ULMR - Universal Life Insurance Model Regulation - (MDL-585) - NAIC

  • ULMR – Universal Life Insurance Model Regulation – MDL-585 – NAIC
    • ULMR - Universal Life Insurance Model Regulation - MDL-585 -NAIC - 22p
    • ULMR – Universal Life Insurance Model Regulation – MDL-585 – NAIC – Citations
    • ULMR – Universal Life Insurance Model Regulation – MDL-585 – NAIC – Snippets
  • GMP - Guaranteed Maturity Premium
    • "Every universal life insurance policy of which the drafters are aware has a “net level premium” that could be computed which would guarantee permanent protection."
      • As a result, it is expected that most universal life insurance policies will be sold as permanent plans."
  • GMF - Guaranteed Maturity Fund
    • The guaranteed maturity fund at any duration is that amount which, together with future guaranteed maturity premiums, will mature the policy based on all policy guarantees at issue.
  • r-ratio
    • "The letter “r” is equal to one, unless the policy is a flexible premium policy and the policy value is less than the guaranteed maturity fund, in which case “r” is the ratio of the policy value to the guaranteed maturity fund." 
  • 1984 - SOA - NAIC Update, Society of Actuaries - 24p
  • 1988 - SOA - Update on Universal Life Reserves and Non-Forfeiture Values, Society of Actuaries - 36p
  • Sample GMP Nonforfeiture Test Calculation
    • This section gives 22 examples of GMP nonforfeiture test calculations
    • The front side of each example gives the product specifications, the nonforfeiture basis, and calculated guaranteed maturity cash values compared with SNFL minimum values.
    • The back side of each example shows the month-by-month calculations for one year of the universal life cash values.

1988-1, NAIC Proc.

  • 1998-1, NAIC Proceedings
    • American Academy of Actuaries Universal Life Task Force Preliminary Report Concerning Valuation and Nonforfeiture Provisions of Universal Life Insurance Model Regulation, ATTACHMENT TWO-B
  • 2000-3, NAIC Proceedings
    • Universal Life Insurance Model Regulation (#585) - Draft: Sept. 9, 2000 - Adopted by the Life Insurance & Annuities (A) Committee - ATTACHMENT TWO-B (p119-134)
    • <Section 8: Disclosure deleted, relies on Illustrations Model Regulation>
    • Deleted "Disclosure Form"