reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 90 - Financial and Health Information Regulation › Rule 191-90.38 - Examples of Methods of Development and Implementation

Current through Register Vol. 47, No. 3, July 24, 2024
The actions and procedures that follow are examples of
				  methods a licensee may use to implement the requirements of rule
				  191-90.37 (505) to assess,
				  manage and control risks of disclosure:
1. Identify reasonably foreseeable internal
				or external threats that could result in unauthorized disclosure, misuse,
				alteration or destruction of customer information or customer information
				systems.
2. Assess the likelihood
				and potential damage of these threats, taking into consideration the
				sensitivity of customer information.
3. Assess the sufficiency of policies,
				procedures, customer information systems and other safeguards in place to
				control risks.
4. Design an
				information security program to control the identified risks, commensurate with
				the sensitivity of the information as well as the complexity and scope of the
				licensee's activities.
5. Train
				staff, as appropriate, to implement the licensee's information security
				program.
6. Regularly test or
				otherwise regularly monitor the key controls, systems and procedures of the
				information security program. The frequency and nature of these tests or other
				monitoring practices are determined by the licensee's risk
				assessment.
7. Exercise appropriate
				due diligence in selecting service providers.
8. Require service providers to implement
				appropriate measures designed to meet the objectives of rule
				191-90.37 (505) and, when
				indicated by the licensee's risk assessment, take appropriate steps to confirm
				that service providers have satisfied these obligations.
9. Monitor, evaluate and adjust, as
				appropriate, the information security program in light of any relevant changes
				in technology, the sensitivity of customer information, internal or external
				threats to information, and the licensee's own changing business arrangements,
				such as mergers and acquisitions, alliances and joint ventures, outsourcing
				arrangements and changes to customer information systems.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 90 - Financial and Health Information Regulation › Rule 191-90.39 - Penalties

Current through Register Vol. 47, No. 3, July 24, 2024
An insurer, producer or licensee that violates a requirement
				  of these rules shall be subject to the penalties imposed under Iowa Code
				  chapter 507B in addition to any other penalties provided by the laws of this
				  state.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 90 - Financial and Health Information Regulation › Rule 191-90.40 - Effective Date

Current through Register Vol. 47, No. 3, July 24, 2024
Each licensee shall establish and implement an information
				  security program, including appropriate policies and systems, by June 30,
				  2003.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 91 - 2001 Cso Mortality Table › Rule 191-91.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to recognize, permit and
				  prescribe the use of the 2001 Commissioners Standard Ordinary (CSO) Mortality
				  Table in accordance with Iowa Code sections
				  50836(3).
"a"
(3)
"c"
and 508.37(6)
"h"
(6) and 191-Chapter 47.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 91 - 2001 Cso Mortality Table › Rule 191-91.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this chapter, the following definitions shall
				  apply:
"2001 CSO Mortality Table"
means that
				  mortality table, consisting of separate rates of mortality for male and female
				  lives, developed by the American Academy of Actuaries CSO Task Force from the
				  Valuation Basic Mortality Table developed by the Society of Actuaries
				  Individual Life Insurance Valuation Mortality Task Force, and adopted by the
				  National Association of Insurance Commissioners in December 2002. The 2001 CSO
				  Mortality Table is included in the Proceedings of the NAIC (2nd Quarter 2002).
				  Unless the context indicates otherwise, the "2001 CSO Mortality Table" includes
				  both the ultimate form of that table and the select and ultimate form of that
				  table and includes both the smoker and nonsmoker mortality tables and the
				  composite mortality tables. It also includes both the age-nearest-birthday and
				  age-last-birthday bases of the mortality tables.
"2001 CSO Mortality Table (F)"
means that
				  mortality table consisting of the rates of mortality for female lives from the
				  2001 CSO Mortality Table.
"2001 CSO Mortality Table (M)"
means that
				  mortality table consisting of the rates of mortality for male lives from the
				  2001 CSO Mortality Table.
"Composite mortality tables"
means mortality
				  tables with rates of mortality that do not distinguish between smokers and
				  nonsmokers.
"Smoker and nonsmoker mortality tables"
means mortality tables with separate rates of mortality for smokers and
				  nonsmokers.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 91 - 2001 Cso Mortality Table › Rule 191-91.3 - 2001 Cso Mortality Table

Current through Register Vol. 47, No. 3, July 24, 2024
(1) At
				the election of the company for any one or more specified plans of insurance
				and subject to the conditions stated in this chapter, the 2001 CSO Mortality
				Table may be used as the minimum standard for policies issued on or after
				January 1, 2004, and before the date specified in subrule 91.3(2) and to which
				Iowa Code sections
				50836(3).
"a"
(3)
"c"
and 508.37(6)
"h"
(6) and 191-Chapter 47 are applicable. If the company
				elects to use the 2001 CSO Mortality Table, it shall do so for both valuation
				and nonforfeiture purposes.
(2)
				Subject to the conditions stated in this chapter, the 2001 CSO Mortality Table
				shall be used in determining minimum standards for policies issued on and after
				January 1, 2009, to which Iowa Code sections
				50836(3).
"a"
(3)
"c"
and 508.37(6)
"h"
(6) are applicable.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 91 - 2001 Cso Mortality Table › Rule 191-91.4 - Conditions

Current through Register Vol. 47, No. 3, July 24, 2024
(1) For each plan
				of insurance with separate rates for smokers and nonsmokers, an insurer may
				use:
a. Composite mortality tables to
				determine minimum reserve liabilities and minimum cash surrender values and
				amounts of paid-up nonforfeiture benefits;
b. Smoker and nonsmoker mortality tables to
				determine the valuation net premiums and additional minimum reserves, if any,
				required by Iowa Code section
				50836(10).,
				and use composite mortality tables to determine the basic minimum reserves,
				minimum cash surrender values and amounts of paid-up nonforfeiture benefits;
				or
c. Smoker and nonsmoker
				mortality tables to determine minimum reserve liabilities and minimum cash
				surrender values and amounts of paid-up nonforfeiture benefits.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 91 - 2001 Cso Mortality Table › Rule 191-91.5 - Applicability of the 2001 Cso Mortality Table to 191-chapter 47, Valuation of Life Insurance Policies

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The 2001
				CSO Mortality Table may be used in the application of 191-Chapter 47 in the
				following manner, subject to the transition dates for use of the 2001 CSO
				Mortality Table in rule 91.3(508):
a.
				Subparagraph 47.2(1)
"b"
(2): The net level reserve premium is
				based on the ultimate mortality rates in the 2001 CSO Mortality
				Table.
b. Rule 47.3(508) relating
				to the definition of "contract segmentation method": All calculations are made
				using the 2001 CSO mortality rate, and, if elected, the optional minimum
				mortality standard for deficiency reserves stipulated in
				91.5(1)
"d."
The value of "qx+k+t-1" is the valuation mortality
				rate for deficiency reserves in policy year k+t, but using the unmodified
				select mortality rates if modified select mortality rates are used in the
				computation of deficiency reserves.
c. Subrule 47.4(1): The 2001 CSO Mortality
				Table is the minimum standard for basic reserves.
d. Subrule 47.4(2): The 2001 CSO Mortality
				Table is the minimum standard for deficiency reserves. If select mortality
				rates are used, they may be multiplied by X percent for durations in the first
				segment, subject to the conditions specified in subparagraphs 47.4(2)
"c"
(1) to (9). In demonstrating compliance with those
				conditions, the demonstrations may not combine the results of tests that
				utilize the 1980 CSO Mortality Table with those tests that utilize the 2001 CSO
				Mortality Table, unless the combination is explicitly required by rule or
				necessary to be in compliance with relevant actuarial standards of
				practice.
e. Subrule 47.5(3): The
				valuation mortality table used in determining the tabular cost of insurance
				shall be the ultimate mortality rates in the 2001 CSO Mortality
				Table.
f. Paragraph 47.5(5)
"d"
: The calculations specified in subrule 47.5(5) shall use
				the ultimate mortality rates in the 2001 CSO Mortality Table.
g. Paragraph 47.5(6)
"d"
:
				The calculations specified in subrule 47.5(6) shall use the ultimate mortality
				rates in the 2001 CSO Mortality Table.
h. Paragraph 47.5(7)
"b"
:
				The calculations specified in subrule 47.5(7) shall use the ultimate mortality
				rates in the 2001 CSO Mortality Table.
i. Subparagraph 47.6(1)
"a"
(2): The one-year valuation premium shall be calculated
				using the ultimate mortality rates in the 2001 CSO Mortality Table.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 91 - 2001 Cso Mortality Table › Rule 191-91.6 - Gender-blended Table

