Sec. 98.1. Purposes

The purposes of this Part are:

(a) to prescribe rules and guidelines for valuing individual life insurance policies and certain group life insurance certificates, with primary emphasis on valuation of non-level premium and/ or non-level benefit life insurance policies, indeterminate premium life insurance policies, universal life insurance policies, variable life insurance policies, and credit life insurance policies in accordance with statutory reserve formulae, and to clarify principles underlying this Part;

(b) to permit, in certain situations, the use of new mortality selection factors in valuing statutory reserves; and

(c) to prescribe rules and guidelines for valuing statutory reserves in accordance with the timing of payment of death claims.