Utah Admin. Code R590-96-4 - Individual Annuity or Pure Endowment Contracts
(1) An individual annuity or a pure endowment
contract issued on or after April 2, 1980, and before July 1, 1985, at the
option of the company, may be valued using the 1983 Table (a).
(2) An individual annuity or a pure endowment
contract issued on or after July 1 1985, and before July 1, 1999, shall be
valued using the following tables:
(a) the
1983 Table (a); or
(b) the Annuity
2000 Mortality Table .
(3) Except as provided in Subsection (5), an
individual annuity or a pure endowment contract issued on or after July 1,
1999, and before January 1, 2015, shall be valued using the Annuity 2000
Mortality Table.
(4) Except as
provided in Subsection (5) an individual annuity or a pure endowment contract
issued on or after January 1, 2015, shall be valued using the 2012 IAR
Table.
(5) The 1983 Table (a) shall
be used for determining the minimum standards of valuation for an individual
annuity or a pure endowment contract issued on or after July 1, 1999, when the
contract is based on life contingencies and is issued to fund periodic benefits
arising from settlement of:
(a) claims
pertaining to court settlements or out of court settlements from tort
actions;
(b) similar actions such
as worker's compensation claims; or
(c) long term disability claims where a
temporary or life annuity has been used in lieu of continuing disability
payments.
Notes
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