Current through Register Vol. 47, No. 3, July 24, 2024
(1) For any
				ordinary life insurance policy delivered or issued for delivery in this state
				on and after January 1, 2004, that utilizes the same premium rates and charges
				for male and female lives or is issued in circumstances where applicable law
				does not permit distinctions on the basis of gender, a mortality table that is
				a blend of the 2001 CSO Mortality Table (M) and the 2001 CSO Mortality Table
				(F) may, at the option of the company for each plan of insurance, be
				substituted for the 2001 CSO Mortality Table for use in determining minimum
				cash surrender values and amounts of paid-up nonforfeiture benefits. No change
				in minimum valuation standards is implied by this subrule.
(2) The company may choose from among the
				blended tables developed by the American Academy of Actuaries CSO Task Force
				and adopted by the National Association of Insurance Commissioners in December
				2002.
(3) It shall not, in and of
				itself, be a violation of Iowa Code chapter 507B for an insurer to issue the
				same kind of policy of life insurance on both a sex-distinct and sex-neutral
				basis.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 91 - 2001 Cso Mortality Table › Rule 191-91.7 - Separability

Current through Register Vol. 47, No. 3, July 24, 2024
If any provision of this chapter or the application thereof
				  to any person or circumstances is for any reason held to be invalid, the
				  remainder of this chapter and the application of such provision to other
				  persons or circumstances shall not be affected thereby.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 92 - Universal Life Insurance › Rule 191-92.1 - Purpose and Authority

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of these rules is to supplement existing
				  regulations on life insurance policies in order to accommodate the development
				  and issuance of universal life plans. These rules are authorized by Iowa Code
				  section
				  5058.
				  and are intended to implement Iowa Code sections
				  50836. and
				  50837..
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 92 - Universal Life Insurance › Rule 191-92.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of these rules, the following definitions shall
				  apply:
"Cash surrender value "
means the net cash
				  surrender value plus any amounts outstanding as policy loans.
"Commissioner "
means the insurance
				  commissioner of Iowa.
"Fixed premium universal life insurance
				  policy"
means a universal life insurance policy other than a flexible
				  premium universal life insurance policy.
"Flexible premium universal life insurance
				  policy"
means a universal life insurance policy which permits the
				  policyowner to vary, independently of each other, the amount or timing of one
				  or more premium payments or the amount of insurance.
"Interest-indexed universal life insurance
				  policy"
or
"interest-indexed policy"
means any
				  universal life insurance policy in which the interest credits are linked to an
				  external referent.
"Net cash surrender value "
means the
				  maximum amount payable to the policyowner upon surrender.
"Policy value"
means the amount to which
				  separately identified interest credits and mortality, expense, or other charges
				  are made under a universal life insurance policy.
"Universal life insurance policy"
means a
				  life insurance policy where separately identified interest credits (other than
				  in connection with dividend accumulations, premium deposit funds, or other
				  supplementary accounts) and mortality and expense charges are made to the
				  policy. A universal life insurance policy may provide for other credits and
				  charges, such as charges for the cost of benefits provided by
				  rider
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 92 - Universal Life Insurance › Rule 191-92.8 - Periodic Disclosure to Policyowner

Current through Register Vol. 47, No. 3, July 24, 2024
Requirements.
The policy shall provide that
				  the policyowner be sent, without charge, at least annually, a report which will
				  serve to keep such policyowner advised of the status of the policy. The end of
				  the current report period shall be not more than three months previous to the
				  date of the mailing of the report.
Report contents.
The report shall include
				  the following:
a. The beginning date
				and end date of the current report period;
b. The policy value at the end of the
				previous report period and at the end of the current report period;
c. The total amounts which have been credited
				or debited to the policy value during the current report period, identifying
				each debit or credit by type (e.g., interest, mortality, expense, and
				riders);
d. The current death
				benefit at the end of the current report period on each life covered by the
				policy;
e. The net cash surrender
				value of the policy as of the end of the current report period;
f. The amount of outstanding loans, if any,
				as of the end of the current report period;
g. For fixed premium policies, a notice that,
				assuming guaranteed interest, mortality and expense loads and continued
				scheduled premium payments, the policy's net cash surrender value is such that
				it would not maintain insurance in force until the end of the next reporting
				period;
h. For flexible premium
				policies, a notice that, assuming guaranteed interest, mortality and expense
				loads, the policy's net cash surrender value will not maintain insurance in
				force until the end of the next reporting period unless further premium
				payments are made.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 92 - Universal Life Insurance › Rule 191-92.9 - Interest-indexed Universal Life Insurance Policies

