Utah Admin. Code R590-241-5 - Conditions
(1)
(a) An
insurer offering an insurance plan with separate rates for preferred and
standard nonsmoker lives may substitute Super Preferred Nonsmoker, Preferred
Nonsmoker, and Residual Standard Nonsmoker tables for the Nonsmoker mortality
table found in the 2001 CSO Mortality Table to determine minimum
reserves.
(b) At the time of
substitution and annually thereafter, except for business valued under the
Residual Standard Nonsmoker Table, an appointed actuary shall certify that:
(i) the present value of death benefits over
the next ten years after the valuation date, using the anticipated mortality
experience without recognition of mortality improvement beyond the valuation
date for each class, is less than the present value of death benefits using the
valuation basic table corresponding to the valuation table being used for that
class; and
(ii) the present value
of death benefits over the future life of the contracts, using anticipated
mortality experience without recognition of mortality improvement beyond the
valuation date for each class, is less than the present value of death benefits
using the valuation basic table corresponding to the valuation table being used
for that class.
(2)
(a) An
insurer offering an insurance plan with separate rates for preferred and
standard smoker lives may substitute the Preferred Smoker and Residual Standard
Smoker tables for the 2001 CSO Mortality Table to determine minimum
reserves.
(b) At the time of
substitution and annually thereafter, for business valued under the Preferred
Smoker Table, an appointed actuary shall certify that:
(i) the present value of death benefits over
the next ten years after the valuation date, using the anticipated mortality
experience without recognition of mortality improvement beyond the valuation
date for each class, is less than the present value of death benefits using the
Preferred Smoker valuation basic table; and
(ii) the present value of death benefits over
the future life of the contracts, using anticipated mortality experience
without recognition of mortality improvement beyond the valuation date for each
class, is less than the present value of death benefits using the Preferred
Smoker valuation basic table.
(3)
(a)
Unless exempted by the commissioner, an insurer using the 2001 CSO Preferred
Class Structure Table shall annually file with the commissioner or, at the
direction of the commissioner, with the NAIC or a statistical agent designated
by the NAIC and acceptable to the commissioner, statistical reports showing
mortality and other information required by the commissioner.
(b) The reports shall be in a form approved
by the commissioner.
Notes
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