N.M. Admin. Code § 13.9.11.8 - INDIVIDUAL ANNUITY OR PURE ENDOWMENT CONTRACTS
A. Except as provided in 13 NMAC 9.11.8.2 and
9.11.8.3 [now Subsections B and C of
13.9.11.8 NMAC], the 1983 table
"a" is recognized and approved as an individual annuity mortality table for
valuation and, at the option of the company, may be used for purposes of
determining the minimum standard of valuation for any individual annuity or
pure endowment contract issued on or after July 1, 1977.
B. Except as provided in 13 NMAC 9.11.8.3
[now Subsection C of
13.9.11.8 NMAC], either the 1983
table "a" or the annuity 2000 mortality table shall be used for determining the
minimum standard of valuation for any individual annuity or pure endowment
contract issued on or after December 31, 1985.
C. Except as provided in 13 NMAC 9.11.8.4
[now Subsection D of
13.9.11.8 NMAC], the annuity 2000
mortality table shall be used for determining the minimum standard of valuation
for any individual annuity or pure endowment contract issued on or after
January 1, 1999.
D. The 1983 table
"a" without projection is to be used for determining the minimum standards of
valuation for an individual annuity or pure endowment contract issued on or
after January 1, 1999, solely when the contract is based on life contingencies
and is issued to fund periodic benefits arising from:
(1) settlements of various forms of claims
pertaining to court settlements or out of court settlements from tort
actions;
(2) settlements involving
similar actions such as workers' compensation claims; or
(3) settlements of long term disability
claims where a temporary or life annuity has been used in lieu of continuing
disability payments.
Notes
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