Delaware Administrative Code
Title 18 - Insurance
1200 - Life Insurance and Annuities
1213 - Recognition Of The 2001 CSO Mortality Table For Use In Determining Minimum Reserve Liabilities And Nonforfeiture Benefits
Section 1213-5.0 - Conditions

Universal Citation: 18 DE Admin Code 1213-5.0

Current through Register Vol. 28, No. 3, September 1, 2024

5.1 For each plan of insurance with separate rates for smokers and nonsmokers an insurer may use:

5.1.1 Composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits;

5.1.2 Smoker and nonsmoker mortality tables to determine the valuation net premiums and additional minimum reserves, if any, required by 18 Del.C. § 1111 and § 1113 and use composite mortality tables to determine the basic minimum reserves, minimum cash surrender values and amounts of paid-up nonforfeiture benefits; or

5.1.3 Smoker and nonsmoker mortality to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits.

5.2 For plans of insurance without separate rates for smokers and nonsmokers the composite mortality tables shall be used.

5.3 For the purpose of determining minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits, the 2001 CSO Mortality Table may, at the option of the company for each plan of insurance, be used in its ultimate or select and ultimate form, subject to the restrictions of section 6 hereof and Regulation 1212 relative to use of the select and ultimate form.

5.4 When the 2001 CSO Mortality Table is the minimum reserve standard for any plan for a company, the actuarial opinion in the annual statement filed with the commissioner shall be based on an asset adequacy analysis as specified in 18 Del.C. § 1111(c). A commissioner may exempt a company from this requirement if it only does business in this state and in no other state.

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