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June 02, 2008 at 08:42 PM
An arm of the National Association of Insurance Commissioners has revised a proposed actuarial guideline and exposed a draft of the guideline for discussion.
Members of the Life & Health Actuarial Task Force at the NAIC, Kansas City, Mo., voted here at the NAIC’s summer meeting to make several changes to a draft of Actuarial Guideline CCC, which concerns the nonforfeiture provisions of return-of-premium life insurance policies.
The proposed guideline would apply to individual life insurance policies other than variable and non-variable adjustable life policies and current assumption whole life policies that provide for an endowment benefit materially less than the policy face amount
The drafters of the proposed guideline hope to provide guidance regarding the required minimum cash values, officials say.
LHATF members voted here to change the guideline draft to exclude universal life type products from the scope of the draft.
Members voted to make Jan. 1, 2009, the guideline effective date, with 3 years for policy forms to come into compliance.
In other LHATF news, task force members:
