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12409 VM-App-C

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12409 VM-App-C

    Attachment Eighteen

    Life and Health Actuarial Task Force

    12/3-4/09

    VALUATION MANUAL APPENDIX C VM-C

    Draft: 12/4/09

    Adopted by Life and Health Actuarial Task Force, 12/4/09

    The NAIC solicits comments on this draft. Comments should be sent to John Engelhardt, NAIC, at JEngelha@naic.org.

    VM-C: VALUATION MANUAL APPENDIX C

    Drafting Note: This appendix references the following reserve requirements from Appendix C of the Accounting Practices

    and Procedures Manual which are to be used for policies issued on and after the Valuation Manual operative date unless

    otherwise provided for in VM-0

    INDEX

    Guideline No. TITLE

    I Interpretation of the Standard Valuation Law With Respect to the Valuation of

    Policies Whose Valuation Net Premiums Exceed the Actual Gross Premium Collected II Reserve Requirements With Respect to Interest Rate Guidelines on Active Life Funds

    Held Relative to Group Annuity Contracts

    IV Actuarial Interpretation Regarding Minimum Reserves for Certain Forms of Term

    Life Insurance

    V Interpretation Regarding Acceptable Approximations for Continuous Functions VI Interpretation Regarding Use of Single Life or Joint Life Mortality Tables Draft 20

    June 1983

    VII Interpretation Regarding Calculations of Equivalent Level Amounts VIII The Valuation of Individual Single Premium Deferred Annuities IX Form Classification of Individual Single Premium Immediate Annuities for

    Application of the Valuation and Nonforfeiture Laws

    IX-A Use of Substandard Annuity Mortality Tables in Valuing Impaired Lives Under

    Structured Settlements

    IX-B Use of Substandard Annuity Mortality Tables in Valuing Impaired Lives Under

    Individual Single Premium Immediate Annuities

    IX-C Use of Substandard Annuity Mortality Tables in Valuing Impaired Lives Under

    Individual Single Premium Immediate Annuities

    XIII Guideline Concerning the Commissioners’ Annuity Reserve Valuation Method XIV Surveillance Procedure for Review of the Actuarial Opinion for Life and Health

    Insurers

    XVI Calculation of CRVM Reserves on Select Mortality and/or Split Interest XVII Calculation of CRVM Reserves When Death Benefits are not Level XVIII Calculation of CRVM Reserves on Semi-Continuous, Fully Continuous or Discounted

    Continuous Basis

    XIX 1980 CSO Mortality Table With Ten-Year Select Mortality Factors XX Joint Life Functions for 1980 CSO Mortality Table

    XXI Calculation of CRVM Reserves When (B) is Greater Than (a) and Some Rules for

    Determination of (a)

    XXII Interpretation Regarding Nonforfeiture Values for Policies With Indeterminate

    Premiums

    XXIII Guideline Concerning Variable Life Insurance Separate Account Investments XXV Calculation of Minimum Reserves and Minimum Nonforfeiture Values for Policies

    With Guaranteed Increasing Death Benefits Based on an Index XVI Election of Operative Dates Under Standard Valuation Law and Standard

    Nonforfeiture Law

    XVII Accelerated Benefits

    XVIII Statutory Claim Reserves For Group Long-Term Disability Contracts With a Survivor

    Income Benefit Provision

    XIX Guideline Concerning Reserves of Companies in Rehabilitation

    ? 2009 National Association of Insurance Commissioners 1

    Attachment Eighteen

    Life and Health Actuarial Task Force

    12/3-4/09

    VALUATION MANUAL APPENDIX C VM-C

    Guideline No. TITLE

    XXX Guideline for the Application of Plan Type to Guaranteed Interest Contracts (GICS)

    With Benefit Responsive Payment Provisions Used to Fund Employee Benefit Plans XXXI Valuation Issues vs. Policy Form Approval

    XXXII Reserve for Immediate Payment of Claims

    XXXIII Determining CARVM Reserves for Annuity Contracts With Elective Benefits XXXV The Application of the Commissioners Annuity Reserve Method to Equity Indexed

    Annuities

    XXXVI The Application of the Commissioners Reserve Valuation Method to Equity Indexed

    Life Insurance Policies

    XXXVII Variable Life Insurance Reserves for Guaranteed Minimum Death Benefits XXXVIII The Application of the Valuation of Life Insurance Policies Model Regulation

    (“Model”)

    XL Guideline for Valuation Rate of Interest for Funding Agreements and Guaranteed

    Interest Contracts (GICS) With Bail-Out Provisions

    XLI Projection of Guaranteed Nonforfeiture Benefits under CARVM XLII The Application of the Model Regulation Permitting the Recognition of Preferred

    Mortality Tables for Use in Determining Minimum Reserve Liabilities XLIII CARVM for Variable Annuities

    XLIV Group Term Life Waiver of Premium Disabled Life Reserves XLVI Interpretation of the Calculation of the Segment Length With Respect to the Life

    Insurance Policies Model Regulation upon a Change in the Valuation Mortality Rates

    Subsequent to Issue

    AG App Appendix to Guidelines New York State Insurance Department Maximum

    Reserve Valuation and Maximum Life Policy Nonforfeiture Interest Rates W:\dec09\tf\lha\VM-AppC-ED4.doc

    ? 2009 National Association of Insurance Commissioners 2

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