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The National Association of Insurance Commissioners approved a model regulation that could force life insurers to increase their reserves for many forms of term life products at its spring meeting in March in Washington, D.C.
The regulation, known officially as the Valuation of Life Insurance Policies Model Regulation, but better known by its informal title, "Triple-X," would recalculate how most insurers offering term life insurance products would establish sufficient reserves to cover claims.
The model recommends that states...