Ill. Admin. Code tit. 50, § 1412.30 - Applicability
Current through Register Vol. 46, No. 15, April 8, 2022
a) 2001 CSO
Mortality Table
1) At the election of the
company for any one or more specified plans of insurance and subject to the
conditions stated in this Part, the 2001 CSO Mortality Table may be used as the
minimum standard for policies issued on or after July 1, 2004 and before
January 1, 2017, to which Sections 223(3)(a)(i) and 229.2(4c)(h)(vi) of the
Code and 50 Ill. Adm. Code
1409.40(a) and
(b) are applicable. If the company elects to
use the 2001 CSO Mortality Table, it shall do so for both valuation and
nonforfeiture purposes.
2) Subject
to the conditions of this Part, the 2001 CSO Mortality Table shall be used in
determining minimum standards for policies issued on and after January 1, 2009
and before January 1, 2017, to which Sections 223(3)(a)(i) and 229.2(4c)(h)(vi)
of the Code and 50 Ill. Adm. Code
1409.40(a) and
(b) are applicable.
b) Exceptions. The 1980 CSO Valuation Tables
without select factors shall be used in determining minimum standards for
preneed insurance contracts and similar policies and contracts, as defined by
50 Ill. Adm. Code
1414.30, issued on or
after January 1, 2009 and before January 1, 2017, to which the requirements of
Sections 223(3)(a)(i) and 229.2(4c)(h)(vi) of the Code are applicable, except
in accordance with the Transitional Rules prescribed in 50 Ill. Adm. Code
1414.50.
Notes
Amended at 32 Ill. Reg. 19718, effective January 1, 2009
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