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Old 05-09-2012, 03:57 PM
buckeye_nut buckeye_nut is offline
Join Date: Jun 2010
Posts: 36
Default Val and NF int rate

Didn't think val rate would go below 4% but looks like that's the case for 2013. If tabular CVs were based on 5% for an older product (in policy and actuarial memo), do new policy pages need to be filed and new AM need to be sent, or is it presumed that the higher CVs will be the new minimum without having to file those?
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Old 05-09-2012, 07:26 PM
Chuck Chuck is offline
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Location: Illinois
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The nonforfeiture rate will not have to change until 1/1/2014 (to 4.5%). According the the SNFL, you do not need to refile the form if change is solely for this purpose.

However, reading the language, it seems to imply you would still file a new actuarial memo - just not have to file the contract.

I am also not sure whether changing the premium rates (or say the graded death benefits on a graded death benefit policy) would require more than an actuarial memo.

Then also, each state may interpret the SNFL language differently I suppose.
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Old 05-11-2012, 09:51 AM
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rxmuerte rxmuerte is offline
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I am fairly certain as Chuck said that at the least you need an actuarial memo certifying compliance with SNFL. Usually we will also give a revised specifications page just for the purposes of showing new sample values, but be clear that only nonforfeiture values and interest rate are changing.

If you are changing premiums then that is a different story.
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Old 05-11-2012, 11:32 AM
buckeye_nut buckeye_nut is offline
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Nope - just tabulars. Thanks for the replys.
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Old 05-16-2012, 10:38 AM
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Non-Actuary Non-Actuary is offline
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What about the change in valuation rate - will that require new filing? Right now, that is our assumption, along with an updated AM.
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