Section R590-226-8 - Additional Procedures for Group Market Filings(1) A group life insurance filing shall comply with:(a) Title 31A, Chapter 21, Insurance Contracts in General;(b) Title 31A, Chapter 22, Part 4, Life Insurance and Annuities;(c) Title 31A, Chapter 22, Part 5, Group Life Insurance;(2) Statement of Policy Cost and Benefit Information.(a) A statement of policy cost and benefit information shall be included in group life insurance that includes a preneed funeral policy or prearrangement.(b) The disclosure requirement extends to the issuance or delivery of a certificate and the policy under Section R590-79-4.(3) Actuarial Memorandum. (a) An actuarial memorandum shall be included in a non-term group life insurance filing.(b) A filing for a policy, a rider, or an endorsement shall include an actuarial memorandum that demonstrates compliance with Section 31A-22-515.(c) The actuarial memorandum shall include: (i) a detailed description of the coverage;(ii) a demonstration of compliance with nonforfeiture law;(iii) the specific basis for exemption from nonforfeiture law; and(iv) a certification of compliance with applicable nonforfeiture and valuation laws by a qualified actuary.(4) An insurer shall determine if the group is an eligible group or a discretionary group. (a) Eligible Group. (i) A filing for an eligible group shall include a Utah Life and Annuity Group Questionnaire.(ii) A questionnaire shall be completed for each eligible group under Sections 31A-22-501.1 through 31A-22-508.(iii) When a filing applies to more than one employer or employee group, only one questionnaire is required.(b) Discretionary Group. (i) If a group is not an eligible group, a discretionary group authorization shall be obtained.(ii) If a form filing is submitted without discretionary group authorization, the filing shall be rejected.(iii) To obtain discretionary group authorization, a compliant Utah Life and Annuity Request for Discretionary Group Authorization must be submitted.(iv) A change to an authorized discretionary group shall be submitted to the department within 30 days of the change.(v) The commissioner may periodically re-evaluate a group's authorization.(vi) An insurer shall file a separate discretionary group authorization to add another TOI to a previously authorized group.Utah Admin. Code R590-226-8
Adopted by Utah State Bulletin Number 2023-09, effective 4/21/2023