Insurance Regulation 111 Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values
230-RICR-20-25-12 INACTIVE RULE
| Title | 230 | Department of Business Regulation (includes the Office of the Health Insurance Commissioner) |
| Chapter | 20 | Insurance |
| Subchapter | 25 | Life and Annuities |
| Part | 12 | Insurance Regulation 111 Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values |
| Type of Filing | Adoption |
| Regulation Status | Inactive |
| Effective | 01/20/2009 to 01/20/2009 |
Regulation Authority:
R.I. Gen. Laws §§ 27-4.5-1 et seq. and 42-14-17.
Purpose and Reason:
The Department of Business Regulation (“Department”) hereby adopts Insurance Regulation 111 effective January 20, 2008 and makes this statement in accordance with R.I. Gen. Laws § 42-35-2.3. The Department makes these amendments in order to establish for preneed insurance products minimum mortality standards for reserves and nonforfeiture values, and to require the use of the 1980 Commissioners Standard Ordinary (CSO) Life Valuation Mortality Table for use in determining the minimum standard of valuation of reserves and the minimum standard nonforfeiture values for preneed insurance products. There are no differences between the text of the proposed rule as published in accordance with R.I. Gen. Laws § 42-35-3 and the rule as adopted.
