2014 -- S 2784 SUBSTITUTE A

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LC004223/SUB A

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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A N   A C T

RELATING TO INSURANCE -- THE STANDARD NON-FORFEITURE LAW FOR LIFE

INSURANCE

     Introduced By: Senator Roger Picard

     Date Introduced: March 25, 2014

     Referred To: Senate Commerce

     (Business Regulation)

It is enacted by the General Assembly as follows:

     SECTION 1. Section 27-4.3-5 of the General Laws in Chapter 27-4.3 entitled "The

Standard Nonforfeiture Law for Life Insurance" is hereby amended to read as follows:

     27-4.3-5. Calculations of adjusted premiums by the nonforfeiture net level premium

method. -- (a) This section shall apply to all policies issued on or after January 1, 1994. Except as

provided in subsection (g) of this section, the adjusted premiums for any policy shall be

calculated on an annual basis and shall be such a uniform percentage of the respective premiums

specified in the policy for each policy year, excluding amounts payable as extra premiums to

cover impairments or special hazards, and also excluding any uniform annual contract charge or

policy fee specified in the policy in a statement of the method to be used in calculating the cash

surrender values and paid up nonforfeiture benefits, that the present value, at the date of issue of

the policy, of all adjusted premiums shall be equal to the sum of: (1) the then present value of the

future guaranteed benefits provided for by the policy; (2) one percent (1%) of either the amount

of insurance, if the insurance be uniform in amount, or the average amount of insurance at the

beginning of each of the first ten (10) policy years; and (3) one hundred twenty-five percent

(125%) of the nonforfeiture net level premium as defined in subsection (b); provided, however,

that in applying the percentage specified in subdivision (a)(3), no nonforfeiture net level premium

shall be deemed to exceed four percent (4%) of either the amount of insurance, if the insurance be

uniform in amount, or the average amount of insurance at the beginning of each of the first ten

(10) policy years. The date of issue of a policy for the purpose of this section shall be the date as

of which the rated age of the insured is determined.

      (b) The nonforfeiture net level premium shall be equal to the present value, at the date of

issue of the policy, of the guaranteed benefits provided for by the policy divided by the present

value, at the date of issue of the policy, of an annuity of one per annum payable on the date of

issue of the policy and on each anniversary of the policy on which a premium falls due.

      (c) In the case of policies which cause on a basis guaranteed in the policy unscheduled

changes in benefits or premiums, or which provide an option for changes in benefits or premiums,

other than a change to a new policy, the adjusted premiums and present values shall initially be

calculated on the assumption that future benefits and premiums do not change from those

stipulated at the date of issue of the policy. At the time of any change in the benefits or premiums

the future adjusted premiums, nonforfeiture net level premiums, and present values shall be

recalculated on the assumption that future benefits and premiums do not change from those

stipulated by the policy immediately after the change.

      (d) Except as otherwise provided in subsection (g), the recalculated future adjusted

premiums for any policy shall be a uniform percentage of the future premiums specified in the

policy for each policy year, excluding amounts payable as extra premiums to cover impairments

and special hazards, and also excluding any uniform annual contract charge or policy fee

specified in the policy in a statement of the method to be used in calculating the cash surrender

values and paid up nonforfeiture benefits, so that the present value, at the time of change to the

newly defined benefits or premiums, of all future adjusted premiums shall be equal to the excess

of: (1) the sum of: (i) the then present value of the then future guaranteed benefits provided for by

the policy and (ii) the additional expense allowance, if any, over (2) the then cash surrender

value, if any, or present value of any paid up nonforfeiture benefit under this policy.

      (e) The additional expense allowance, at the time of the change to the newly defined

benefits or premiums, shall be the sum of: (1) one percent (1%) of the excess, if positive, of the

average amount of insurance at the beginning of each of the first ten (10) policy years subsequent

to the change over the average amount of insurance prior to the change at the beginning of each

of the first ten (10) policy years subsequent to the time of the most recent previous change, or, if

there has been no previous change, the date of issue of the policy; and (2) one hundred twenty-

five percent (125%) of the increase, if positive, in the nonforfeiture net level premium.

