Section R590-226-9 - Additional Procedures for Variable Life Filings(1) An insurer submitting a variable life insurance filing shall comply with: (a) Section 31A-22-411; and(2) An insurer submitting a variable life insurance policy shall certify it has:(a) a variable contract line of authority; and(b) a separate account established in the state of domicile.(3) Actuarial Memorandum. An actuarial memorandum shall: (a) be included in a variable life insurance filing;(b) describe the type of accounts available in the policy, identifying the accounts that are separate accounts, including modified guaranteed accounts, and general accounts;(c) demonstrate nonforfeiture compliance for:(i) separate accounts pursuant to Section 31A-22-411; and(ii) fixed interest general accounts pursuant to Section 31A-22-408;(d) identify a fixed account's: (i) guaranteed minimum interest rate; and (ii) maximum surrender charge; and(e) include a certification of compliance with applicable nonforfeiture and valuation laws by a qualified actuary.Utah Admin. Code R590-226-9
Adopted by Utah State Bulletin Number 2023-09, effective 4/21/2023