Oregon Department of Consumer and Business Services, Insurance Regulation

Rule Rule 836-031-0750
Purpose, Authority and Applicability


(1)

The purpose of OAR 836-031-0750 (Purpose, Authority and Applicability) to 836-031-0775 (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) is to provide:

(a)

Tables of select mortality factors and rules for their use;

(b)

A minimum standard for the valuation of plans with nonlevel premiums or benefits; and

(c)

A minimum standard for the valuation of plans with secondary guarantees.

(2)

The method for calculating basic reserves defined in OAR 836-031-0750 (Purpose, Authority and Applicability) to 836-031-0775 (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) constitutes the Commissioners’ Reserve Valuation Method for policies to which 836-031-0750 (Purpose, Authority and Applicability) to 836-031-0775 (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) apply.

(3)

OAR 836-031-0750 (Purpose, Authority and Applicability) to 836-031-0775 (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) are adopted under the rulemaking authority of ORS 731.244 (Rules) for the purpose of implementing 733.030 (Liabilities in general).
Source

Last accessed
Jun. 8, 2021