Can anyone help me understand what the STAT reserve treatment for a SP ISWL product is in the US?
Product works like this:
AV: Customer pays a single premium which becomes an AV that earns a guaranteed interest rate for X years. A new guaranteed interest rate is determined at year X+1 for X more years, at which time the face amount increases based on the accumulated premium. This "renewal" process is automatic for the life of the policyholder (WL). There is a minimum guaranteed interest rate that applies at each "renewal".
Death Benefits: The face amount is higher than the AV in case of death, but mortality is not a material risk. A COI is charged against the AV.
Surrender Benefits: Upon surrender, an MVA is applied to the AV.
I don't fully understand the relationship between CRVM, UL Model Reg, AG38. Can someone help me understand if it is appropriate to say that the product would need to hold the greater of the reserve under CRVM/AG38 and the UL Model Reg?
I could be completely off base, in which anyone's input would be helpful.
Product works like this:
AV: Customer pays a single premium which becomes an AV that earns a guaranteed interest rate for X years. A new guaranteed interest rate is determined at year X+1 for X more years, at which time the face amount increases based on the accumulated premium. This "renewal" process is automatic for the life of the policyholder (WL). There is a minimum guaranteed interest rate that applies at each "renewal".
Death Benefits: The face amount is higher than the AV in case of death, but mortality is not a material risk. A COI is charged against the AV.
Surrender Benefits: Upon surrender, an MVA is applied to the AV.
I don't fully understand the relationship between CRVM, UL Model Reg, AG38. Can someone help me understand if it is appropriate to say that the product would need to hold the greater of the reserve under CRVM/AG38 and the UL Model Reg?
I could be completely off base, in which anyone's input would be helpful.
SP ISWL STAT Reserve
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