Section Ins 3502.01 - Applicability(a) This rule shall apply to all life insurance policies, with or without nonforfeiture values, issued on or after the 2017 effective date of this rule, subject to the following exceptions and conditions: (1) Exceptions are: a. This rule shall not apply to any individual life insurance policy issued on or after the 2017 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 2017 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 deviation of the provision, in the new policy;b. This rule shall not apply to any universal life policy that meets all the following requirements: 1. Secondary guarantee period, if any, is 5 years or less;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 1980CSO valuation tables as defined in Part Ins 3503 and the applicable valuation interest rate; and3. The initial surrender charge is not less than 100 percent of the first year annualized specified premium for the secondary guarantee period;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;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; ande. 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) Conditions are: a. Calculation of the minimum valuation standard for policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits, other than universal life policies, or both, shall be in accordance with the provisions of Ins 3506; andb. 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 provisions of Ins 3506.(b) In addition to the exceptions and conditions set out in (a) above, the commissioner, upon the commissioner's own initiative or upon request by an insurer, shall waive any requirement of this chapter if such waiver does not contradict the objective or intent of the rule and: (1) Applying the rule provision would cause confusion or would be misleading to consumers;(2) The rule provision is in whole or in part inapplicable to the specific circumstances;(3) There are specific circumstances unique to the situation such that strict compliance with the rule would be onerous without promoting the objective or intent of the rule provision; or(4) Any other similar extenuating circumstances exist such that application of an alternative standard or procedure better promotes the objective or intent of the rule provision; and(5) No requirement prescribed by statute shall be waived unless expressly authorized by law; and(6) Any request for a waiver shall be in writing and shall specify the basis for the waiver and proposed alternative, if any.N.H. Admin. Code § Ins 3502.01
#7419, eff 7-1-01; ss by #9516, eff 7-25-09
Amended by Volume XXXVII Number 28, Filed July 13, 2017, Proposed by #12228, Effective 7/25/2017, Expires 7/25/2027.