OIR Recommends Reserve Changes on Preneed Life Insurance Rule; Hearing Rescheduled to June 16
May 12, 2009
After reviewing revisions to National Association of Insurance Commissioners model regulations, the Florida Office of Insurance Regulation (“OIR”) is recommending changes to reserve rules in the Florida Administrative Code. The proposed change adds Rule 69O-164.040: Determining Reserve Liabilities for Preneed Life Insurance.
Originally proposed for adoption in November 2008, the Rule now will be considered at a rescheduled hearing on June 16, 2009.
Time: 9:30 a.m.
Place: Room 143 of the Larson Building, 200 East Gaines Street, Tallahassee
If no hearing is requested within 21 days of the attached May 7, 2009 notice, however, one will not be held.
The original purpose of the proposed Rule was to recognize the inadequacy of the 2001 Commissioners Standard Ordinary Life Valuation Mortality Table for use in determining the minimum standard of valuation and the minimum standard non-forfeiture value, and to require the continued use of the 1980 Commissioners Standard Ordinary Life Valuation Mortality Table for use in determining those standards.
A copy of the OIR’s memorandum is attached for your review.
Should you have any questions or comments, please do not hesitate to contact Colodny Fass.
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