reglab/statecodes huggingface dataset:
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 7 - Modified Guaranteed Annuities (230-RICR-20-25-7) › Section 230-RICR-20-25-7.10 - Reports to Policyholders

Current through June 14, 2024
Companies will annually provide their contract holders with
					 a report showing both the account value and the cash surrender value. The
					 report should clearly indicate that the account value is prior to the
					 application of any surrender charges or market value adjustment formula. It
					 should also specify the surrender charge and market value adjustment used to
					 determine the cash surrender value.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 7 - Modified Guaranteed Annuities (230-RICR-20-25-7) › Section 230-RICR-20-25-7.11 - Foreign Companies

Current through June 14, 2024
If the law or regulation in the place of domicile of a
					 foreign company provides a degree of protection to the policyholders and the
					 public which is substantially similar to that provided by these Regulations,
					 the Director to the extent deemed appropriate by him or her may consider
					 compliance with such law or regulation as compliance with this
					 Regulation.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 7 - Modified Guaranteed Annuities (230-RICR-20-25-7) › Section 230-RICR-20-25-7.12 - Authorization of Producers

Current through June 14, 2024
No person, corporation, partnership, or other legal entity
					 may sell or offer for sale in this state any modified guaranteed annuity
					 contract unless licensed to sell annuities under the insurance laws of this
					 state.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 7 - Modified Guaranteed Annuities (230-RICR-20-25-7) › Section 230-RICR-20-25-7.13 - Severability

Current through June 14, 2024
If any provision of this Regulation or the application
					 thereof to any person or circumstance is for any reason held to be invalid, the
					 remainder of the Regulation and the application of its provisions to other
					 persons or circumstances shall not be affected.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 8 - Valuation of Life Insurance Policies (230-RICR-20-25-8) › Section 230-RICR-20-25-8.1 - Purpose

Current through June 14, 2024
A. The purpose of this Part is to provide:
1. Tables of select mortality factors and
				  rules for their use;
2. Rules
				  concerning a minimum standard for the valuation of plans with nonlevel premiums
				  or benefits; and
3. Rules
				  concerning a minimum standard for the valuation of plans with secondary
				  guarantees.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 8 - Valuation of Life Insurance Policies (230-RICR-20-25-8) › Section 230-RICR-20-25-8.2 - Authority

Current through June 14, 2024
This Part is issued under the authority of R.I. Gen. Laws
					 §
										27-4.5-11.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 8 - Valuation of Life Insurance Policies (230-RICR-20-25-8) › Section 230-RICR-20-25-8.3 - Applicability

Current through June 14, 2024
A. This Part shall apply to all life
				  insurance policies, with or without nonforfeiture values, issued on or after
				  the effective date of this Part, subject to the following exceptions and
				  conditions.
B. Exceptions
1. This Part shall not apply to any
				  individual life insurance policy issued on or after the effective date of this
				  Part if the policy is issued in accordance with and as a result of the exercise
				  of a reentry provision contained in the original life insurance policy of the
				  same or greater face amount, issued before the effective date of this Part,
				  that guarantees the premium rates of the new policy. This Part also shall not
				  apply to subsequent policies issued as a result of the exercise of such a
				  provision, or a derivation of the provision, in the new policy.
2. This Part shall not apply to any universal
				  life policy that meets all the following requirements:
a. Secondary guarantee period, if any, is
				  five (5) years or less;
b.
				  Specified premium for the secondary guarantee period is not less than the net
				  level reserve premium for the secondary guarantee period based on the CSO
				  valuation tables as defined in §
												8.4(F)   of this Part and the applicable
				  valuation interest rate; and
c. The
				  initial surrender charge is not less than 100 percent of the first year
				  annualized specified premium for the secondary guarantee period.
3. This Part shall not apply to
				  any variable life insurance policy that provides for life insurance, the amount
				  or duration of which varies according to the investment experience of any
				  separate account or accounts.
4.
				  This of this Part shall not apply to any variable universal life insurance
				  policy that provides for life insurance, the amount or duration of which varies
				  according to the investment experience of any separate account or accounts.
5. This Part shall not apply to a
				  group life insurance certificate unless the certificate provides for a stated
				  or implied schedule of maximum gross premiums required in order to continue
				  coverage in force for a period in excess of one year.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 8 - Valuation of Life Insurance Policies (230-RICR-20-25-8) › Section 230-RICR-20-25-8.5 - General Calculation Requirements for Basic Reserves and Premium Deficiency Reserves

Current through June 14, 2024
A. At the election
				  of the company for any one or more specified plans of life insurance, the
				  minimum mortality standard for basic reserves may be calculated using the 1980
				  CSO valuation tables with select mortality factors (or any other valuation
				  mortality table adopted by the NAIC after the effective date of this Part and
				  promulgated by the commissioner for this purpose). If select mortality factors
				  are elected, they may be:
1. The ten-year
				  select mortality factors incorporated into the 1980 amendments to the NAIC
				  Standard Valuation Law;
2. The
				  select mortality factors in §
											8.8   of this Part; or
3. Any other table of select mortality
				  factors adopted by the NAIC after the effective date of this Part and
				  promulgated by the commissioner for the purpose of calculating basic
				  reserves.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 8 - Valuation of Life Insurance Policies (230-RICR-20-25-8) › Section 230-RICR-20-25-8.6 - Calculation of Minimum Valuation Standard for Policies with Guaranteed Nonlevel Gross Premiums or Guaranteed Nonlevel Benefits (Other than Universal Life Policies)

Current through June 14, 2024
A. Basic Reserves.
				  Basic reserves shall be calculated as the greater of the segmented reserves and
				  the unitary reserves. Both the segmented reserves and the unitary reserves for
				  any policy shall use the same valuation mortality table and selection factors.
				  At the option of the insurer, in calculating segmented reserves and net
				  premiums, either of the adjustments described in §§
										8.6(A)(1) or (2)
				    of this Part below may be made:
1. Treat the
				  unitary reserve, if greater than zero, applicable at the end of each segment as
				  a pure endowment and subtract the unitary reserve, if greater than zero,
				  applicable at the beginning of each segment from the present value of
				  guaranteed life insurance and endowment benefits for each segment.
2. Treat the guaranteed cash surrender value,
				  if greater than zero, applicable at the end of each segment as a pure
				  endowment; and subtract the guaranteed cash surrender value, if greater than
				  zero, applicable at the beginning of each segment from the present value of
				  guaranteed life insurance and endowment benefits for each segment.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 8 - Valuation of Life Insurance Policies (230-RICR-20-25-8) › Section 230-RICR-20-25-8.7 - Calculation of Minimum Valuation Standard for Flexible Premium and Fixed Premium Universal Life Insurance Policies That Contain Provisions Resulting in the Ability of a Policyowner to Keep a Policy in Force Over a Secondary Guarantee Period

Current through June 14, 2024
A. General
1. Policies with a secondary guarantee
				  include:
a. A policy with a guarantee that
				  the policy will remain in force at the original schedule of benefits, subject
				  only to the payment of specified premiums;
b. A policy in which the minimum premium at
				  any duration is less than the corresponding one year valuation premium,
				  calculated using the maximum valuation interest rate and the 1980 CSO valuation
				  tables with or without ten-year select mortality factors, or any other table
				  adopted after the effective date of this Part by the NAIC and promulgated by by
				  the commissioner for this purpose; or
c. A policy with any combination of
				  §§
												8.7(A)(1)(a) and (b)   of this Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 8 - Valuation of Life Insurance Policies (230-RICR-20-25-8) › Section 230-RICR-20-25-8.8 - Select Mortality Factors

Current through June 14, 2024
A. This section
				  contains tables of select mortality factors that are the bases to which the
				  respective percentage of §§
										8.5(A)(2),  8.5(B)(2)  and  8.5(B)(3)   of this
				  Part are applied.
B. The six tables
				  of select mortality factors contained herein include:
1. male aggregate,
2. male nonsmoker,
3. male smoker,
4. female aggregate,
5. female nonsmoker, and
6. female smoker.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 9 - Annuity Mortality Tables (Formerly Insurance Regulation 94) (230-RICR-20-25-9) › Section 230-RICR-20-25-9.1 - Authority

