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This week's tip addresses best practices concerning actuarial material, specifically how to submit actuarial memorandums when a filing contains a benefit rider.  If benefit riders can be used with numerous base contracts, best practice is to file separate actuarial memorandums for each benefit rider instead of including the benefit feature information in the base contract actuarial memorandum.  Using separate memorandums only applies if there is a specific uniform standard applicable for that benefit feature.

The following are examples of benefit features that all have separate applicable Uniform Standards with identified actuarial requirements:

• bonus benefits
• market value adjustments
• guaranteed living benefits
• guaranteed minimum death benefits
• index-linked interest crediting features

Filing separate memorandums for benefit feature forms will not only eliminate the need to repeat the information in numerous base contract actuarial memorandums but will help make product update filing review more efficient. Please make sure that the filing including the benefit form is associated with every filing that includes a base contract using this benefit feature.