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Old 09-13-2013, 12:48 PM
DonnaClaire DonnaClaire is offline
Join Date: Apr 2005
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Default Gret Exposure

Does this help
( )?

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Old 09-16-2013, 11:22 AM
Chuck Chuck is offline
Join Date: Oct 2001
Location: Illinois
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Perfect - Thanks Donna.
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Old 10-31-2018, 01:17 PM
garnotte garnotte is offline
Join Date: Dec 2014
Posts: 19

Hi Donna,

In your original post dating back to 2013, you mention a list of VM-20 proposed amendments, one of which addresses the inclusion in VM-20 of group contracts that are individually underwritten. I know we’re going back a few years here, but our company is currently debating if individually underwritten group contracts are subject to VM-20, and I was hoping you could help me clarify this particular issue. Here is what I have found so far on this subject:
1. The current version of VM-20 states that "Minimum reserve requirements for variable and nonvariable individual life contracts—excluding preneed life contracts, industrial life contracts, credit life contracts and policies of companies exempt pursuant to the life PBR exemption in paragraph D below […]”

In the above statement, there is no mention of individually underwritten group life, so it’s unclear if individually underwritten group life should be treated as individual insurance products for PBR purposes.
2. There appears to be an Amendment Proposal Form dating back to 2013 addressing this issue (, but I can't find any conclusion. It appears this APF wasn't approved, since there is no mention of individually underwritten contract in the current version of VM-20. I’m not sure if this meant that individually underwritten group term should be excluded, or if there is still a lack on consensus across the industry.
3. Additionally, the AAA 2014 Exposure Draft ( mentions on Page 3 that "individually underwritten certificates issued under a group life insurance contract" are to be included in VM-20, however, this statement is no longer included in the 2017 Practice Note ( I'm not sure why this statement has now been removed, and what it means for the inclusion/exclusion of individually issued group term policies in VM-20.
Any help is very much appreciated.

Thank you!
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