Current through June 14, 2024
This Part promulgated by the Director of Business
					 Regulation pursuant to R.I. Gen. Laws §
										27-4.5-11.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 9 - Annuity Mortality Tables (Formerly Insurance Regulation 94) (230-RICR-20-25-9) › Section 230-RICR-20-25-9.2 - Purpose

Current through June 14, 2024
The purpose of this Part is to define terms used in R.I.
					 Gen. Laws §
										27-4.5-4: to specify the
					 application of the 1994 GAR Table and, as provided in R.I. Gen. Laws §
										27-4.5-4(c), to
					 recognize the 1983 Table "a" for certain special benefits and to specify the
					 application of the 2012 Individual Annuity Reserving (2012 IAR)
					 Table.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 9 - Annuity Mortality Tables (Formerly Insurance Regulation 94) (230-RICR-20-25-9) › Section 230-RICR-20-25-9.3 - Definitions

Current through June 14, 2024
A. As used in this Part "1983 Table 'a'"
				  means that mortality table developed by the Society of Actuaries Committee to
				  Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as
				  a recognized mortality table for annuities in June 1982 by the National
				  Association of Insurance Commissioners. [See 1982 Proceedings of the NAIC II,
				  page 454.]
B. As used in R.I. Gen.
				  Laws §
										27-4.5-4 and this Part, "1994 GAR
				  Table" means that mortality table developed by the Society of Actuaries Group
				  Annuity Valuation Table Task Force and shown at XLVII Transactions of the
				  Society of Actuaries 866-867(1995).
C. As used in R.I. Gen. Laws §
										27-4.5-4 and this Part, "Annuity
				  2000 Mortality Table" means that mortality table developed by the Society of
				  Actuaries Committee on Life Insurance Research and shown at XLVII Transactions
				  of the Society of Actuaries 240 (1995).
D. As used in this Part, "Period table" means
				  a table of mortality rates applicable to a given calendar year (the
				  Period).
E. As used in this Part,
				  "Generational mortality table" means a mortality table containing a set of
				  mortality rates that decrease for a given age from one year to the next based
				  on a combination of a Period table and a projection scale containing rates of
				  mortality improvement.
F. As used
				  in this Part "2012 IAR Table" means that Generational mortality table developed
				  by the Society of Actuaries Committee on Life Insurance Research and containing
				  rates, qx2012+n, derived from a combination of the 2012 IAM Period Table and
				  Projection Scale G2, using the methodology stated in §
										9.6   of this
				  Part.
G. As used in this Part,
				  "2012 Individual Annuity Mortality Period Life (2012 IAM Period) Table" means
				  the Period table containing loaded mortality rates for calendar year 2012. This
				  table contains rates, qx2012, developed by the Society of Actuaries Committee
				  on Life Insurance Research and is shown in Appendices I-II which have been
				  included in a bulletin issued for that purpose and available on the
				  Department's website.
H. As used in
				  this Part, "Projection Scale G2 (Scale G2)" is a table of annual rates, G2x, of
				  mortality improvement by age for projecting future mortality rates beyond
				  calendar year 2012. This table was developed by the Society of Actuaries
				  Committee on Life Insurance Research and is shown in Appendices III-IV which
				  have been included in a bulletin issued for that purpose and available on the
				  Department's website.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 9 - Annuity Mortality Tables (Formerly Insurance Regulation 94) (230-RICR-20-25-9) › Section 230-RICR-20-25-9.4 - Individual Annuity or Pure Endowment Contracts

Current through June 14, 2024
A. R.I.
				  Gen. Laws §§
										27-4.5-4(a) and
				  (b) shall apply as provided in those
				  sections, except that, as provided in R.I. Gen. Laws §
										27-4.5-4(c), the
				  following §
										9.4(B)   of this Part shall apply to the special benefits
				  described therein.
B. The 1983
				  Table "a" without projection is to be used for determining the minimum
				  standards of valuation for an individual annuity or pure endowment contract
				  issued on or after January 1, 2000, solely when the contract is based on life
				  contingencies and is issued to fund periodic benefits arising from:
1. Settlements of various forms of claims
				  pertaining to court settlements or out of court settlements from tort
				  actions;
2. Settlements involving
				  similar actions such as worker's compensation claims; or
3. Settlements of long term disability claims
				  where a temporary or life annuity has been used in lieu of continuing
				  disability payments.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 9 - Annuity Mortality Tables (Formerly Insurance Regulation 94) (230-RICR-20-25-9) › Section 230-RICR-20-25-9.5 - Application of the 1994 GAR Table

Current through June 14, 2024
In using the 1994 GAR Table, the mortality rate for a
					 person age x in year (1994 + n) is calculated as follows:
qx 
								1994+n = qx 
								1994 (1 -
								AAx)n
where qx 
								1994 and AAx 
								s are as specified in the
								1994 GAR Table.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 9 - Annuity Mortality Tables (Formerly Insurance Regulation 94) (230-RICR-20-25-9) › Section 230-RICR-20-25-9.6 - Application of the 2012 IAR Mortality Table

Current through June 14, 2024
A. In
				  using the 2012 IAR Mortality Table, the mortality rate for a person age x in
				  year (2012 + n) is calculated as follows:
Click here to view
								image
The resulting qx 2012+n shall be rounded to three
								decimal places per 1,000, e.g., 0.741 deaths per 1,000. Also, the rounding
								shall occur according to the formula above, starting at the 2012 period table
								rate.
1. For
				  example, for a male age 30, qx2012 = 0.741.
qx 2013 = 0.741 * (1 - 0.010) ^ 1 = 0.73359 which
								is rounded to 0.734.
qx 2014 = 0.741 * (1 - 0.010) ^ 2 = 0.7262541 which
								is rounded to 0.726.
A method leading to incorrect rounding would be to
								calculate qx 2014 as qx 2013 * (1 - 0.010) or 0.734 * 0.99 = 0.727. It is
								incorrect to use the already rounded qx 2013 to calculate qx 2014.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 9 - Annuity Mortality Tables (Formerly Insurance Regulation 94) (230-RICR-20-25-9) › Section 230-RICR-20-25-9.7 - Severability

Current through June 14, 2024
If any provision of this Part or its application to any
					 person or circumstances is for any reason held to be invalid, the remainder of
					 the Part and the application of its provisions to other persons or
					 circumstances shall not be affected.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 10 - 2001 CSO Mortality Table (230-RICR-20-25-10) › Section 230-RICR-20-25-10.1 - Authority

Current through June 14, 2024
This Regulation is promulgated in accordance with R.I. Gen.
					 Laws §§
										27-4-17(d)(3),
					 27-4.3-5(h)(6)
					 and 42-14-17 and §
										8.5(A) and (B)
					   of this Subchapter.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 10 - 2001 CSO Mortality Table (230-RICR-20-25-10) › Section 230-RICR-20-25-10.2 - Purpose

Current through June 14, 2024
The purpose of this Regulation is to recognize, permit and
					 prescribe the use of the 2001 Commissioners Standard Ordinary (CSO) Mortality
					 Table in accordance with R.I. Gen. Laws §§
										27-4-17(d)(3),
					 27-4.3-5(h)(6)
					 and §
										8.5(A) and (B)   of this Subchapter.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 10 - 2001 CSO Mortality Table (230-RICR-20-25-10) › Section 230-RICR-20-25-10.3 - Definitions

Current through June 14, 2024
A. As used in this Regulation:
1. "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
				  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.
2. "2001 CSO
				  mortality table (F)" means that mortality table consisting of the rates of
				  mortality for female lives from the 2001 CSO Mortality Table.
3. "2001 CSO mortality table (M)" means that
				  mortality table consisting of the rates of mortality for male lives from the
				  2001 CSO Mortality Table.
4.
				  "Composite mortality tables" means mortality tables with rates of mortality
				  that do not distinguish between smokers and nonsmokers.
5. "Smoker and nonsmoker mortality tables"
				  means mortality tables with separate rates of mortality for smokers and
				  nonsmokers.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 10 - 2001 CSO Mortality Table (230-RICR-20-25-10) › Section 230-RICR-20-25-10.4 - 2001 CSO Mortality Table

