Section 29.03 - Applicability211 CMR 29.00 shall apply to all life insurance policies, with or without nonforfeiture values, issued by a carrier on or after January 1, 2001, subject to the following exceptions and conditions.
(1)Exceptions.(a)211 CMR 29.00 shall not apply to any individual life insurance policy issued on or after January 1, 2001 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, issued before January 1, 2001, that guarantees the premium rates of the new policy, 211 CMR 29.00 also shall not apply to subsequent policies issued as a result of the exercise of such a provision, or a derivation of the provision, in the new policy.(b)211 CMR 29.00 shall not apply to any universal life policy that meets all the following requirements: 1. The secondary guarantee period, if any, is five years or less;2. 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 211 CMR 29.04 and the applicable valuation interest rate; and3. The initial surrender charge is not less than 100% of the first year annualized specified premium for the secondary guarantee period.(c)211 CMR 29.00 shall not apply to 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.(d)211 CMR 29.00 shall not apply to 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.(e)211 CMR 29.00 shall not apply to a group life insurance certificate unless the certificate provides 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.(2)Conditions. (a) 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 211 CMR 29.06.(b) 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 211 CMR 29.07.(3) Nothing in 211 CMR 29.00 shall prohibit a carrier from complying with any provision of 211 CMR 29.00 prior to January 1, 2001.