North Dakota Administrative Code

1. No person shall be eligible to sell or to solicit for the sale of variable annuity contracts unless, prior to making any such sale or solicitation, the person shall have become licensed as a life insurance agent and shall have become licensed as a securities salesman under Nor…

Repealed effective May 1, 1997.

Repealed effective May 1, 1997.

Repealed effective May 1, 1997.

Repealed effective May 1, 1997.

Repealed effective May 1, 1997.

Repealed effective May 1, 1997. 7

Repealed effective May 1, 1997.

Repealed effective May 1, 1997.

If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of such provision to other persons or circumstances shall not be affected thereby. General Authority: N…

If the laws and regulations in the place of domicile of a foreign or alien company provide a degree of protection to the policyholders and the public which is substantially equal to that provided by this chapter, the commissioner, to the extent deemed appropriate by the commissio…

The purpose of this chapter is to permit and set guidelines for life insurers to include in life insurance policies issued after January 1, 1982, a provision for periodic adjustment of policy loan interest rates. History: Effective January 1, 1982. General Authority: NDCC 28-32 L…

For purposes of this chapter, the "published monthly average" means: 1. Moody's corporate bond yield average - monthly average corporates as published by Moody's investors service, incorporated or any successor thereto; or 2. In the event that Moody's corporate bond yield average…

1. Policies issued on or after January 1, 1982, shall provide for policy loan interest rates as follows: a. A provision permitting a maximum interest rate of not more than eight percent per annum; or b. A provision permitting an adjustable maximum interest rate established from t…

The provisions of this chapter shall not apply to any insurance contract issued before January 1, 1982, unless the policyholder agrees in writing to the applicability of such provisions. 2 History: Effective January 1, 1982. General Authority: NDCC 28-32 Law Implemented: NDCC 26.…

1. "Affiliate" means any person, directly or indirectly, controlling, controlled by, or under common control with such insurer; any person who regularly furnishes investment advice to such insurer with respect to its separate accounts for which a specific fee or commission is cha…

1. Licensing and approval to do business in this state. Any insurer may not deliver or issue for delivery in this state any variable life insurance policy unless: a. The insurer is licensed or organized to do a life insurance business in this state; and b. The insurer has obtaine…

The commissioner will not approve any variable life insurance form filed pursuant to this chapter unless it conforms to the requirements of this section. 1. Filing of variable life insurance policies. All variable life insurance policies, and all riders, endorsements, application…

1. Reserve liabilities for variable life insurance policies must be established under North Dakota Century Code chapter 26.1-33 in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees. 2. For scheduled premi…

The following requirements apply to the establishment and administration of variable life insurance separate accounts by any domestic insurer. 1. Establishment and administration of separate accounts. Any domestic insurer issuing variable life insurance shall establish one or mor…

An insurer delivering or issuing for delivery in this state any variable life insurance policy shall deliver to the applicant for the policy, and obtain a written acknowledgment of receipt from such application coincident with or prior to the execution of the application, the fol…

The application for a variable life insurance policy must contain: 1. A prominent statement that the death benefit may be variable or fixed under specified conditions. 2. A prominent statement that cash values may increase or decrease in accordance with the experience of the sepa…

Any insurer delivering or issuing for delivery in this state any variable life insurance policies shall mail to each variable life insurance policyholder at the policyholder's last-known address the following reports: 1. Within thirty days after each anniversary of the policy, a …

If the law or regulation in the place of domicile of a foreign company provides a degree of protection to the policyholder and the public which is substantially similar to that provided by this chapter, the commissioner to the extent deemed appropriate by the commissioner in the …

1. Qualification to sell variable life insurance. a. No person may sell or offer for sale in this state any variable life insurance policy unless such person is an agent and has filed with the commissioner, in a form satisfactory to the commissioner, evidence that such person hol…

If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of such provision to other persons or circumstances not affected thereby. History: Effective June 1, 19…

This chapter supersedes and fully replaces any prior rule concerning variable life insurance. This chapter is particularly intended to replace any provisions of chapter 45-04-02, sections 45-04-04-01 through 45-04-02-18 as they may pertain to variable life insurance. The provisio…