Current through June 14, 2024
A. At the election
				  of the company for any one or more specified plans of insurance and subject to
				  the conditions stated in this regulation, the 2001 CSO Mortality Table may be
				  used as the minimum standard for policies issued on or after January 1, 2005
				  and before the date specified in §
										10.4(B)   of this Part to which R.I. Gen.
				  Laws §§
										27-4-17(d)(3),
				  27-4.3-5(h)(6)
				  and §
										8.5(A) and (B)   of this Subchapter are applicable. If the company
				  elects to use the 2001 CSO Mortality Table, it shall do so for both valuation
				  and nonforfeiture purposes.
B.
				  Subject to the conditions stated in this regulation, the 2001 CSO Mortality
				  Table shall be used in determining minimum standards for policies issued on and
				  after January 1, 2009, to which R.I. Gen. Laws §§
										27-4-17(d)(3),
				  27-4.3-5(h)(6)
				  and §
										8.5(A) and (B)   of this Subchapter are applicable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 10 - 2001 CSO Mortality Table (230-RICR-20-25-10) › Section 230-RICR-20-25-10.5 - Conditions

Current through June 14, 2024
A. For each plan of insurance with separate
				  rates for smokers and nonsmokers an insurer may use:
1. Composite mortality tables to determine
				  minimum reserve liabilities and minimum cash surrender values and amounts of
				  paid-up nonforfeiture benefits;
2.
				  Smoker and nonsmoker mortality tables to determine the valuation net premiums
				  and additional minimum reserves, if any, required by R.I. Gen. Laws §
											27-4.5-8 and use composite
				  mortality tables to determine the basic minimum reserves, minimum cash
				  surrender values and amounts of paid-up nonforfeiture benefits; or
3. Smoker and nonsmoker mortality to
				  determine minimum reserve liabilities and minimum cash surrender values and
				  amounts of paid-up nonforfeiture benefits.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 10 - 2001 CSO Mortality Table (230-RICR-20-25-10) › Section 230-RICR-20-25-10.6 - Applicability of the 2001 CSO Mortality Table to Part 8 of this Subchapter

Current through June 14, 2024
A. The 2001 CSO Mortality Table may be used
				  in applying Part 8 of this Subchapter in the following manner, subject to the
				  transition dates for use of the 2001 CSO Mortality Table in §
										10.4   of this
				  Part (unless otherwise noted, the references in this section are to Part 8 of
				  this Subchapter).
1.
											§
											8.3(A)(2)(b): The
				  net level reserve premium is based on the ultimate mortality rates in the 2001
				  CSO Mortality Table.
2.
											§
											8.4(B): All calculations are made using the 2001 CSO Mortality Rate, and,
				  if elected, the optional minimum mortality standard for deficiency reserves
				  stipulated in §
											10.6(A)(4)   of this Part. 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.
3.
											§
											8.5(A): The 2001 CSO Mortality Table
				  is the minimum standard for basic reserves.
4.
											§
											8.5(B): 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 §
											8.5(B)(3)(a) to (i). 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 regulation or necessary to be in compliance with
				  relevant Actuarial Standards of Practice.
5.
											§
											8.6(C): The valuation mortality
				  table used in determining the tabular cost of insurance shall be the ultimate
				  mortality rates in the 2001 CSO Mortality Table.
6.
											§
											8.6(E)(4): The calculations
				  specified in §
											8.6(E)   shall use the ultimate mortality rates in the 2001
				  CSO Mortality Table.
7.
											§
											8.6(F)(4): The calculations specified in §
											8.6(F)   shall use the
				  ultimate mortality rates in the 2001 CSO Mortality Table.
8.
											§
											8.6(G)(2): The calculations
				  specified in §
											8.6(G)   shall use the ultimate mortality rates in the 2001
				  CSO Mortality Table.
9.
											§
											8.7(A)(1)(b): The one-year valuation premium shall be calculated using
				  the ultimate mortality rates in the 2001 CSO Mortality Table.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 10 - 2001 CSO Mortality Table (230-RICR-20-25-10) › Section 230-RICR-20-25-10.7 - Gender-Blended Tables

Current through June 14, 2024
A. For any ordinary
				  life insurance policy delivered or issued for delivery in this state on and
				  after January 1, 2005, 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 subsection of the regulation.
B. The company may choose from among the
				  blended tables developed by the American Academy of Actuaries CSO Task Force
				  and adopted by the NAIC in December 2002.
C. It shall not, in and of itself, be a
				  violation of R.I. Gen. Laws §§
										27-29-1 et seq. for an insurer to
				  issue the same kind of policy of life insurance on both a sex-distinct and
				  sex-neutral basis.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 10 - 2001 CSO Mortality Table (230-RICR-20-25-10) › Section 230-RICR-20-25-10.8 - Severability

