News

We are pleased to announce the Insurance Compact now has an IRC § 7702 Revisions Resource Page. This new resource is based on questions the Compact Office has received regarding changes to life insurance nonforfeiture interest rates and death benefit factors due to federal legislation and changes in the economy. The Resource Page may be found in a number of places on the Compact’s website. The first location is on the Insurer Resources page under Extra Guidance on FINS. The second is on the FIN page itself right under FIN 2020-1. Actuaries are strongly encouraged to review this new tool to assist with your filing process.

The Resource Page is the latest in a series of actions to advise filers on this issue. In December 2020, the Insurance Compact Office issued a Filing Information Notice (FIN) 2020-1: New, Amended and Refiled Product Filings due to Changes in Interest Rates for Nonforfeiture Values in Life Insurance Products​ and there have been several weekly tips dedicated to making changes to life insurance nonforfeiture interest rates and death benefit factors. All of the previous guidance is linked in the Resource Page.

If after reviewing the published guidance, you have additional questions, please reach out to the Compact Office via email: Comments@insurancecompact.org.