(a) The
1983 Table "a," the Annuity 2000 Mortality Table excluding mortality rates
independent of sex, the 1983 GAM Table, the 1994 GAR Table and the 2012 IAR
Mortality Table are approved by the Commissioner as annuity mortality tables
for valuation.
(b) At the option of
the company, the 1983 Table "a" may be used in determining the minimum standard
of valuation for an individual annuity or pure endowment contract issued prior
to January 1, 1986, and for an annuity or pure endowment purchased prior to
January 1, 1986, under a group annuity or pure endowment contract.
(c) The 1983 Table "a," or the Annuity 2000
Mortality Table excluding mortality rates independent of sex shall be used in
determining the minimum standard of valuation for an individual annuity or pure
endowment contract issued on or after January 1, 1986, and prior to June 26,
1999.
(d) The Annuity 2000
Mortality Table excluding mortality rates independent of sex shall be used,
except as provided by subsections (e) and (f), in determining the minimum
standard of valuation for an individual annuity or pure endowment contract
issued on or after June 26, 1999.
(e) Except as provided in subsection (f), the
2012 IAR Mortality Table shall be used for determining the minimum standard of
valuation for any individual annuity or pure endowment contract issued on or
after August 8, 2016.
(f) The 1983
Table "a" shall be used in determining the minimum standard of valuation for an
individual annuity or pure endowment contract issued on or after June 26, 1999,
when the contract is based on life contingencies and is issued to fund periodic
benefits arising from:
(1) Settlements of
claims pertaining to court settlements or out of court settlements from tort
actions.
(2) Settlements of claims,
such as worker's compensation claims.
(3) Settlements of long term disability
claims when a temporary or life annuity has been used instead of continuing
disability payments.
(g)
At the option of the company, the 1983 GAM Table or the 1994 GAR Table may be
used in determining the minimum standard of valuation for an annuity or pure
endowment purchased prior to January 1, 1986, under a group annuity or pure
endowment contract.
(h) The 1983
GAM Table or the 1994 GAR Table shall be used in determining the minimum
standard of valuation for an annuity or pure endowment purchased on or after
January 1, 1986, and prior to June 26, 1999, under a group annuity or pure
endowment contract.
(i) 1994 GAR
Table.
(1) The 1994 GAR Table shall be used in
determining the minimum standard of valuation for an annuity or pure endowment
purchased on or after June 26, 1999, under a group annuity or pure endowment
contract.
(2) In using the 1994 GAR
Table, the mortality rate for a person age x in year (1994 + n) shall be
calculated as follows:
qx1994+n =
qx1994
(1-AAx)n where the values of
qx1994 and
AAx are as specified in the 1994 GAR
Table.