      (f) The recalculated nonforfeiture net level premium shall be equal to the result obtained

by dividing subdivision (f)(1) by subdivision (f)(2) where:

      (1) Equals the sum of:

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      (i) The nonforfeiture net level premium applicable prior to the change multiplied by the

present value of an annuity of one per annum payable on each anniversary of the policy on or

subsequent to the date of the change on which a premium would have fallen due had the change

not occurred, and

      (ii) The present value of the increase in future guaranteed benefits provided for by the

policy; and

      (2) Equals the present value of an annuity of one per annum payable on each anniversary

of the policy on or subsequent to the date of change on which a premium falls due.

      (g) Notwithstanding any other provisions of this section to the contrary, in the case of a

policy issued on a substandard basis which provides reduced graded amounts of insurance so that,

in each policy year, the policy has the same tabular mortality cost as a similar policy issued on the

standard basis which provides for a higher uniform amount of insurance, adjusted premiums and

present values for the substandard policy may be calculated as if it were issued to provide higher

uniform amounts of insurance on the standard basis.

      (h) All adjusted premiums and present values referred to in this chapter shall for all

policies of ordinary insurance be calculated on the basis of the commissioners 1980 standard

ordinary mortality table or, at the election of the company for any one or more specified plans of

life insurance, the commissioners 1980 standard ordinary mortality table with ten (10) year select

mortality factors; adjusted premiums and present values shall for all policies of industrial

insurance be calculated on the basis of the commissioners 1961 standard industrial mortality

table; for all policies issued in a particular calendar year be calculated on the basis of a rate of

interest not exceeding the nonforfeiture interest rate as defined in this section, for policies issued

in that calendar year. Provided, however that:

      (1) At the option of the insurance company, calculations for all policies issued in a

particular calendar year may be made on the basis of a rate of interest not exceeding the

nonforfeiture interest rate, as defined in this section, for policies issued in the immediately

preceding calendar year;

      (2) Under any paid-up nonforfeiture benefit, including any paid-up dividend additions,

any cash surrender value available, whether or not required by section 27-4.3-2, shall be

calculated on the basis of the mortality table and rate of interest used in determining the amount

of any paid-up nonforfeiture benefit and paid-up dividend additions, if any;

      (3) An insurance company may calculate the amount of any guaranteed paid-up

nonforfeiture benefit including any paid-up additions under the policy on the basis of an interest

rate no lower than that specified in the policy for calculating cash surrender values;

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      (4) In calculating the present value of any paid-up term insurance with accompanying

pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be

not more than those shown in the commissioners 1980 extended term insurance table for policies

of ordinary insurance and not more than the commissioners 1961 industrial extended term

insurance table for policies of industrial insurance;

      (5) For insurance issued on a substandard basis, the calculation of any adjusted

premiums and present values may be based on appropriate modifications of the tables mentioned

in this subsection;

      (6) (i) For policies issued prior to the operative date of the valuation manual, any

commissioners' standard Commissioners Standard ordinary mortality tables, adopted after 1980

by the National Association of Insurance Commissioners, that are approved by regulation

promulgated by the commissioner of insurance for use in determining the minimum nonforfeiture

standard, may be substituted for the commissioners 1980 standard ordinary mortality table with or

without ten (10) year select mortality factors or for the commissioners 1980 extended term

insurance table.

      (ii) For policies issued on or after the operative date of the valuation manual the

valuation manual shall provide the commissioners' standard Commissioners Standard mortality

table for use in determining the minimum nonforfeiture standard that may be substituted for the

commissioners 1980 Standard Ordinary Mortality Table with or without ten (10) year Select

Mortality Factors or for the Commissioners 1980 Extended Term Insurance Table. If the

commissioner approves by regulation any commissioners' standard Commissioners Standard

ordinary mortality table adopted by the NAIC for use in determining the minimum nonforfeiture

standard for policies issued on or after the operative date of the valuation manual then that

minimum nonforfeiture standard supersedes the minimum nonforfeiture standard provided by the

valuation manual.

      (7) (i) For policies issued prior to the operative date of the valuation manual, any

commissioners' standard Commissioners Standard industrial mortality tables, adopted after 1980

by the National Association of Insurance Commissioners, that are approved by regulation

promulgated by the commissioner of insurance for use in determining the minimum nonforfeiture

standard, may be substituted for the commissioners 1961 standard industrial mortality table or the

commissioners 1961 industrial extended term insurance table.

