Insurance, Administration

Rule R590-198

Valuation of Life Insurance Policies Rule

Five-Year Notice of Review and Statement of Continuation

DAR File No.: 33270
Filed: 12/15/2009 08:11:45 AM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Sections 31A-17-402 and 31A-17-512 authorize the commissioner to adopt a method for computing reserves for life insurance policies. Sections R590-198-5, R590-198-6, and R590-198-7 of the rule specifically set standards for determination of reserves for different types of life policies.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

The department has received no written comments regarding this rule within the past five years.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

This rule ensures that life insurance companies will maintain an adequate level of reserves to pay future life insurance claims. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Direct questions regarding this rule to:

• Jilene Whitby at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at jwhitby@utah.gov

Effective:

12/15/2009

Authorized by:

Jilene Whitby, Information Specialist