(1) The purpose of this rule is to:
- (a) establish minimum mortality standards for reserves and nonforfeiture values for a preneed life insurance product; and
(b) require the use of the Ultimate 1980 CSO to determine:
- (i) the minimum standard of valuation of reserve liabilities; and
- (ii) the minimum standard for nonforfeiture values.
- (2) This rule applies to preneed insurance contracts and similar policies and certificates issued on or after January 1, 2009.
KEY: preneed life insurance standards
Date of Last Change: November 22, 2022
Notice of Continuation: August 1, 2023
Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-17-402; 31A-22-408