Current through June 14, 2024
If any provision of this Regulation or the application
					 thereof to any person or circumstance is held invalid or unconstitutional, the
					 invalidity or unconstitutionality shall not affect other provisions or
					 applications of this Regulation which can be given effect without the invalid
					 or unconstitutional provision or application, and to this end the provisions of
					 this Regulation are severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 11 - Military Sales Practices (230-RICR-20-25-11) › Section 230-RICR-20-25-11.1 - Purpose

Current through June 14, 2024
A. The purpose of this Part is to set forth
				  standards to protect active duty service members of the United States Armed
				  Forces from dishonest and predatory insurance sales practices by declaring
				  certain identified practices to be false, misleading, deceptive or
				  unfair.
B. Nothing herein shall be
				  construed to create or imply a private cause of action for a violation of this
				  Part.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 11 - Military Sales Practices (230-RICR-20-25-11) › Section 230-RICR-20-25-11.2 - Scope

Current through June 14, 2024
This Part shall apply only to the solicitation or sale of
					 any life insurance or annuity product by an insurer or insurance producer to an
					 active duty service member of the United States Armed Forces.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 11 - Military Sales Practices (230-RICR-20-25-11) › Section 230-RICR-20-25-11.3 - Authority

Current through June 14, 2024
This Part is issued under the authority of R.I. Gen. Laws
					 Chapter 27-29 and §
										42-14-17.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 11 - Military Sales Practices (230-RICR-20-25-11) › Section 230-RICR-20-25-11.4 - Exemptions

Current through June 14, 2024
A. This Part shall not apply to solicitations
				  or sales involving:
1. Credit insurance;
2. Group life insurance or group
				  annuities where there is no in-person, face-to-face solicitation of individuals
				  by an insurance producer or where the contract or certificate does not include
				  a side fund;
3. An application to
				  the existing insurer that issued the existing policy or contract when a
				  contractual change or a conversion privilege is being exercised; or, when the
				  existing policy or contract is being replaced by the same insurer pursuant to a
				  program filed with and approved by the commissioner; or, when a term conversion
				  privilege is exercised among corporate affiliates;
4. Individual stand-alone health policies,
				  including disability income policies;
5. Contracts offered by Servicemembers' Group
				  Life Insurance (SGLI) or Veterans' Group Life Insurance (VGLI), as authorized
				  by 38 U.S.C. §
												1965 et seq.
6. State Sponsored Life Insurance (SSLI)
				  provided by a State or a State National Guard Association as authorized by
				  37 U.S.C. §
												707 et seq.;
7. Life insurance contracts offered through
				  or by a non-profit military association, qualifying under §
											501(c)(23)   of
				  the Internal Revenue Code (IRC), and which are not underwritten by an insurer;
				  or
8. Contracts used to fund:
a. An employee pension or welfare benefit
				  plan that is covered by the Employee Retirement and Income Security Act
				  (ERISA);
b. A plan described by
				  §§
												401(a),  401(k),  403(b),  408(k)  or  408(p)   of the IRC, as amended, if
				  established or maintained by an employer;
c. A government or church plan defined in
				  §
												414   of the IRC, a government or church welfare benefit plan, or a
				  deferred compensation plan of a state or local government or tax exempt
				  organization under §
												457   of the IRC;
d. A nonqualified deferred compensation
				  arrangement established or maintained by an employer or plan sponsor;
e. Settlements of or assumptions
				  of liabilities associated with personal injury litigation or any dispute or
				  claim resolution process; or
f.
				  Prearranged funeral contracts.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 11 - Military Sales Practices (230-RICR-20-25-11) › Section 230-RICR-20-25-11.5 - Definitions

