
Title 210 - NEBRASKA DEPARTMENT OF INSURANCE
Chapter 71 - VALUATION OF LIFE INSURANCE POLICIES REGULATION
Section 210-71-003 - Applicability
Universal Citation: 210 NE Admin Rules and Regs ch 71 ยง 003
Current through March 20, 2024
This regulation shall apply to all life insurance policies, with or without nonforfeiture values, issued on or after January 1, 2000, subject to the following exceptions and conditions.
003.01 Exceptions
003.01(1) This regulation shall not apply to
any individual life insurance policy issued on or after January 1, 2000, if the
policy is issued in accordance with and as a result of the exercise of a
reentry provision contained in the original life insurance policy of the same
or greater face amount, issued before January 1, 2000, that guarantees the
premium rates of the new policy. This regulation also shall not apply to
subsequent policies issued as a result of the exercise of such a provision, or
a derivation of the provision, in the new policy.
003.01(2) This regulation shall not apply to
any universal life policy that meets all the following requirements:
003.01(2)(a) Secondary guarantee period, if
any, is five (5) years or less;
003.01(2)(b) Specified premium for the
secondary guarantee period is not less than the net level reserve premium for
the secondary guarantee period based on the CSO valuation tables as defined in
Section 004.06 and the applicable valuation interest rate; and
003.01(2)(c) The initial surrender charge is
not less than 100 percent of the first year annualized specified premium for
the secondary guarantee period.
003.01(3) This regulation shall not apply to
any variable life insurance policy that provides for life insurance, the amount
or duration of which varies according to the investment experience of any
separate account or accounts.
003.01(4) This regulation shall not apply to
any variable universal life insurance policy that provides for life insurance,
the amount or duration of which varies according to the investment experience
of any separate account or accounts.
003.01(5) This regulation shall not apply to
a group life insurance certificate unless the certificate provides for a stated
or implied schedule of maximum gross premiums required in order to continue
coverage in force for a period in excess of one year.
003.02 Conditions
003.02(1) Calculation of the minimum
valuation standard for policies with guaranteed nonlevel gross premiums or
guaranteed nonlevel benefits (other than universal life policies), or both,
shall be in accordance with the provisions of Section 006.
003.02(2) Calculation of the minimum
valuation standard for flexible premium and fixed premium universal life
insurance policies, that contain provisions resulting in the ability of a
policyholder to keep a policy in force over a secondary guarantee period shall
be in accordance with the provisions of Section 007.
Disclaimer: These regulations may not be the most recent version. Nebraska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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