Administrative Rule Review Report  #AR08-073

Legislative Service Office

19-Sep-08

AGENCY: Insurance Department.

DATE SUBMITTED: September 15, 2008.

SUBJECT: Chapter 61, Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values.

NATURE OF RULES:                     Legislative and procedural.

STATUTORY AUTHORITY:         W.S. 26-6-205.

DETERMINATION OF PROCEDURAL COMPLIANCE BASED UPON INFORMATION

SUBMITTED BY THE AGENCY TO LSO:  Apparently complete to date.

SUMMARY OF RULES:        All companies issuing life insurance policies and contract in Wyoming must establish reserves to be held in support of the life insurance policies and minimum standard nonforfeiture values for those life insurance policies.  The rules establish minimum mortality standards for reserve and nonforfeiture values for preneed life insurance products.

FINDINGS: The rules appear to be within the scope of statutory authority and legislative intent.

STAFF RECOMMENDATION:  That the rules be placed on the Consent List and be approved by the Council as submitted by the Agency.

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Lynda Cook

Staff Attorney

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David K. Gruver

Assistant Director

LGC/