DAR File No. 41923
This notice was published in the August 1, 2017, issue (Vol. 2017, No. 15) of the Utah State Bulletin.
Insurance, Administration
Rule R590-241
Rule to Recognize the Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 41923
Filed: 07/12/2017 03:17:21 PM
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:
Subsection 31A-2-201(3) authorizes the Commissioner to write rules to implement the provisions of the Utah Insurance Code, Title 31A. Subsection 31A-17-402(1) requires the Commissioner to write rules to specify the liabilities required to be reported by an insurer in a financial statement and to set the methods of valuing these liabilities.
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 during 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 was developed to recognize, permit, and prescribe the use of mortality tables that reflect differences in mortality between preferred and standard lives in determining minimum reserve liabilities. Without this rule, insurance companies would have to raise reserves held in support of the preferred business which, in turn, would require them to raise rates for the best risks. The rule enables more equitable pricing of life insurance policies. Therefore, this rule should be continued.
The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:
InsuranceAdministration
Room 3110 STATE OFFICE BLDG
450 N MAIN ST
SALT LAKE CITY, UT 84114-1201
Direct questions regarding this rule to:
- Steve Gooch at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at sgooch@utah.gov
Effective:
07/12/2017
Authorized by:
Steve Gooch, Information Specialist
Additional Information
More information about a Five-Year Notice of Review and Statement of Continuation is available online.
The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at https://rules.utah.gov/publicat/bull_pdf/2017/b20170801.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version.
For questions regarding the content or application of this rule, please contact Steve Gooch at the above address, by phone at 801-538-3803, by FAX at 801-538-3829, or by Internet E-mail at sgooch@utah.gov. For questions about the rulemaking process, please contact the Office of Administrative Rules.