R590-251-2. Purpose and Scope

(1) The purpose of this rule is to: (a) establish minimum mortality standards for reserves and nonforfeiture values for a preneed life insurance product; and (b) require the use of the Ultimate 1980 CSO to determine: (i) the minimum standard of valuation of reserve liabilities; and (ii) the minimum standard for nonforfeiture values. (2) This rule applies to preneed insurance contracts and similar policies and certificates issued on or after January 1, 2009.