Ill. Admin. Code tit. 50, § 934.30 - Definitions

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

a) "1980 CSO Table, with or without Ten-Year Select Mortality Factor" means that mortality table, consisting of separate rates of mortality for male and female lives, developed by the Society of Actuaries Committee to Recommend New Mortality Tables for Valuation of Standard Individual Ordinary Life Insurance, incorporated in the 1980 NAIC Amendments to the Model Standard Valuation Law and Standard Nonforfeiture Law for Life Insurance, and referred to in those models as the Commissioners 1980 Standard Ordinary Mortality Table, with or without Ten-Year Select Mortality Factors. The same select factors as published in the 1981 Proceedings for the NAIC, vol. II, pp. 842-844 will be used for both smokers and nonsmokers tables. No later amendments or editions to these Select Factors shall be included.

b) "1980 CET Table" means that mortality table consisting of separate rates of mortality for male and female lives, developed by the Society of Actuaries Committee to Recommend New Mortality Tables for Valuation of Standard Individual Ordinary Life Insurance, incorporated in the 1980 NAIC Amendments to the Model Standard Nonforfeiture Law for Life Insurance, and referred to in those models as the Commissioners 1980 Extended Term Insurance Table.

c) "1958 CSO Table" means that mortality table developed by the Society of Actuaries Special Committee on New Mortality Tables, incorporated in the NAIC Model Standard Nonforfeiture Law for Life Insurance, and referred to in that model as the Commissioners 1958 Standard Ordinary Mortality Table.

d) "1958 CET Table" means that mortality table developed by the Society of Actuaries Special Committee on New Mortality Tables, incorporated in the NAIC Model Standard Nonforfeiture Law for Life Insurance, and referred to in that model as the Commissioners 1958 Extended Term Insurance Table.

e) "Smoker and Nonsmoker Mortality Tables" refers to mortality tables with separate rates of mortality for smokers and nonsmokers derived from the 1980 and 1958 CSO and CET mortality tables, which were developed by the Society of Actuaries Task Force on Smoker/Nonsmoker Mortality and the California Insurance Department and which were adopted by the NAIC in December, 1983.

f) "Composite Mortality Tables" refers to the 1980 and 1958 CSO and CET mortality tables as they were originally published with rates of mortality that do not distinguish between smokers and nonsmokers.

g) "NAIC" means the National Association of Insurance Commissioners.

h) The Tables defined in subsections (a) through (f) of this Section shall not include any subsequent amendments or editions.

Notes

Ill. Admin. Code tit. 50, § 934.30