9079217, 69O-164.020 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 9079217

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

VALUATION AND NONFORFEITURE

Overview

RULE:

69O-164.020

Valuation of Life Insurance Policies

PURPOSE:

To adopt changes to the NAIC Model Regulation reducing the minimum premium deficiency reserve requirement, subject to certain conditions to ensure adequacy of reserves.

SUMMARY:

This rule calls for adopting changes to the NAIC Model Regulation. The rule reduces the minimum premium deficiency reserve requirements, subject to conditions to ensure the adequacy of reserves. The rule eliminates the reserve requirements placed on the X factor percentage that it not (1) be less than a minimum 20% and (2) decrease in successive policy years.

RULEMAKING AUTHORITY:

624.308(1), 625.121(5) FS.

LAW:

624.307(1), 625.121(5) FS.

PRINT PUBLISH DATE:

9/3/2010 Vol. 36/35

COMMENTS:

From 9/3/2010 To 9/24/2010 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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