      (ii) For policies issued on or after the operative date of the valuation manual the

valuation manual shall provide the commissioners' standard Commissioners Standard mortality

table for use in determining the minimum nonforfeiture standard that may be substituted for the

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Commissioners 1961 Standard Industrial Mortality Table or the Commissioners 1961 Industrial

Extended Term Insurance Table. If the commissioner approves by regulation any commissioners'

standard Commissioners Standard industrial mortality table adopted by the NAIC for use in

determining the minimum nonforfeiture standard for policies issued on or after the operative date

of the valuation manual then that minimum nonforfeiture standard supersedes the minimum

nonforfeiture standard provided by the valuation manual.

      (i) The nonforfeiture interest rate is defined below:

      (A) For policies issued prior to the operative date of the valuation manual, the

nonforfeiture interest rate per annum for any policy issued in a particular calendar year shall be

equal to one hundred and twenty-five percent (125%) of the calendar year statutory valuation

interest rate for the policy as defined in chapter 4.5 of this title, rounded to the nearer one-quarter

of one percent (.25%); provided, however, that the nonforfeiture interest rate shall not be less than

four percent (4%) .

      (B) For policies issued on and after the operative date of the valuation manual the

nonforfeiture interest rate per annum for any policy issued in a particular calendar year shall be

provided by the valuation manual.

      (j) Notwithstanding any other provision in this title to the contrary, any re-filing of

nonforfeiture values or their methods of computation for any previously approved policy form

which involves only a change in the interest rate or mortality table used to compute nonforfeiture

values shall not require re-filing of any other provisions of that policy form.

     SECTION 2. Sections 27-4.5-1, 27-4.5-13 and 27-4.5-16 of the General Laws in Chapter

27-4.5 entitled "The Standard Valuation Law" are hereby amended to read as follows:

     27-4.5-1. Short title and definitions. -- (a) This chapter shall be known as the "Standard

Valuation Law."

      (b) For the purpose of this chapter, the following definitions shall apply on or after the

operative date of the valuation manual:

      (1) "Accident and health insurance" means contracts that incorporate morbidity risk and

provide protection against economic loss resulting from accident, sickness, or medical conditions

and as may be specified in the valuation manual.

      (2) "Appointed actuary" means a qualified actuary who is appointed in accordance with

the valuation manual to prepare the actuarial opinion required in subsection 27-4.5-3(a)(b).

      (3) "Commissioner of insurance" means the director of the department of business

regulation or his or her designee.

      (4) "Company" means an entity, which: (i) Has written, issued, or reinsured life

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insurance contracts, accident and health insurance contracts, or deposit-type contracts in this state

and has at least one such policy in force or on claim; or (ii) Has written, issued, or reinsured life

insurance contracts, accident and health insurance contracts, or deposit-type contracts in any state

and is required to hold a certificate of authority to write life insurance, accident and health

insurance, or deposit-type contracts in this state.

      (5) "Deposit-type contract" means contracts that do not incorporate mortality or

morbidity risks and as may be specified in the valuation manual.

      (6) "Life insurance" means contracts that incorporate mortality risk, including annuity

and pure endowment contracts, and as may be specified in the valuation manual.

      (7) "NAIC" means the National Association of Insurance Commissioners.

      (8) "Policyholder behavior" means any action a policyholder, contract holder or any

other person with the right to elect options, such as a certificate holder, may take under a policy

or contract subject to this chapter including, but not limited to, lapse, withdrawal, transfer,

deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or

contract, but excluding events of mortality or morbidity that result in benefits prescribed in their

essential aspects by the terms of the policy or contract.

      (9) "Principle-based valuation" means a reserve valuation that uses one or more methods

or one or more assumptions determined by the insurer and is required to comply with section 27-

4.5-14 as specified in the valuation manual.

      (10) "Qualified actuary" means an individual who is qualified to sign the applicable

statement of actuarial opinion in accordance with the American Academy of Actuaries

qualification standards for actuaries signing such statements and who meets the requirements

specified in the valuation manual.

      (11) "Tail risk" means a risk that occurs either where the frequency of low probability

events is higher than expected under a normal probability distribution or where there are observed

events of very significant size or magnitude.

      (12) "Valuation manual" means the manual of valuation instructions adopted by the

NAIC as specified in this chapter or as subsequently amended.