Current through June 14, 2024
A. "Active duty" means full-time duty in the
				  active military service of the United States and includes members of the
				  reserve component (National Guard and Reserve) while serving under published
				  orders for active duty or full-time training. The term does not include members
				  of the reserve component who are performing active duty or active duty for
				  training under military calls or orders specifying periods of less than 31
				  calendar days.
B. "Department of
				  Defense (DoD) personnel" means all active duty service members and all civilian
				  employees, including nonappropriated fund employees and special government
				  employees, of the Department of Defense.
C. "Door to door" means a solicitation or
				  sales method whereby an insurance producer proceeds randomly or selectively
				  from household to household without prior specific appointment.
D. "General advertisement" means an
				  advertisement having as its sole purpose the promotion of the reader's or
				  viewer's interest in the concept of insurance, or the promotion of the insurer
				  or the insurance producer.
E.
				  "Insurer" means an insurance company required to be licensed under the laws of
				  this state to provide life insurance products, including annuities.
F. "Insurance producer" means a person
				  required to be licensed under the laws of this state to sell, solicit or
				  negotiate life insurance, including annuities.
G. "Known" or "Knowingly" means, depending on
				  its use herein, the insurance producer or insurer had actual awareness, or in
				  the exercise of ordinary care should have known, at the time of the act or
				  practice complained of, that the person solicited:
1. Is a service member; or
2. Is a service member with a pay grade of
				  E-4 or below.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 11 - Military Sales Practices (230-RICR-20-25-11) › Section 230-RICR-20-25-11.6 - Practices Declared False, Misleading, Deceptive or Unfair on a Military Installation

Current through June 14, 2024
A. The following
				  acts or practices when committed on a military installation by an insurer or
				  insurance producer with respect to the in-person, face-to-face solicitation of
				  life insurance are declared to be false, misleading, deceptive or unfair:
1. Knowingly soliciting the purchase of any
				  life insurance product "door to door" or without first establishing a specific
				  appointment for each meeting with the prospective purchaser.
2. Soliciting service members in a group or
				  "mass" audience or in a "captive" audience where attendance is not
				  voluntary.
3. Knowingly making
				  appointments with or soliciting service members during their normally scheduled
				  duty hours.
4. Making appointments
				  with or soliciting service members in barracks, day rooms, unit areas, or
				  transient personnel housing or other areas where the installation commander has
				  prohibited solicitation.
5.
				  Soliciting the sale of life insurance without first obtaining permission from
				  the installation commander or the commander's designee.
6. Posting unauthorized bulletins, notices or
				  advertisements.
7. Failing to
				  present DD Form 2885, Personal Commercial Solicitation Evaluation, to service
				  members solicited or encouraging service members solicited not to complete or
				  submit a DD Form 2885.
8.
				  Knowingly accepting an application for life insurance or issuing a policy of
				  life insurance on the life of an enlisted member of the United States Armed
				  Forces without first obtaining for the insurer's files a completed copy of any
				  required form which confirms that the applicant has received counseling or
				  fulfilled any other similar requirement for the sale of life insurance
				  established by regulations, directives or rules of the DoD or any branch of the
				  Armed Forces.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 11 - Military Sales Practices (230-RICR-20-25-11) › Section 230-RICR-20-25-11.8 - Severability

Current through June 14, 2024
If any provision of these sections or the application
					 thereof to any person or circumstance is held invalid for any reason, the
					 invalidity shall not affect the other provisions or any other application of
					 these sections which can be given effect without the invalid provisions or
					 application. To this end all provisions of these sections are declared to be
					 severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 12 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values (230-RICR-20-25-12) › Section 230-RICR-20-25-12.1 - Authority

Current through June 14, 2024
This Part is promulgated in accordance with R.I. Gen. Laws
					 Chapters 27-4.5 and 42-14-17.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 12 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values (230-RICR-20-25-12) › Section 230-RICR-20-25-12.2 - Scope

Current through June 14, 2024
A. This Part applies to preneed insurance
				  contracts, as defined in this Part, and to similar policies and
				  certificates.
B. The definition of
				  preneed insurance is not well defined. The definition in this model regulation
				  is based on policies used in the study that determined the 2001 CSO was
				  inappropriate for determining reserves for policies used to fund funeral
				  services and expenses. The commissioner shall have the authority to determine
				  what constitutes similar policies and certificates.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 12 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values (230-RICR-20-25-12) › Section 230-RICR-20-25-12.3 - Purpose