Current through Register Vol. 47, No. 3, July 24, 2024
Initial filing requirements.
The following
				  information shall be submitted in connection with any filing of
				  interest-indexed universal life insurance policies. All such information
				  received shall be treated confidentially to the extent permitted by law.
a. A description of how the interest credits
				are determined, including:
(1) A description
				of the index;
(2) The relationship
				between the value of the index and the actual interest rate to be
				credited;
(3) The frequency and
				timing of determining the interest rate; and
(4) The allocation of interest credits, if
				more than one rate of interest applies to different portions of the policy
				value.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 92 - Universal Life Insurance › Rule 191-92.10 - Applicability

Current through Register Vol. 47, No. 3, July 24, 2024
Rules 191-92.6 (508) through 191-92.8 (508) shall apply only
				  to policies issued after July 13, 2005.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 93 - Conduit Derivative Transactions › Rule 191-93.1 - Purposes

Current through Register Vol. 47, No. 3, July 24, 2024
The purposes of these rules are to set standards for
				  aggregated derivative transactions among affiliates in an insurance company
				  holding system, to set standards for conduit derivative transactions between a
				  conduit and external qualified counterparties, and to define which aggregated
				  derivative transactions and conduit derivative transactions are not subject to
				  the provisions of Iowa Code section
521A.5(1)"b," "c"(3),
and
"e."
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 93 - Conduit Derivative Transactions › Rule 191-93.3 - Provisions Not Applicable

Current through Register Vol. 47, No. 3, July 24, 2024
Iowa Code section521A.5(1)
"b"
shall not be
				  applicable to an aggregated derivative transaction or to a conduit derivative
				  transaction that complies with this chapter
Iowa Code section
				  521A5(1).
"c"
(3) shall not be applicable to an aggregated derivative
				  transaction or to a conduit derivative transaction that complies with this
				  chapter.
Iowa Code section 52IA.5(l) "e" shall not be applicable to
				  an aggregated derivative transaction or to a conduit derivative transaction
				  that complies with this chapter
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 93 - Conduit Derivative Transactions › Rule 191-93.4 - Standards for Conduit Derivative Transactions

Current through Register Vol. 47, No. 3, July 24, 2024
Documentation.
The conduit shall maintain
				  documentation and records relating to each conduit derivative transaction that
				  shall include, but not be limited to, documentation setting forth:
a. The purpose or purposes of the
				transaction;
b. The specific
				derivative instrument used in the transaction;
c. For over-the-counter derivative instrument
				transactions, the name of the qualified counterparty and the counterparty
				exposure amount calculated not less than quarterly; and
d. For exchange traded derivative
				instruments, the name of the exchange and the name of the firm that handled the
				trade.
Trading requirements.
Each derivative that
				  is the subject of a conduit derivative transaction shall be entered into with a
				  qualified counterparty.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 93 - Conduit Derivative Transactions › Rule 191-93.5 - Internal Controls

Current through Register Vol. 47, No. 3, July 24, 2024
Before engaging in an aggregated derivative transaction or a
				  conduit derivative transaction, the conduit shall have established written
				  guidelines that shall be used for effecting and maintaining such
				  transactions.
The guidelines shall:
a. Address investment or, if applicable,
				underwriting objectives, risk constraints, and the factors considered in
				establishing risk constraints such as credit risk limits;
b. Address permissible transactions and the
				relationship of those transactions to the conduit's operations, such as a
				precise identification of the risks being hedged by a derivative
				transaction;
c. Set forth a credit
				risk management system for over-the-counter derivative transactions that
				measures credit risk exposure using the qualified counterparty exposure;
				and
d. Require:
(1) Compliance with internal control
				procedures;
(2) That the board of
				directors of the conduit shall approve the guidelines and determine whether the
				conduit has adequate professional personnel, technical expertise and systems to
				implement investment practices involving derivatives;
(3) That only the board of directors of the
				conduit or its authorized designee may approve derivative instrument
				transactions;
(4) That the board of
				directors of the conduit or its designee exercise administrative oversight of
				trading functions;
(5) Periodic
				reporting of open positions to a responsible officer designated by the board of
				directors of the conduit; and
(6)
				That the reports set forth in rule 191-93.6 (511,521A) be filed with the Iowa
				insurance commissioner as required.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 93 - Conduit Derivative Transactions › Rule 191-93.6 - Reporting Requirements for Conduit Derivative Transactions

