R590-226-7. Additional Procedures for Individual Life Insurance Forms and Group Life Insurance Certificates Marketed Individually

(1) An insurer filing a life insurance form shall comply with: (a) Title 31A, Chapter 21, Insurance Contracts in General; (b) Title 31A, Chapter 22, Part 4, Life Insurance and Annuities; (c) Rule R590-79; (d) Rule R590-93; (e) Rule R590-94; (f) Rule R590-95; (g) Rule R590-98; (h) Rule R590-108; (i) Rule R590-122; (j) Rule R590-177; (k) Rule R590-191; (l) Rule R590-198; and (m) Rule R590-223. (2) A life insurance policy, rider, or endorsement filing shall include an actuarial memorandum that demonstrates compliance with Section 31A-22-408 for: (a) an individual life insurance policy; or (b) a group life insurance policy that is marketed individually. (3) The actuarial memorandum shall include: (a) a detailed description of the coverage; (b) a demonstration of compliance with nonforfeiture law; (c) the specific basis for exemption from nonforfeiture law; and (d) a certification of compliance with applicable nonforfeiture and valuation laws by a qualified actuary.