Rescission of Bulletin 02-09 - "Flexible Premium Universal Life (UL) and Variable Premium Universal Live (VUL) Policy Forms Containing Long-Term Secondary Guarantees"

BULLETIN 16-21 To: All Life Insurance Companies Licensed to Do Business in Maryland Re: Rescission of Bulletin 02-09—“Flexible Premium Universal Life (UL) and Variable Premium Universal Life (VUL) Policy Forms Containing Long-Term Secondary Guarantees” Date: July 19, 2016 The purpose of this bulletin is to rescind Bulletin 02-09, dated April 11, 2002. Bulletin 02-09 notified insurers that the Maryland Insurance Administration would permit the use of flexible premium universal life (UL) and variable premium universal life (VUL) policies that contain long-term secondary guarantees without requiring alternative cash values, provided certain disclosures were provided to consumers. The disclosure requirement described in Bulletin 02-09 is rescinded. Questions about this Bulletin may be directed to Devin L. Rhoad, Supervisor of Life, Credit, and Annuity Review, at 410-468-2223. Brenda A. Wilson Associate Commissioner Life and Health AL REDMER, JR. Commissioner NANCY GRODIN Deputy Commissioner LARRY HOGAN Governor BOYD K. RUTHERFORD Lt. Governor 200 St. Paul Place, Suite 2700, Baltimore, Maryland 21202 1-800-492-6116 TTY: 1-800-735-2258 www.insurance maryland.gov signature on original