DAR File No. 42034
This notice was published in the September 15, 2017, issue (Vol. 2017, No. 18) of the Utah State Bulletin.
Rule to Recognize New Annuity Mortality Tables for Use in Determining Reserve Liabilities for Annuities
Five-Year Notice of Review and Statement of Continuation
DAR File No.: 42034
Filed: 08/18/2017 04:50:46 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:
Section 31A-2-201 authorizes the Insurance Commissioner to make rules to implement the provisions of the Insurance Code, Title 31A. Section 31A-17-505 authorizes the Commissioner to make rules to approve mortality tables used in determining the minimum standard of valuation for annuity contracts. The rule approves specific mortality tables for individual group annuity or pure endowment contracts.
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 of Insurance has not received any 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 is necessary because it sets reserving standards. In the absence of the rule, an insurer would be able to hold lower, inadequate reserves that could result in the insolvency of the insurance company. 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:Insurance
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 firstname.lastname@example.org
Steve Gooch, Information Specialist
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/b20170915.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 email@example.com. For questions about the rulemaking process, please contact the Office of Administrative Rules.