     27-4.5-13. Valuation manual for policies issued on or after the operative date of the

valuation manual. -- (a) For policies issued on or after the operative date of the valuation

manual, the standard prescribed in the valuation manual is the minimum standard of valuation

required under subsection 27-4.5-2(b), except as provided under subsections (e) or (g) of this

section.

      (b) The operative date of the valuation manual is January 1 of the first calendar year

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following the first July 1 as of which all of the following have occurred:

      (1) The valuation manual has been adopted by the NAIC by an affirmative vote of at

least forty-two (42) members, or three-fourths (3/4) of the members voting, whichever is greater.

      (2) The Standard Valuation Law, as amended by the NAIC in 2009, or legislation

including substantially similar terms and provisions, has been enacted by states representing

greater than seventy-five percent (75%) of the direct premiums written as reported in the

following annual statements submitted for 2008: life, accident and health annual statements;

health annual statements; or fraternal annual statements.

      (3) The Standard Valuation Law, as amended by the NAIC in 2009, or legislation

including substantially similar terms and provisions, has been enacted by at least forty-two (42)

of the following fifty-five (55) jurisdictions: The fifty (50) States of the United States, American

Samoa, the American Virgin Islands, the District of Columbia, Guam, and Puerto Rico.

      (c) Unless a change in the valuation manual specifies a later effective date, changes to

the valuation manual shall be effective on January 1 following the date when all of the following

have occurred:

      (1) The change to the valuation manual has been adopted by the NAIC by an affirmative

vote representing:

      (i) At least three-fourths (3/4) of the members of the NAIC voting, but not less than a

majority of the total membership, and

      (ii) Members of the NAIC representing jurisdictions totaling greater than seventy-five

percent (75%) of the direct premiums written as reported in the following annual statements most

recently available prior to the vote in subsection (c)(1)(i): life, accident and health annual

statements, health annual statements, or fraternal annual statements.

      (2) The valuation manual becomes effective pursuant to a regulation adopted by the

commissioner.

      (d) The valuation manual must specify all of the following:

      (1) Minimum valuation standards for and definitions of the policies or contracts subject

to subsection 27-4.5-2(b). Such minimum valuation standards shall be:

      (i) The commissioner's Commissioners reserve valuation method for life insurance

contracts, other than annuity contracts, subject to subsection 27-4.5-2(b);

      (ii) The commissioner's Commissioners annuity reserve valuation method for annuity

contracts subject to subsection 27-4.5-2(b); and

      (iii) Minimum reserves for all other policies or contracts subject to subsection 27-4.5-

2(b).

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      (2) Which policies or contracts or types of policies or contracts that are subject to the

requirements of a principle-based valuation in subsection 27-4.5-14(a) and the minimum

valuation standards consistent with those requirements;

      (3) For policies and contracts subject to a principle-based valuation under section 27-4.5-

14:

      (i) Requirements for the format of reports to the commissioner under subdivision 27-4.5-

14(b)(2) and which shall include information necessary to determine if the valuation is

appropriate and in compliance with this chapter;

      (ii) Assumptions shall be prescribed for risks over which the company does not have

significant control or influence.

      (iii) Procedures for corporate governance and oversight of the actuarial function, and a

process for appropriate waiver or modification of such procedures.

      (4) For policies not subject to a principle-based valuation under section 27-4.5-14 the

minimum valuation standard shall either:

      (i) Be consistent with the minimum standard of valuation prior to the operative date of

the valuation manual; or

      (ii) Develop reserves that quantify the benefits and guarantees, and the funding,

associated with the contracts and their risks at a level of conservatism that reflects conditions that

include unfavorable events that have a reasonable probability of occurring.

      (5) Other requirements, including, but not limited to, those relating to reserve methods,

models for measuring risk, generation of economic scenarios, assumptions, margins, use of

company experience, risk measurement, disclosure, certifications, reports, actuarial opinions and

memorandums, transition rules and internal controls; and

      (6) The data and form of the data required under section 27-4.5-15, with whom the data

must be submitted, and may specify other requirements including data analyses and reporting of

analyses.

      (e) In the absence of a specific valuation requirement or if a specific valuation

requirement in the valuation manual is not, in the opinion of the commissioner, in compliance

with this chapter, then the company shall, with respect to such requirements, comply with

minimum valuation standards prescribed by the commissioner by regulation.

