West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-68 - Valuation Of Life Insurance Companies
Section 114-68-2 - Applicability
Universal Citation: 114 WV Code of State Rules 114-68-2
Current through Register Vol. XLI, No. 38, September 20, 2024
2.1. This rule shall apply to all life insurance policies, with or without nonforfeiture values, issued on or after the effective date of this rule, subject to the following exceptions and conditions.
2.2. Exceptions.
2.2.a. This rule shall not apply to any individual
life insurance policy issued on or after the effective date of this rule 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 the effective date of this rule, that guarantees the
premium rates of the new policy. This rule 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.
2.2.b.
This rule shall not apply to any universal life policy that meets all the following
requirements:
2.2.b.1. Secondary guarantee period,
if any, is five (5) years or less;
2.2.b.2. 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 subsection 3.6 of
this rule and the applicable valuation interest rate; and
2.2.b.3. The initial surrender charge is not less
than one hundred percent (100%) of the first year annualized specified premium for
the secondary guarantee period.
2.2.c. This rule 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.
2.2.d. This rule 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.
2.2.e. This rule 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.
2.3. Conditions.
2.3.a. Calculation of the minimum valuation
standard for policies with guaranteed nonlevel gross premiums or guaranteed nonlevel
benefits (other than universal life insurance policies), or both, shall be in
accordance with the provisions of section 5 of this rule.
2.3.b. 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 6 of this rule.
Disclaimer: These regulations may not be the most recent version. West Virginia 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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