Iowa Administrative Code

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…

available to the contract holder the purchase of immediate or deferred annuities for the benefit of individual members of the group, an annuity may not be purchased without the delivery of the contractually agreed- upon consideration in cash to the insurer from the segregated por…

termination events, discontinuation triggers and options, notice requirements, corrective action procedures, all other contract safeguards, and the procedures to be followed when a unilateral contract termination event occurs; (7) A description of the allowable investment paramet…

Iowa Code section 505.8. [ARC 8061B, IAB 8/26/09, effective 9/30/09]

alternative asset and reserve accounting practices for eligible derivative assets and indexed products, respectively, in order to better match asset and reserve accounting as it relates to interest crediting for indexed products and to provide for a more true and fair representat…

“Eligible derivative asset” means: 1. A call or put option derivative asset that is purchased to hedge the growth in interest credited to an indexed product as a direct result of changes in the related external index or external indices, or 2. A call or put option derivative asse…

at amortized cost, if the insurance company can demonstrate that such eligible derivative assets meet all of the following criteria for an economic hedge: 97.4(1) At inception of the hedge, or as of the date that an insurance company elects to use the accounting practices prescri…

account for indexed annuity product reserves in accordance with Iowa Code section 508.11 and with the applicable actuarial guidelines and statutory accounting principles. Based on the current guidelines, this chapter provides insurance companies with the ability to make the follo…

indexed life product reserves in accordance with the applicable actuarial guidelines and statutory accounting principles. This chapter does not provide for any adjustment to the reserve calculation methodology for indexed life products. [ARC 8061B, IAB 8/26/09, effective 9/30/09]

97.7(1) Indexed annuity products. The alternative accounting practices prescribed by this chapter must be applied to both the indexed annuity product reserves and eligible derivative assets used to hedge indexed annuity products. 97.7(2) Indexed life products. The alternative acc…

Iowa Code section 505.8.

98.10(1) The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report, in writing, within five business days to the board of directors or its audit committee any determination by the independent certified …

to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. Such communication shall be prepared by the account…

accountants’ work papers. Work papers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained, and the conclusions reached pertinent to the accountant’s audit of the financial statements of an i…

insurers licensed in this state or to an insurer that is a SOX compliant entity or a direct or indirect wholly owned subsidiary of a SOX compliant entity. 98.13(1) The audit committee shall be directly responsible for the appointment, compensation and oversight of the work of any…

98.14(1) An insurer is exempt from the requirements of this rule if: a. The insurer has annual direct written and unaffiliated assumed premiums, including international direct and assumed premiums but excluding premiums reinsured with the Federal Crop Insurance Corporation and Fe…