As used in this chapter: 1. "Cash surrender value" means the net cash surrender value plus any amounts outstanding as policy loans. 2. "Fixed premium universal life insurance policy" means a universal life insurance policy other than a flexible premium universal life insurance po…

1. This chapter encompasses all individual universal life insurance policies except those policies defined under subsection 14 of section 45-04-04-01. 2. All companies shall be in full compliance with this rule on or before one year from January 1, 1985. History: Effective Januar…

1. Requirements. a. The minimum valuation standard for universal life insurance policies shall be the commissioners reserve valuation method, as described below for such policies, and the tables and interest rates specified below. The terminal reserve for the basic policy and any…

1. Minimum cash surrender values for flexible premium universal life insurance policies. a. Minimum cash surrender values for flexible premium universal life insurance policies must be determined separately for the basic policy and any benefits and riders for which premiums are p…

The policy shall provide the following: 1. Periodic disclosure to policyowner. The policy must provide that the policyowner will 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 c…

In connection with any advertising, solicitation, negotiation, or procurement of a universal life insurance policy: 1. Any statement of policy cost factors or benefits must contain: a. The corresponding guaranteed policy cost factors or benefits, clearly identified. b. A statemen…

The policy must provide that the policyowner will 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 may be not more than three months previous to the date of the…

1. Initial filing requirements. The following information must be submitted in connection with any filing of interest-indexed universal life insurance policies ("interest-indexed policies"). All such information received must be treated confidentially to the extent permitted by l…

If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of such provision to other persons or circumstances is not affected thereby. History: Effective January…

As used in this chapter: 1. "Composite mortality tables" refers to the mortality tables defined in subsections 3 through 6 of this section as they were originally published with rates of mortality that do not distinguish between smokers and nonsmokers. 2. "Smoker and nonsmoker mo…

1. For any policy of insurance delivered or issued for delivery in this state after the operative date of subsection 11 of North Dakota Century Code section 26.1-33-24 for that policy form and 1 before January 1, 1989, at the option of the company and subject to the conditions st…

For each plan of insurance with separate rates for smokers and nonsmokers an insurer may: 1. Use composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits; 2. Use smoker and nonsmoker mortal…

If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the regulation and the application of such provision to other persons or circumstances is not affected thereby. History: Effective Janu…

The effective date of this chapter is January 1, 1985. History: Effective January 1, 1985. General Authority: NDCC 28-32-02 Law Implemented: NDCC 26.1-33 3 4 5 6 7 8 9 10 11 12 13 14 15

As used in this chapter: 1. "1980 CET Table" means that mortality table consisting of separate rates of mortality for male and female lives, developed by the society of actuaries committee to recommend new mortality tables for valuation of standard individual ordinary life insura…

1. For any policy of insurance on the life of either a male or female insured delivered or issued for delivery in this state and after the operative date of subsection 11 of North Dakota Century Code section 26.1-33-25 for that policy form: a. A mortality table which is a blend o…

It is not a violation of North Dakota Century Code section 26.1-04-03 for an insurer to issue the same kind of policy of life insurance on both a sex-distinct and sex-neutral basis. History: Effective February 1, 1985. General Authority: NDCC 28-32-02 Law Implemented: NDCC 26.1-3…

If any provision of this chapter or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of the chapter and the application of such provision to other persons or circumstances is not affected thereby. History: Effective Februar…

The effective date of this chapter is August 1, 1983, to comply with the Norris decision (Norris v. Arizona Governing Committee). History: Effective February 1, 1985. 4 5 6 7 8 9 10 11 12 13 14

1. "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 l…

1. At the election of the company for any one or more specified plans of insurance and subject to the conditions stated in this regulation, the 2001 CSO mortality table may be used as the minimum standard for policies issued on or after January 1, 2005, and before the date specif…

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 mortali…

1. The 2001 CSO mortality table may be used in applying chapter 45-04-12 in the following manner, subject to the transition dates for use of the 2001 CSO mortality table in section 45-04-07.1-02 (unless otherwise noted, the references in this section are to chapter 45-04-12): a. …