Current through Register Vol. 47, No. 3, July 24, 2024
Reporting frequency.
The conduit shall
				  report conduit derivative transaction activities quarterly to the Iowa
				  insurance commissioner
Contents of reports.
The conduit shall
				  report conduit derivative transaction activities consistent with Schedule DB
				  reporting requirements as prescribed by the accounting practices and procedures
				  manual of the National Association of Insurance Commissioners.
Exemptions from reporting requirements.
Upon application, a conduit may be exempted by the insurance commissioner from
				  the reporting requirements of this rule if all of the conduit's obligations
				  arising out of the conduit's derivative transaction activities are
				  unconditionally guaranteed by a qualified counterparty.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 93 - Conduit Derivative Transactions › Rule 191-93.7 - Conduit Ownership

Current through Register Vol. 47, No. 3, July 24, 2024
A conduit shall be wholly owned within the insurance holding
				  company system that utilizes the conduit for aggregated derivative transactions
				  and conduit derivative transactions.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 93 - Conduit Derivative Transactions › Rule 191-93.8 - Exemption From Applicability

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter shall not apply to any conduit that is not
				  engaging in aggregated derivative transactions with a domestic
				  insurer
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 94 - Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Rule 191-94.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to recognize, permit and
				  prescribe the use of mortality tables that reflect the differences in mortality
				  between preferred and standard lives in determining minimum reserve liabilities
				  in accordance with Iowa Code section
				  50836. and
				  191-Chapter 47.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 94 - Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Rule 191-94.3 - 2001 Cso Preferred Class Structure Mortality Table

Current through Register Vol. 47, No. 3, July 24, 2024
At the election of the company, for each calendar year of
				  issue, for any one or more specified plans of insurance and subject to the
				  conditions stated in this chapter, the 2001 CSO Preferred Class Structure
				  Mortality Table may be substituted in place of the 2001 CSO Smoker or Nonsmoker
				  Mortality Table as the minimum valuation standard for policies issued on or
				  after January 1, 2007. For policies issued on or after January 1, 2004, and
				  prior to January 1, 2007, these tables may be substituted with the consent of
				  the commissioner and subject to the conditions of rule 191-94.4 (508). In
				  determining such consent, the commissioner may rely on the consent of the
				  commissioner of the company's state of domicile. No such election shall be made
				  until the company demonstrates that at least 20 percent of the business to be
				  valued using this table is in one or more of the preferred classes. A table
				  from the 2001 CSO Preferred Class Structure Mortality Table used in place of a
				  2001 CSO Mortality Table, pursuant to the requirements of this rule, will be
				  treated as part of the 2001 CSO Mortality Table for purposes of reserve
				  valuation only, pursuant to the requirements of the National Association of
				  Insurance Commissioners' model regulation, "Recognition of the 2001 CSO
				  Mortality Table for Use in Determining Minimum Reserve Liabilities and
				  Nonforfeiture Benefits Model Regulation."
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 94 - Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Rule 191-94.5 - Separability

Current through Register Vol. 47, No. 3, July 24, 2024
If any provision of this chapter or its application to any
				  person or circumstance is for any reason held to be invalid, the remainder of
				  this chapter and the application of such provision to other persons or
				  circumstances shall not be affected.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 95 - Determining Reserve Liabilities for Preneed Life Insurance › Rule 191-95.1 - Authority

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter is promulgated by the commissioner of insurance
				  pursuant to Iowa Code sections
				  50836. and
				  50837..
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 95 - Determining Reserve Liabilities for Preneed Life Insurance › Rule 191-95.2 - Scope

