Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-251 - Preneed Life Insurance Minimum Standards to Determine Reserve Liabilities and Nonforfeiture Values
Section R590-251-5 - Transition Rules
Universal Citation: UT Admin Code R 590-251-5
Current through Bulletin 2024-06, March 15, 2024
(1) Preneed policies subject to this rule issued before January 1, 2012, may use the 2001 CSO Mortality Table as the minimum mortality standard for reserves and minimum standard for nonforfeiture values for both male and female insureds.
(2)
(a) If
an insurer elects to use the 2001 CSO Mortality Table as a minimum standard for
a policy subject to this rule issued before January 1, 2012, the insurer shall
provide, as a part of the actuarial opinion memorandum submitted in support of
the insurer's asset adequacy testing, an annual written notification to the
commissioner of its domiciliary state.
(b) The notification shall include:
(i) a complete list of all policy forms that
use the 2001 CSO Mortality Table as a minimum mortality standard;
(ii) a certification signed by the appointed
actuary stating that the reserve methodology used by the insurer to determine
reserve liabilities for the policies subject to this rule and using the 2001
CSO Mortality Table as a minimum mortality standard, develop adequate reserves;
and
(iii) supporting information
regarding the adequacy of reserves for policies subject to this rule and using
the 2001 CSO Mortality Table as a minimum mortality standard for reserve
liabilities.
(3) When determining the adequacy of the reserves required under Subsection (2)(b), the policies subject to this rule and using the 2001 CSO Mortality Table as a minimum mortality standard may not be aggregated with other policies.
(4) A policy subject to this rule issued on or after January 1, 2012, shall use the Ultimate 1980 CSO to calculate minimum reserve liabilities and minimum nonforfeiture values.
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