West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-102 - Term and Universal Life Insurance Reserve Financing
Section 114-102-6 - Exemptions

6.1.1.a. Policies that satisfy the criteria for exemption set forth in W. Va. Code St. R. § 114-68-5.6 or W. Va. Code St. R. § 114-68-5.7; and which are issued before the later of:

6.1.1.b. Portions of policies that satisfy the criteria for exemption set forth in W. Va. Code St. R. § 114-68-5.5 and which are issued before the later of:

6.1.1.c. Any universal life policy that meets all of the following requirements:

6.1.1.d. Credit life insurance;

6.1.1.e. 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; or

6.1.1.f. Any 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.

6.1.3.a. Prepares statutory financial statements in compliance with the National Association of Insurance Commissioners' Accounting Practices and Procedures Manual, without any departures from National Association of Insurance Commissioners' statutory accounting practices and procedures pertaining to the admissibility or valuation of assets or liabilities that increase the assuming insurer's reported surplus and are material enough that they need to be disclosed in the financial statement of the assuming insurer pursuant to Statement of Statutory Accounting Principles No. 1 (SSAP 1); and

6.1.3.b. Is not in a company action level event, regulatory action level event, authorized control level event, or mandatory control level event as those terms are defined in W. Va. Code § 33-40-1 et seq. when its risk-based capital is calculated in accordance with the life risk-based capital report including overview and instructions for companies, as the same may be amended by the National Association of Insurance Commissioners from time to time, without deviation; or

6.1.4.a. Is not an affiliate, as that term is defined in W. Va. Code § 33-27-2(a), of:

6.1.4.b. Prepares statutory financial statements in compliance with the National Association of Insurance Commissioners' Accounting Practices and Procedures Manual;

6.1.4.c. Is both:

6.1.4.d. Is not, or would not be, below five hundred percent (500%) of the authorized control level risk-based capital, as that term is defined in W. Va. Code § 33-40-1 et seq., when its risk-based capital is calculated in accordance with the life risk-based capital report including overview and instructions for companies, as the same may be amended by the National Association of Insurance Commissioners from time to time, without deviation, and without recognition of any departures from National Association of Insurance Commissioners' statutory accounting practices and procedures pertaining to the admission or valuation of assets or liabilities that increase the assuming insurer's reported surplus; or

6.1.6.a. The risks are clearly outside of the intent and purpose of this rule, as described in section 1.1 of this rule;

6.1.6.b. The risks are included within the scope of this rule only as a technicality; and

6.1.6.c. The application of this rule to those risks is not necessary to provide appropriate protection to policyholders. The commissioner shall publicly disclose any decision made pursuant to this subsection to exempt a reinsurance treaty from this rule, as well as the general basis therefor, including a summary description of the treaty.