R590-226-8. Additional Procedures for Group Market Filings

(1) A group life insurance filing shall comply with: (a) Title 31A, Chapter 21, Insurance Contracts in General; (b) Title 31A, Chapter 22, Part 4, Life Insurance and Annuities; (c) Title 31A, Chapter 22, Part 5, Group Life Insurance; (d) Rule R590-79; (e) Rule R590-108; (f) Rule R590-122; (g) Rule R590-177; and (h) Rule R590-191. (2) Statement of Policy Cost and Benefit Information. (a) A statement of policy cost and benefit information shall be included in group life insurance that includes a preneed funeral policy or prearrangement. (b) The disclosure requirement extends to the issuance or delivery of a certificate and the policy under Section R590-79-4. (3) Actuarial Memorandum. (a) An actuarial memorandum shall be included in a non-term group life insurance filing. (b) A filing for a policy, a rider, or an endorsement shall include an actuarial memorandum that demonstrates compliance with Section 31A-22-515. (c) The actuarial memorandum shall include: (i) a detailed description of the coverage; (ii) a demonstration of compliance with nonforfeiture law; (iii) the specific basis for exemption from nonforfeiture law; and (iv) a certification of compliance with applicable nonforfeiture and valuation laws by a qualified actuary. (4) An insurer shall determine if the group is an eligible group or a discretionary group. (a) Eligible Group. (i) A filing for an eligible group shall include a Utah Life and Annuity Group Questionnaire. (ii) A questionnaire shall be completed for each eligible group under Sections 31A-22-501.1 through 31A-22-508. (iii) When a filing applies to more than one employer or employee group, only one questionnaire is required. (b) Discretionary Group. (i) If a group is not an eligible group, a discretionary group authorization shall be obtained. (ii) If a form filing is submitted without discretionary group authorization, the filing shall be rejected. (iii) To obtain discretionary group authorization, a compliant Utah Life and Annuity Request for Discretionary Group Authorization must be submitted. (iv) A change to an authorized discretionary group shall be submitted to the department within 30 days of the change. (v) The commissioner may periodically re-evaluate a group's authorization. (vi) An insurer shall file a separate discretionary group authorization to add another TOI to a previously authorized group.