      (f) The commissioner may engage a qualified actuary, at the expense of the company, to

perform an actuarial examination of the company and opine on the appropriateness of any reserve

assumption or method used by the company, or to review and opine on a company's compliance

with any requirement set forth in this chapter. The commissioner may rely upon the opinion,

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regarding provisions contained within this chapter, of a qualified actuary engaged by the

commissioner of another state, district or territory of the United States. As used in this subsection,

term "engage" includes employment and contracting.

      (g) The commissioner may require a company to change any assumption or method that

in the opinion of the commissioner is necessary in order to comply with the requirements of the

valuation manual or this chapter; and the company shall adjust the reserves as required by the

commissioner. The commissioner may take other disciplinary action as permitted pursuant to

section 42-14-16.

     27-4.5-16. Confidentiality. -- (a) For purposes of this section, "confidential information"

shall mean:

      (1) A memorandum in support of an opinion submitted under section 27-4-3 and any

other documents, materials and other information, including, but not limited to, all working

papers, and copies thereof, created, produced or obtained by or disclosed to the commissioner or

any other person in connection with such memorandum;

      (2) All documents, materials and other information, including, but not limited to, all

working papers, and copies thereof, created, produced or obtained by or disclosed to the

commissioner or any other person in the course of an examination made under subsection 27-4.5-

13(f); provided, however, that if an examination report or other material prepared in connection

with an examination made under chapter 27-13.1 is not held as private and confidential

information under chapter 27-13.1, an examination report or other material prepared in

connection with an examination made under subsection 27-4.5-13(f) of this chapter shall not be

"confidential information" to the same extent as if such examination report or other material had

been prepared in accordance with chapter 27-13.1;

      (3) Any reports, documents, materials and other information developed by a company in

support of, or in connection with, an annual certification by the company under subdivision 27-

4.5-14(b)(1)(2) of this chapter evaluating the effectiveness of the company's internal controls with

respect to a principle-based valuation and any other documents, materials and other information,

including, but not limited to, all working papers, and copies thereof, created, produced or

obtained by or disclosed to the commissioner or any other person in connection with such reports,

documents, materials and other information;

      (4) Any principle-based valuation report developed under subdivision 27-4.5-14(b)(2)(3)

and any other documents, materials and other information, including, but not limited to, all

working papers, and copies thereof, created, produced or obtained by or disclosed to the

commissioner or any other person in connection with such report; and

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      (5) Any documents, materials, data and other information submitted by a company under

section 27-4.5-15 (collectively, "experience data") and any other documents, materials, data and

other information, including, but not limited to, all working papers, and copies thereof, created or

produced in connection with such experience data, in each case that include any potentially

company-identifying or personally identifiable information, that is provided to or obtained by the

commissioner (together with any "experience data", the "experience materials") and any other

documents, materials, data and other information, including, but not limited to, all working

papers, and copies thereof, created, produced or obtained by or disclosed to the commissioner or

any other person in connection with such experience materials.

      (b) Privilege for, and confidentiality of, confidential information.

      (1) Except as provided in this section 27-4.5-16, a company's confidential information is

confidential by law and privileged, and shall not be subject to chapter 38-2, shall not be subject to

subpoena and shall not be subject to discovery or admissible in evidence in any private civil

action; provided, however, that the commissioner is authorized to use the confidential information

in the furtherance of any regulatory or legal action brought against the company as a part of the

commissioner's official duties.

      (2) Neither the commissioner nor any person who received confidential information

while acting under the authority of the commissioner shall be permitted or required to testify in

any private civil action concerning any confidential information.

      (3) In order to assist in the performance of the commissioner's duties, the commissioner

may share confidential information: (i) With other state, federal and international regulatory

agencies and with the NAIC and its affiliates and subsidiaries; and (ii) In the case of confidential

information specified in subdivisions 27-4.5-16(a)(1) and 27-4.5-16(a)(4) only, with the actuarial

board for counseling and discipline or its successor upon request stating that the confidential

information is required for the purpose of professional disciplinary proceedings and with state,

federal and international law enforcement officials; in the case of subsections (a) and (b),

provided, that, such recipient agrees, and has the legal authority to agree, to maintain the

confidentiality and privileged status of such documents, materials, data and other information in

the same manner and to the same extent as required for the commissioner.

