Iowa Admin. Code r. 191-43.2 - Definitions

For purposes of this chapter, the following definitions shall apply:

"1983 GAM Table " means that mortality table developed by the Society of Actuaries Committee on Annuities and adopted as a recognized mortality table for annuities in December 1983 by the National Association of Insurance Commissioners.

"1983 Table 'a'" means that mortality table developed by the Society of Actuaries Committee to Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as a recognized mortality table for annuities in June 1982 by the National Association of Insurance Commissioners.

"1994 GAR Table " means that mortality table developed by the Society of Actuaries Group Annuity Valuation Table Task Force and shown on pages 866 and 867 of Volume XLVII of the Transactions of the Society of Actuaries (1995). The 1994 GAR Table was adopted as a recognized mortality table for annuities in December 1996 by the National Association of Insurance Commissioners.

"2012 IAR Table " means the generational mortality table developed by the Society of Actuaries Committee on Life Insurance Research and containing rates, q_x²⁰¹²⁺ⁿ derived from a combination of the 2012 IAM Period Table and Projection Scale G2, using the methodology stated in subrule 43.3(6).

"2012 Individual Annuity Mortality Period Life Table" or"2012 IAM Period" means the period table containing loaded mortality rates for calendar year 2012. This table contains rates, q_x²⁰¹²⁺ⁿ, developed by the Society of Actuaries Committee on Life Insurance Research and is shown in Appendices I and II.

"Annuity 2000 Mortality Table " means that mortality table developed by the Society of Actuaries Committee on Life Insurance Research and shown on page 240 of Volume XLVII of the Transactions of the Society of Actuaries (1995). The Annuity 2000 Mortality Table was adopted as a recognized mortality table for annuities in December 1996 by the National Association of Insurance Commissioners.

"Generational mortality table" means a mortality table containing a set of mortality rates that decrease for a given age from one year to the next based on a combination of a period table and a projection scale containing rates of mortality improvement.

"Period table " means a table of mortality rates applicable to a given calendar year (the period).

"Projection Scale G2" or "Scale G2" means a table of annual rates, G2_X, of mortality improvement by age for projecting future mortality rates beyond calendar year 2012. This table was developed by the Society of Actuaries Committee on Life Insurance Research and is shown in Appendices III and IV

Notes

Iowa Admin. Code r. 191-43.2

ARC 1110C, IAB 10/16/2013, effective 1/1/15