OAR 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:
Rule 836-031-0750 — Purpose, Authority and Applicability, https://secure.sos.state.or.us/oard/view.action?ruleNumber=836-031-0750
.