Current through June 14, 2024
A. The purpose of this Part is 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.
B. Research completed by the Deloitte
				  University of Connecticut Actuarial Center and commissioned by the Society of
				  Actuaries as a part of a study of preneed mortality determined that the 2001
				  CSO Mortality Table, currently recognized as the prevailing table for the
				  purposes of calculating reserves and nonforfeiture values both on a statutory
				  basis and on a tax basis, produced inadequate reserves for policies issued in
				  support of a prearrangement agreement which provides goods and services at the
				  time of an insured's death.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 12 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values (230-RICR-20-25-12) › Section 230-RICR-20-25-12.4 - Definitions

Current through June 14, 2024
A. As used in this Part:
1. "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
				  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.
2. "Ultimate 1980
				  CSO" means the Commissioners' 1980 Standard Ordinary Life Valuation Mortality
				  Tables (1980 CSO) without ten-year (10-year) selection factors, incorporated
				  into the 1980 amendments to the NAIC Standard Valuation Law approved in
				  December 1983.
3. "Insurance
				  Commissioner" or "Commissioner" means the Director of the Department of
				  Business Regulation or his or her designee.
4. "Preneed insurance" means any life
				  insurance policy 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.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 12 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values (230-RICR-20-25-12) › Section 230-RICR-20-25-12.5 - Minimum Valuation Mortality Standards

Current through June 14, 2024
For preneed insurance contracts, as defined in this Part,
					 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.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 12 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values (230-RICR-20-25-12) › Section 230-RICR-20-25-12.6 - Minimum Valuation Interest Rate Standards

Current through June 14, 2024
A. The
				  interest rates used in determining the minimum standard for valuation of
				  preneed insurance shall be the calendar year statutory valuation interest rates
				  as defined in R.I. Gen. Laws §
										27-4.5-4.1.
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 defined in R.I. Gen.
				  Laws §
										27-4.3-5(i).
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 12 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values (230-RICR-20-25-12) › Section 230-RICR-20-25-12.7 - Minimum Valuation Method Standards

Current through June 14, 2024
A. The method used
				  in determining the standard for the minimum valuation of reserves of preneed
				  insurance shall be the method defined in R.I. Gen. Laws Chapter
				  27-4.5.
B. The method used in
				  determining the standard for the minimum nonforfeiture values for preneed
				  insurance shall be the method defined in R.I. Gen. Laws Chapter
				  27-4.3.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 12 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values (230-RICR-20-25-12) › Section 230-RICR-20-25-12.8 - Transition Rules

Current through June 14, 2024
A. For preneed
				  insurance policies issued on or after the effective date of this Part 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.
B. If an insurer
				  elects to use the 2001 CSO as a minimum standard for any policy issued on or
				  after the effective date of this Part 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:
1. A complete list of all preneed policy
				  forms that use the 2001 CSO as a minimum standard;
2. A certification signed by the appointed
				  actuary stating that the reserve methodology employed by the company in
				  determining reserves for the preneed policies issued after the effective date
				  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
3. Supporting information
				  regarding the adequacy of reserves for preneed insurance policies issued after
				  the effective date of this Part and using the 2001 CSO as a minimum standard
				  for reserves.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 12 - Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values (230-RICR-20-25-12) › Section 230-RICR-20-25-12.9 - Severability

Current through June 14, 2024
If any provision of this Part or the application thereof to
					 any person or circumstances is held invalid or unconstitutional, the invalidity
					 or unconstitutionality shall not affect other provisions or applications of
					 this Part which can be given effect without the invalid or unconstitutional
					 provision or application, and to this end the provisions of this Part are
					 severable.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 13 - Senior Specifications (230-RICR-20-25-13) › Section 230-RICR-20-25-13.1 - Authority

Current through June 14, 2024
A. This Part is promulgated in accordance
				  with R.I. Gen. Laws Chapter 27-29.
B. Nothing in this Part shall limit the
				  commissioner's authority to enforce existing provisions of law.
Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 20 - Insurance › Subchapter 25 - LIFE AND ANNUITIES › Part 13 - Senior Specifications (230-RICR-20-25-13) › Section 230-RICR-20-25-13.2 - Scope

Current through June 14, 2024
This Part shall apply to any solicitation, sale or purchase
					 of, or advice made in connection with, a life insurance or annuity product by
					 an insurance producer.