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

Ill. Admin. Code tit. 50, § 1412.30

Amended at 32 Ill. Reg. 19718, effective January 1, 2009

Amended at 42 Ill. Reg. 14246, effective 7/12/2018

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