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Old 02-06-2018, 04:01 PM
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Originally Posted by kazh View Post
VM adoption does not automatically mean adoption of NAIC Model Regulations. However, some states enforce some model reg provisions if they believe that they are the most appropriate interpretation of their state statutes. For example, not many states adopted the UL Model Reg (adopted by the NAIC in 1983), but over the years most states came to believe it to be the best interpretation of the underlying SVL.
Doesn't it, though? Now that the model regulations are specified in Appendix VM-A? Unless, like MetsFan noted, there is explicit deviation from the model regulation within a state because they intended it that way.

Another example is Regulation XXX (Valuation of Life Insurance Policies) - some states have not adopted the 2009 version of the model reg, while others have not adopted it at all.
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