NOTICE OF HEARING - Chapter 71, Valuation of Life Insurance Policies Regulation
The Director of the Department of Insurance has scheduled a public hearing as required by Neb. Rev. Stat. §84-901 to §84-909 for the proposed amendment of Title 210, Nebraska Administrative Code, Chapter 71, Valuation of Life Insurance Policies Regulation. Chapter 71 established a methodology using X factors (mortality adjustments) in the deficiency reserve calculation that allows life insurers to adjust the standard valuation mortality to mortality that more closely approximates the expected mortality experience for their policies subject to this regulation. When the X factor is less than 100% at any duration for any such policy, the proposed amendment of this regulation would, as part of the Regulatory Asset Adequacy Issues Summary required of life insurers each year, require the appointed actuary to make an added statement as to the impact of the insufficiency of assets to support the payment of benefits and expenses and the establishment of statutory reserves during one or more interim periods; and also correct numbering and typographical errors.
There is no fiscal impact to the Department of Insurance, political subdivisions or the regulated public due to the proposed amendment of Chapter 71. A copy of the Fiscal Impact Statement is available at the Department of Insurance.
Copies of proposed amended Chapter 71 are available upon request at a cost of $19.00 each from the Department of Insurance, 941 O Street, Suite 400, Lincoln, NE 68508. Copies of proposed amended Chapter 71 are available for inspection at the aforementioned address, as well as the Office of the Secretary of State, State Capitol Building, Suite 2300, Lincoln, NE 68509, and through the Department’s web site at www.doi.ne.gov, along with the Fiscal Impact Statement. All persons interested in presenting oral or written views on the proposed amendment of Chapter 71 will be granted an opportunity at a hearing to be held before the Director of Insurance, beginning at 1:30 p.m. the 23rd day of September, 2010, and will continue until concluded. Said hearing will be held in the 5th Floor Conference Room of the Terminal Building at 941 O Street, Lincoln, NE 68508. Interested persons may submit written comments to the Department before the date of the hearing, which will be entered into the record.
Reasonable accommodations will be provided to persons with disabilities upon advanced request. The hearing will be transcribed at the request of any party with the expense of the transcription charged to the requesting party.
All persons interested therein may appear at said time and be heard in reference thereto. Dated this 19th day of August, 2010.