W. Va. Code R. § 114-68-1

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-68-1 - General

1.1. Scope. --

1.1.a. The purpose of this rule is to provide:

1.1.a.1. Tables of select mortality factors and rules for their use;

1.1.a.2. Rules concerning a minimum standard for the valuation of plans with nonlevel premiums or benefits; and

1.1.a.3. Rules concerning a minimum standard for the valuation of plans with secondary guarantees.

1.1.b. The method for calculating basic reserves defined in this rule will constitute the commissioner's reserve valuation method for policies to which this rule is applicable.

1.1.c. This rule is based upon the National Association of Insurance Commissioners' "Valuation of Life Insurance Model Regulation," Model 830, as amended in 2009.

1.2. Authority. -- W. Va. Code §§ 33-2-10 and 33-7-9(p)(2).

1.3. Filing Date. -- May 10, 2011.

1.4. Effective Date. -- July 1, 2011.

W. Va. Code R. § 114-68-1