Current through Register Vol. 47, No. 3, July 24, 2024
These rules apply to preneed insurance, as defined in rule
				  95.4(508) of this chapter, and to similar policies and
				  certificates.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 95 - Determining Reserve Liabilities for Preneed Life Insurance › Rule 191-95.3 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to establish for preneed
				  insurance products minimum mortality standards for reserves and nonforfeiture
				  values, and to require the use of the 1980 Commissioner 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.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 95 - Determining Reserve Liabilities for Preneed Life Insurance › Rule 191-95.4 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this chapter, the following definitions shall
				  apply:
"2001 CSO Mortality Table "
or
"2001
				  CSO "
means that mortality table, consisting of separate rates of
				  mortality for male and female lives, developed by the American Academy of
				  Actuaries CSO Task Force from the Valuation Basic Mortality Table developed by
				  the Society of Actuaries Individual Life Insurance Valuation Mortality Task
				  Force, and adopted by the NAIC in December 2002. The 2001 CSO Mortality Table
				  is included in the Proceedings of the NAIC (2nd Quarter 2002). Unless the
				  context indicates otherwise, the "2001 CSO Mortality Table" includes both the
				  ultimate form of that table and the select and ultimate form of that table and
				  includes both the smoker and nonsmoker mortality tables and the composite
				  mortality tables. It also includes both the age-nearest-birthday and
				  age-last-birthday bases of the mortality tables.
"Preneed insurance "
means any life
				  insurance policy or contract or certificate that is issued in combination with,
				  in support of, with an assignment to, or as a guarantee for a prearrangement
				  agreement for goods and services to be provided at the time of and immediately
				  following the death of the insured. Goods and services may include, but are not
				  limited to, embalming, cremation, body preparation, viewing or visitation,
				  coffin or urn, memorial stone, and transportation of the deceased. The status
				  of the policy or contract as preneed insurance is determined at the time of
				  issue in accordance with the policy form filing.
"Ultimate 1980 CSO"
means the Commissioners'
				  1980 Standard Ordinary Life Valuation Mortality Tables (1980 CSO) without
				  ten-year selection factors, incorporated into the 1980 amendments to the NAIC
				  Standard Valuation Law approved in December 1983.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 95 - Determining Reserve Liabilities for Preneed Life Insurance › Rule 191-95.5 - Minimum Valuation Mortality Standards

Current through Register Vol. 47, No. 3, July 24, 2024
For preneed insurance contracts and similar policies and
				  contracts, the minimum mortality standard for determining reserve liabilities
				  and nonforfeiture values for both male and female insureds shall be the
				  ultimate 1980 CSO.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 95 - Determining Reserve Liabilities for Preneed Life Insurance › Rule 191-95.6 - Minimum Valuation Interest Rate Standards

Current through Register Vol. 47, No. 3, July 24, 2024
The interest rates used in determining the minimum standard
				  for valuation of preneed insurance shall be the calendar year statutory
				  valuation interest rates as described in Iowa Code section
				  50836(5).
"b."
The interest rates used in determining the minimum standard
				  for nonforfeiture values for preneed insurance shall be the calendar year
				  statutory nonforfeiture interest rates as described in Iowa Code section
				  50837(6).
"i."
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 95 - Determining Reserve Liabilities for Preneed Life Insurance › Rule 191-95.7 - Minimum Valuation Method Standards

Current through Register Vol. 47, No. 3, July 24, 2024
The method used in determining the standard for the minimum
				  valuation of reserves of preneed insurance shall be the method described in
				  Iowa Code section
				  50836..
The method used in determining the standard for the minimum
				  nonforfeiture values for preneed insurance shall be the method described in
				  Iowa Code section
				  50837..
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 95 - Determining Reserve Liabilities for Preneed Life Insurance › Rule 191-95.8 - Transition Rules

Current through Register Vol. 47, No. 3, July 24, 2024
For preneed insurance policies issued on or after January 1,
				  2009, and before January 1, 2012, the 2001 CSO may be used as the minimum
				  standard for reserves and minimum standard for nonforfeiture benefits for both
				  male and female insureds.
If an insurer elects to use the 2001 CSO as a minimum
				  standard for any policy issued on or after January 1, 2009, and before January
				  1, 2012, the insurer shall provide, as a part of the actuarial opinion
				  memorandum submitted in support of the company's asset adequacy testing, an
				  annual written notification to the domiciliary commissioner. The notification
				  shall include:
a. A complete list of
				all preneed policy forms that use the 2001 CSO as a minimum standard;
b. A certification signed by the appointed
				actuary stating that the reserve methodology employed by the company in
				determining reserves for the preneed policies issued on or after January 1,
				2009, and using the 2001 CSO as a minimum standard, develops adequate reserves.
				For the purposes of this certification, the preneed insurance policies using
				the 2001 CSO as a minimum standard cannot be aggregated with any other
				policies; and
c. Supporting
				information regarding the adequacy of reserves for preneed insurance policies
				issued on or after January 1, 2009, and using the 2001 CSO as a minimum
				standard for reserves.
Preneed insurance policies issued on or after January 1,
				  2012, must use the ultimate 1980 CSO in the calculation of minimum
				  nonforfeiture values and minimum reserves.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 95 - Determining Reserve Liabilities for Preneed Life Insurance › Rule 191-95.9 - Effective Date

