Ins 2.45(1)(1) Purpose. The purpose of this section is to interpret s. 631.07, Stats., with respect to the insurable interest of charitable organizations. This section does not limit or abridge any insurable interest existing at common law or by statute.

Ins 2.45(3)(a)(a) “Charitable organization” means an organization described in 26 USC 170 (c) or 26 USC 501 (c) (3).

Ins 2.45(3)(b)(b) “Life insurance” includes endowment policies and annuities.

Ins 2.45(4)(4) Insurable interest. A charitable organization may be the applicant, owner or beneficiary of a life insurance policy issued on the life of any individual. A charitable organization is deemed to have an insurable interest in the individual. For insurance applied for on or after March 1, 1994, the charitable organization has an insurable interest only if it obtains the consent of the individual in writing or by other means authorized by common law or by statute.

Ins 2.80(1)(a)(a) This section establishes minimum standards under ch. 623, Stats., for life insurance policy reserves by providing tables of select mortality factors, establishing rules concerning a minimum standard for the valuation of plans with non-level premiums or benefits, and establishing rules concerning a minimum standard for the valuation of plans with secondary guarantees.

Ins 2.80(1)(b)(b) The method for calculating basic reserves defined in this section constitutes the commissioner’s reserve valuation method for policies to which this section is applicable.

Ins 2.80(2)(2) Scope. This section applies to all life insurance policies, wherever sold, with or without nonforfeiture values, issued on or after January 1, 2000, subject to the following exceptions and conditions:

Ins 2.80(2)(a)(a) This section does not apply to any individual life insurance policy issued on or after January 1, 2000, if the policy is issued in accordance with and as a result of the exercise of a reentry provision contained in the original life insurance policy of the same or greater face amount that was issued before January 1, 2000 that guarantees the premium rates of the new policy. This section also does not apply to subsequent policies issued as a result of the exercise of such a provision in the new policy.

Ins 2.80(2)(b)(b) This section does not apply to any of the following:

Ins 2.80(2)(b)1.b.b. The specified premium for the secondary guarantee period is not less than the net level reserve premium for the secondary guarantee period based on the CSO valuation tables as defined in sub. (3) (f) and the applicable valuation interest rate.

Ins 2.80(2)(b)2.2. Any variable life insurance policy that provides for life insurance, the amount or duration of which varies according to the investment experience of any separate account or accounts.

Ins 2.80(2)(b)3.3. Any variable universal life insurance policy that provides for life insurance, the amount or duration of which varies according to the investment experience of any separate account or accounts.

Ins 2.80(2)(b)4.4. Group life insurance certificates, unless the certificates provide for a stated or implied schedule of maximum gross premiums required in order to continue coverage in force for a period in excess of one year.

Ins 2.80(2)(c)(c) Calculation of the minimum valuation standard for policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits, other than universal life policies, or both, shall be in accordance with the provisions of sub. (5).

Ins 2.80(2)(d)(d) Calculation of the minimum valuation standard for flexible premium and fixed premium universal life insurance policies, that contain provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period shall be in accordance with the provisions of sub. (6).

Ins 2.80(2)(e)(e) This section applies to policies that are subject to s. Ins 2.81 in the manner specified in that section.

Ins 2.80(3)(a)(a) “Basic reserves” means reserves calculated in accordance with the principles of s. 623.06 (3), Stats.

Ins 2.80(3)(b)(b) “Contract segmentation method” means the method of dividing the period from issue to mandatory expiration of a policy into successive segments, with the length of each segment being defined as the period from the end of the prior segment, or from policy inception for the first segment, to the end of the latest policy year as determined below. All calculations are made using the 1980 CSO valuation table and, if elected, the optional minimum mortality standard for deficiency reserves in sub. (4) (b). The length of a particular contract segment shall be set equal to the minimum of the value t for which Gt is greater than Rt. If Gt never exceeds Rt the segment length is deemed to be the number of years from the beginning of the segment to the mandatory expiration date of the policy. Gt and Rt are defined as follows: