Naic: variable life insurance model  regulation act national association of insurance commissioners

Model state law that stipulates minimum bene­fits that must be contained in the policy provisions, restrictions on pol­icy illustrations, minimum reserve requirements, and minimum qualifications necessary for the insurance company to sell variable life insurance (VLI). Some of the policy provisions, in addition to those found under the standard provisions, life insurance, particu­lar to VLI required by the NAIC regulation include:  if reinstate­ment of a VLI policy is to be effected, past-due premiums paid cannot be less than 110% of the increase in the policy's cash value immedi­ately prior to the reinstatement; and  loans against the cash value may be made on either a fixed or a variable interest rate for an amount up to 90% of the cash value.

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