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter is applicable to preneed insurance policies and
				  certificates and similar contracts and certificates, as specified in rule
				  95.2(508) of this chapter, issued on or after January 1,
				  2009.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 96 - Synthetic Guaranteed Investment Contracts › Rule 191-96.2 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to prescribe:
a. The terms and conditions under which life
				insurance companies may issue group annuity contracts and other contracts
				issued in connection with group annuity contracts that in whole or in part
				establish the insurer's obligation by reference to a segregated portfolio of
				assets that is not owned by the insurer;
b. The essential operational features of the
				segregated portfolio of assets; and
c. The reserve requirements for these
				contracts.
This chapter is intended to aid in the timely approval of
				  such products by the commissioner and to recognize that timely approval is
				  essential, given the competitive nature of the market for these
				  products.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 96 - Synthetic Guaranteed Investment Contracts › Rule 191-96.3 - Scope and Application

Current through Register Vol. 47, No. 3, July 24, 2024
(1) This
				chapter applies to that portion of a group annuity contract or other contract
				issued in connection with group annuity contracts described in rule
				191-964. (505,508),
				definition of "synthetic guaranteed investment contract," and issued by a life
				insurer:
a. That functions as an accounting
				record for an accumulation fund; and
b. That has benefit guarantees relating to a
				principal amount and levels of interest at a fixed rate of return specified in
				advance.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 96 - Synthetic Guaranteed Investment Contracts › Rule 191-96.6 - Required Contract Provisions and Filing Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
A contract may not be delivered or issued for delivery in
				  this state unless the contract satisfies the requirements of subrule 96.6(1)
				  and the issuing insurer has satisfied the requirements of subrule 96.6(2) with
				  respect to the contract.
(1) The
				contract shall:
a. Provide that the assets to
				which the contract pertains and for which a contract value record is
				established will be maintained in a segregated portfolio of a permitted
				custodial institution;
b. Grant the
				insurer the right to perform audits and inspections of assets held in the
				segregated portfolio from time to time upon reasonable notice to the permitted
				custodial institution;
c. Provide
				that the insurer will receive prior notice of and the right to approve any
				appointment or change of investment manager;
d. Give a description of how the contract
				value record will be determined and, where applicable, adjusted by a crediting
				rate formula;
e. State the maximum
				rate period between crediting rate formula recalculations that will be
				permitted, if any;
f. Provide the
				insurer with the right to refuse to recognize any new deposits to the
				segregated portfolio unless there is a written agreement between the insurer
				and the contract holder as to the permissible levels and timing of new
				deposits;
g. Clearly identify all
				circumstances under which insurer payments or advances to the contract holder
				are to be made;
h. Clearly identify
				the types of withdrawals made on a market value basis;
i. Provide either a fixed maturity schedule
				or a settlement option permitting the contract holder to receive the contract
				value record over time, provided that no unilateral contract termination event
				has occurred; and
j. Include a
				provision stating, or substantially similar to, the following:
No waiver of remedies by the insurer that is a party to this
				  contract, following the breach of any contractual provision of the contract, or
				  of the investment guidelines applicable to it, or the failure to enforce the
				  provisions or guidelines, which constitutes grounds for termination of the
				  contract for cause by the insurer, and which breach or failure is not cured
				  within 30 days following the insurer's discovery of it, shall be effective
				  against an insurance commissioner in any future rehabilitation or insolvency
				  proceedings against the insurer unless approved in advance, in writing, by the
				  commissioner
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 96 - Synthetic Guaranteed Investment Contracts › Rule 191-96.7 - Investment Management of the Segregated Portfolio

Current through Register Vol. 47, No. 3, July 24, 2024
The investment manager must have full responsibility for the
				  management of all segregated portfolio assets within the constraints specified
				  in the investment guidelines.
The investment guidelines shall be submitted to the insurer
				  for underwriting review before the contract becomes effective.
If the insurer accepts a proposed change to the investment
				  guidelines or allows the contract to operate in accordance with investment
				  guidelines that do not conform to the criteria established in subparagraph
				  96.5(2)
"a "
(7), approval of the nonconforming investment
				  guidelines must be obtained pursuant to subrule 96.5(2).
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 96 - Synthetic Guaranteed Investment Contracts › Rule 191-96.8 - Purchase of Annuities

