NU Online News Service, Sept. 7, 12:43 p.m. – The New York State Insurance Department has proposed new rules for valuing life insurance reserves.
Proposed Regulation No. 147 gives rules and guidelines for valuing individual life insurance policies and certain group life insurance certificates. The regulation gives extra attention to the valuation of life insurance policies with premiums or benefits that are not level, indeterminate premium life policies and universal life policies.
The rules aim to allow the use of new mortality selection factors in valuing statutory reserves and to set rules and guidelines for valuing these reserves in line with the timing of death claim payments, the New York department says.
The proposed rule can be found on the Web at http://www.ins.state.ny.us/acrobat/r147ptex.pdf