Ill. Admin. Code tit. 50, § 1414.30 - Definitions

Current through Register Vol. 46, No. 15, April 8, 2022

1980 CSO Valuation Table means the Commissioner's 1980 Standard Ordinary Mortality Tables (1980 CSO) without 10 year selection factors, incorporated into the 1980 amendments to the NAIC Standard Valuation Law, and the smoker and nonsmoker variations of the 1980 CSO Table approved by the NAIC in December 1983, as published in the 1984 Proceedings for the NAIC, Vol. 1, p. 31 and approved by the Director for use in determining the minimum standards of valuation pursuant to 50 Ill. Adm. Code 934.

2001 CSO Mortality Table means that mortality table, consisting of separate rates of mortality for male and female lives found in 50 Ill. Adm. Code 1412.Appendix A, developed by the American Academy of Actuaries CSO Task Force from the Valuation Basic Mortality Table developed by the Society of Actuaries Individual Life Insurance Valuation Mortality Task Force, and adopted by the NAIC in December 2002. Unless the context indicates otherwise, the 2001 CSO Mortality Table includes both the ultimate form of that table and the select and ultimate form of that table, and includes both the smoker and nonsmoker mortality tables and the composite mortality tables. It also includes both the age-nearest-birthday and age-last-birthday bases of the mortality tables.

Code means the Illinois Insurance Code [215 ILCS 5 ].

Department means the Department of Financial and Professional Regulation.

Director means the Director of the Department of Financial and Professional Regulation-Division of Insurance.

Division means the Illinois Department of Financial and Professional Regulation-Division of Insurance.

NAIC means the National Association of Insurance Commissioners.

Preneed Insurance is any life insurance policy or certificate, or any series or combination of agreements or contracts, issued in combination with, in support of, with an assignment to, or as a guarantee for a prearrangement agreement for goods and services to be provided at the time of and immediately following the death of the insured. Goods and services may include, but are not limited to, embalming, cremation, body preparation, viewing or visitation, coffin or urn, memorial stone, and transportation of the deceased. The status of the policy or contract as preneed insurance is determined at the time of issue in accordance with the policy form filing.

Notes

Ill. Admin. Code tit. 50, § 1414.30

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