Pennsylvania Code
Title 31 - INSURANCE
Part IV - Life Insurance
Chapter 84c - VALUATION OF LIFE INSURANCE POLICIES
Section 84c.2 - Applicability
Universal Citation: 31 PA Code ยง 84c.2
Current through Register Vol. 54, No. 44, November 2, 2024
(a) This chapter applies to all life insurance policies, with or without nonforfeiture values, issued on or after May 6, 2000, subject to the following exceptions:
(b) This chapter does not apply to:
(1) An individual life insurance policy
issued on or after May 6, 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 May 6,
2000, that guarantees the premium rates of the new policy. This chapter also
does not apply to subsequent policies issued as a result of the exercise of the
reentry provision, or a derivation of the provision, in the new
policy.
(2) A universal life policy
that meets all the following requirements:
(i)
Secondary guarantee period, if any, is 5 years or less.
(ii) Specified premium for the secondary
guarantee period is not less than the net level reserve premium for the
secondary guarantee period based on the 1980 CSO valuation tables and the
applicable maximum valuation interest rate.
(iii) The initial surrender charge is not
less than 100% of the first year annualized specified premium for the secondary
guarantee period.
(3) A
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.
(4) A 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.
(5) A group life insurance
certificate unless the certificate provides for a stated or implied schedule of
maximum gross premiums required to continue coverage in force for a period in
excess of 1 year.
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