R590-226-9. Additional Procedures for Variable Life Filings

(1) An insurer submitting a variable life insurance filing shall comply with: (a) Section 31A-22-411; and (b) Rule R590-133. (2) An insurer submitting a variable life insurance policy shall certify it has: (a) a variable contract line of authority; and (b) a separate account established in the state of domicile. (3) Actuarial Memorandum. An actuarial memorandum shall: (a) be included in a variable life insurance filing; (b) describe the type of accounts available in the policy, identifying the accounts that are separate accounts, including modified guaranteed accounts, and general accounts; (c) demonstrate nonforfeiture compliance for: (i) separate accounts pursuant to Section 31A-22-411; and (ii) fixed interest general accounts pursuant to Section 31A-22-408; (d) identify a fixed account's: (i) guaranteed minimum interest rate; and (ii) maximum surrender charge; and (e) include a certification of compliance with applicable nonforfeiture and valuation laws by a qualified actuary.