A. Initial Filing Requirements.
(1) The following information shall be submitted in connection with any filing of interest-indexed universal life insurance policies:
(a) A description of how the interest credits are determined, including:
(i) A description of the index;
(ii) The relationship between the value of the index and the actual interest rate to be credited;
(iii) The frequency and timing of determining the interest rate; and
(iv) The allocation of interest credits, if more than one rate of interest applies to different portions of the policy value;
(b) The insurer's investment policy, which includes a description of the following:
(i) How the insurer addressed the reinvestment risks;
(ii) How the insurer plans to address the risk of capital loss on cash outflows;
(iii) How the insurer plans to address the risk that appropriate investments may not be available or not available in sufficient quantities;
(iv) How the insurer plans to address the risk that the indexed interest rate may fall below the minimum contractual interest rate guaranteed in the policy;
(v) The amount and type of assets currently held for interest indexed policies; and
(vi) The amount and type of assets expected to be acquired in the future;
(c) If policies are linked to an index for a specified period less than to the maturity date of the policy, a description of the method used, or currently contemplated, to determine interest credits upon the expiration of the period;
(d) A description of any interest guarantee in addition to or in place of the index; and
(e) A description of any maximum premium limitations and the conditions under which they apply.
(2) All information received under this regulation shall be treated confidentially to the extent permitted by law.
B. Additional Filing Requirements.
(1) Annually, each insurer shall submit a Statement of Actuarial Opinion by the insurer's actuary similar to the example contained in Regulation .13 of this chapter.
(2) Annually, each insurer shall submit a description of the amount and type of assets currently held by the insurer with respect to its interest-indexed policies.
(3) Change in Investment Strategy.
(a) Before implementation, each domestic insurer shall submit a description of any material change in the insurer's investment strategy or method of determining the interest credits.
(b) A change in investment strategy is considered to be material if it would affect the form or definition of the index, such as any change in the information supplied in žA(1) of this regulation, or if it would significantly change the amount or type of assets held for interest-indexed policies.