Current through Register Vol. 47, No. 3, July 24, 2024
For contracts that are group annuity contracts and that make
				  available to the contract holder the purchase of immediate or deferred
				  annuities for the benefit of individual members of the group, an annuity may
				  not be purchased without the delivery of the contractually agreed-upon
				  consideration in cash to the insurer from the segregated portfolio for
				  allocation to the insurer's general account or a separate account. The insurer
				  shall collect adequate consideration for the cost of annuities purchased under
				  contract option by transfer from the segregated portfolio.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 96 - Synthetic Guaranteed Investment Contracts › Rule 191-96.9 - Unilateral Contract Terminations

Current through Register Vol. 47, No. 3, July 24, 2024
A contract subject to this chapter shall allow the insurer to
				  unilaterally and immediately terminate, without future liability of the insurer
				  or obligation to provide further benefits, upon the occurrence of any one of
				  the following events that is material and that is not cured within 30 days
				  following the insurer's discovery of it:
The investment guidelines are changed without the advance
				  consent of the insurer and the investment manager is not controlling,
				  controlled by or under common control with the insurer;
The segregated portfolio, if managed by an entity that is
				  not controlling, controlled by or under common control with the insurer, is
				  invested in a manner that does not comply with the investment guidelines;
				  or
Investment discretion over the segregated portfolio is
				  exercised by or granted to anyone other than the investment
				  manager
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 96 - Synthetic Guaranteed Investment Contracts › Rule 191-96.10 - Reserves

Current through Register Vol. 47, No. 3, July 24, 2024
This rule describes asset maintenance requirements for
				  segregated portfolios governed by this chapter.
(1) At all times, an insurer shall hold
				minimum reserves in the general account or one or more separate accounts, as
				appropriate, equal to the excess, if any, of the value of the guaranteed
				contract liabilities, determined in accordance with subrules 96.10(6) and
				96.10(7), over the market value of the assets in the segregated portfolio less
				the deductions provided for in subrule 96.10(2). The reserve requirements of
				this subrule shall be applied on a contract-by-contract basis.
(2) In determining compliance with the asset
				maintenance requirement and the reserve for the value of guaranteed contract
				liabilities specified in subrule 96.10(1), the insurer shall deduct a
				percentage of the market value of an asset as follows:
a. For debt instruments, the percentage shall
				be the NAIC asset valuation "reserve objective factor," but the factor shall be
				increased by 50 percent for the purpose of this calculation if the difference
				in durations of the assets and liabilities is more than one-half year. The
				above notwithstanding, in the event that, under the terms of the synthetic
				guaranteed investment contract, the asset default risk for debt instruments is
				borne solely by the contract holder, there shall be no asset valuation reserve
				percentage deduction from the market value of an asset, for purposes of
				complying with the asset maintenance requirement and the reserve for guaranteed
				contract liabilities specified in subrule 96.10(1).
b. For assets that are not debt instruments,
				the percentage shall be the NAIC asset valuation reserve "maximum reserve
				factor."
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 96 - Synthetic Guaranteed Investment Contracts › Rule 191-96.11 - Severability

Current through Register Vol. 47, No. 3, July 24, 2024
If any provision of this chapter or its application to any
				  person or circumstances is judged invalid by a court of competent jurisdiction,
				  the judgment shall not affect or impair the validity of the other provisions of
				  this chapter
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 97 - Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve › Rule 191-97.1 - Authority

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter is promulgated by the commissioner of insurance
				  pursuant to Iowa Code section
				  5058..
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Coverage for Pediatric Preventive Services › Chapter 97 - Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve › Rule 191-97.2 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to allow insurance companies
				  to utilize certain alternative asset and reserve accounting practices for
				  eligible derivative assets and indexed products, respectively, in order to
				  better match asset and reserve accounting as it relates to interest crediting
				  for indexed products and to provide for a more true and fair representation of
				  the capital position of insurance companies that offer or have in force indexed
				  products. Specifically, this chapter addresses the mismatch related to the
				  changes in value of an eligible derivative asset as compared to the interest
				  accrual in the reserve calculation for the underlying indexed product and
				  provides insurance companies with the ability, once certain criteria are met,
				  to:
(1) account for eligible
				derivative assets using the amortized cost method, and
(2) use a reserve calculation methodology for
				indexed annuity products under which interest credits based upon one or more
				external indices are included in the reserve only after those interest credits
				have been credited to the contract holder under the terms of the annuity
				contract.