      (4) The commissioner may receive documents, materials, data and other information,

including otherwise confidential and privileged documents, materials, data or information, from

the NAIC and its affiliates and subsidiaries, from regulatory or law enforcement officials of other

foreign or domestic jurisdictions and from the actuarial board for counseling and discipline or its

successor and shall maintain as confidential or privileged any document, material, data or other

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information received with notice or the understanding that it is confidential or privileged under

the laws of the jurisdiction that is the source of the document, material or other information.

      (5) The commissioner may enter into agreements governing sharing and use of

information consistent with subsection 27-4.5-16(b).

      (6) No waiver of any applicable privilege or claim of confidentiality in the confidential

information shall occur as a result of disclosure to the commissioner under this section or as a

result of sharing as authorized in subdivision 27-4.5-16(b)(3).

      (7) A privilege established under the law of any state or jurisdiction that is substantially

similar to the privilege established under subsection 27-4.5-16(b) shall be available and enforced

in any proceeding in, and in any court of, this state.

      (8) In section 27-4.5-16 "regulatory agency," "law enforcement agency" and the "NAIC"

include, but are not limited to, their employees, agents, consultants and contractors.

      (c) Notwithstanding subsection 27-4.5-16(b), any confidential information specified in

subdivisions 27-4.5-16(a)(1) and 27-4.5-14(a)(4):

      (1) May be subject to subpoena for the purpose of defending an action seeking damages

from the appointed actuary submitting the related memorandum in support of an opinion

submitted under section 27-4.5-3 or principle-based valuation report developed under subdivision

27-4.5-14(b)(3) by reason of an action required by this chapter or by regulations promulgated

hereunder;

      (2) May otherwise be released by the commissioner with the written consent of the

company; and

      (3) Once any portion of a memorandum in support of an opinion submitted under section

27-4.5-3 or a principle-based valuation report developed under subdivision 27-4.5-14(b)(3) is

cited by the company in its marketing or is publicly volunteered to or before a governmental

agency other than a state insurance department or is released by the company to the news media,

all portions of such memorandum or report shall no longer be confidential.

     SECTION 3. Section 42-14-18 of the General Laws in Chapter 42-14 entitled

"Department of Business Regulation" is hereby amended to read as follows:

     42-14-18. Form and rate filing fees. -- The following fees shall be charged for the

services of the division of insurance in reviewing policy or certificate forms, as those terms are

defined in section 27-29-2(f)(7), and related forms and rates that are required by law to be

submitted by insurers, as that term is defined in section 27-29-2(e)(4), for review and approval by

the director prior to use:

      (1) For each policy or certificate form included in a single package, including any related

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forms, rates, and other documents submitted in the same package -- forty dollars ($40.00); and

      (2) For related forms or revised rates in connection with a policy that has been

previously approved, submitted in a single package, charged based upon the number of policies

involved -- twenty-five dollars ($25.00).

      (3) Fees shall be submitted with each filing and shall be deposited as general revenue.

These fees shall be in addition to any taxes and fees otherwise payable to the state.

      (4) Before any form approved pursuant to chapter 27-2.5 may be used in the state of

Rhode Island, the fees specified in this section must be paid.

     SECTION 4. Section 27-20.7-14 of the General Laws in Chapter 27-20.7 entitled "Third

Party Health Insurance Administrators" is hereby amended to read as follows:

     27-20.7-14. Annual report and filing fee. -- (a) Each administrator shall file an annual

report for the preceding calendar year with the commissioner on or before March 1 of each year,

or within any extension of time for filing as the commissioner for good cause may grant. The

report shall be in the form and contain any matters that the commissioner prescribes and shall be

verified by at least two (2) officers of the administrator.

      (b) The annual report shall include the complete names and addresses of all insurers with

which the administrator had an agreement during the preceding fiscal year.

      (c) At the time of filing its annual report, the administrator shall pay a filing fee as

required by the commissioner.

     SECTION 5. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO INSURANCE -- THE STANDARD NON-FORFEITURE LAW FOR LIFE

INSURANCE

***

     This act would make technical changes to the standard valuation and standard

nonforfeiture provisions of the general laws relating to insurance.

     This act would take effect upon passage.

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