Iowa Administrative Code

2001 Commissioners Standard Ordinary (CSO) Mortality Table in accordance with Iowa Code sections 508.36(3)“a”(3)“c” and 508.37(6)“h”(6) and 191—Chapter 47.

“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…

91.4(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 m…

Insurance Policies. 91.5(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 premi…

91.6(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 o…

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. These rules are intended to implement Iowa Code sections 508.36 and 508.37. [Filed emergency 12…

on life insurance policies in order to accommodate the development and issuance of universal life plans. These rules are authorized by Iowa Code section 505.8 and are intended to implement Iowa Code sections 508.36 and 508.37.

policies issued after July 13, 2005. These rules are intended to implement Iowa Code sections 508.36 and 508.37. [Filed 5/18/05, Notice 3/2/05—published 6/8/05, effective 7/13/05]

“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 u…

universal life insurance policies.

92.4(1) Requirements. The minimum valuation standard for universal life insurance policies shall be the commissioners reserve valuation method, as specified in paragraphs “a” through “m” below for such policies, and the tables and interest rates specified below. The terminal rese…

92.5(1) Minimum cash surrender values for flexible premium universal life insurance policies. a. Minimum cash surrender values for flexible premium universal life insurance policies shall be determined separately for the basic policy and any benefits and riders for which premiums…

92.6(1) Periodic disclosure to policyholder. The policy shall provide that the policyowner be sent, without charge, at least annually, a report which will serve to keep such policyowner advised as to the status of the policy. The end of the current report period must be not more …

shall follow the standards in 191—Chapter 14.

92.8(1) 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 previou…

92.9(1) 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…

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 s…

“Affiliate,” or “affiliate of” a specific person, means a person who directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. “Aggregated derivative transaction” means a derivative transactio…

93.3(1) Iowa Code section 521A.5(1)“b” shall not be applicable to an aggregated derivative transaction or to a conduit derivative transaction that complies with this chapter. 93.3(2) Iowa Code section 521A.5(1)“c”(3) shall not be applicable to an aggregated derivative transaction…

93.4(1) 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…

93.5(1) 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. 93.5(2) The guidelines shall: a. Address investment or, i…

93.6(1) Reporting frequency. The conduit shall report conduit derivative transaction activities quarterly to the Iowa insurance commissioner. 93.6(2) Contents of reports. The conduit shall report conduit derivative transaction activities consistent with Schedule DB reporting requ…

company system that utilizes the conduit for aggregated derivative transactions and conduit derivative transactions.

not engaging in aggregated derivative transactions with a domestic insurer. These rules are intended to implement Iowa Code sections 511.8(22)“b,”521A.2(1)“c,” and 521A.2(3) as amended by 2006 Iowa Acts, Senate File 2364. [Filed 9/8/06, Notice 8/2/06—published 9/27/06, effective …

mortality tables that reflect the differences in mortality between preferred and standard lives in determining minimum reserve liabilities in accordance with Iowa Code section 508.36 and 191—Chapter 47.

“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 …

94.4(1) For each plan of insurance with separate rates for preferred and standard nonsmoker lives, an insurer may use the super preferred nonsmoker, preferred nonsmoker, and residual standard nonsmoker tables to substitute for the nonsmoker mortality table found in the 2001 CSO M…

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. These rules are intended to implement Iowa Code sections 505.8 and 508.36. [Filed emergency 12/27/06 aft…

Iowa Code sections 508.36 and 508.37.

and to similar policies and certificates.

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 va…

“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 I…

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.

95.6(1) 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 508.36(5)“b.” 95.6(2) The interest rates used in determining the minimum standard…

95.7(1) 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 508.36. 95.7(2) The method used in determining the standard for the minimum nonforfeiture values for preneed insurance…

95.8(1) 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. 95.8(2) If an insurer elects to …

and similar contracts and certificates, as specified in rule 95.2(508) of this chapter, issued on or after January 1, 2009. These rules are intended to implement Iowa Code sections 508.36 and 508.37. [Filed 8/7/08, Notice 7/2/08—published 8/27/08, effective 1/1/09]…

Iowa Code section 505.8. [ARC 9926B, IAB 12/14/11, effective 1/18/12]

portfolios governed by this chapter. 96.10(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 w…

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. [ARC 9926B, IAB 12/14/11, effective 1/18/12]

[ARC 9926B, IAB 12/14/11, effective 1/18/12] These rules are intended to implement Iowa Code section 505.8 and chapter 508. [Filed ARC 9926B (Notice ARC 9815B, IAB 10/19/11), IAB 12/14/11, effective 1/18/12] [Filed ARC 3144C (Notice ARC 3032C, IAB 4/26/17), IAB 6/21/17, effective…

96.2(1) 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 obligatio…

96.3(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—96.4(505,508), definition of “synthetic guaranteed investment contract,” and issued by a life insurer: a. That functi…

“Account assets” means the assets in the segregated portfolio plus any assets held in the general account or a separate account to meet the asset maintenance requirements. “Actuarial opinion and memorandum” means the opinion and memorandum of the valuation actuary required to be …

issued for delivery in this state unless the issuing insurer is licensed as a life insurance company in this state and is financially qualified under the provisions of subrule 96.5(1). In addition, a domestic insurer may not deliver or issue for delivery, either in this state or …

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. 96.6(1) The contract shall: a. Provide that the assets to which…

96.7(1) The investment manager must have full responsibility for the management of all segregated portfolio assets within the constraints specified in the investment guidelines. 96.7(2) The investment guidelines shall be submitted to the insurer for underwriting review before the…