Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69O - OIR - Insurance Regulation
Chapter 69O-162 - ANNUITY CONTRACTS
Section 69O-162.106 - Application of 1994 GAR Table and the 2012 IAR Mortality Table
Universal Citation: FL Admin Code R 69O-162.106
Current through Reg. 50, No. 187; September 24, 2024
(1) In using the 1994 GAR Table, the mortality rate for a person age x in year (1994 + n) is calculated as follows:
qx-1994 + n = qx1994(1 - AAx)n
where the qx-1994s and AAxs are as specified in the 1994 GAR Table.
(2) In using the 2012 IAR Mortality Table, the mortality rate for a person age x in year (2012 + n) is calculated as follows:
qx2012 + n = qx2012(1 - G2x)n
(a) The resulting qx
2012+n shall be rounded to three decimal
places per 1,000, e.g., 0.741 deaths per 1,000. Also, the rounding shall occur
according to the formula above, starting at the 2012 period table
rate.
(b) For example, for a male
age 30, qx2012 = 0.741.
1. qx
2013 = 0.741 * (1 - 0.010) ^ 1 =
0.73359, which is rounded to 0.734.
2. qx
2014 = 0.741 * (1 - 0.010) ^ 2 =
0.7262541, which is rounded to 0.726.
(c) A method leading to incorrect rounding
would be to calculate qx
2014 as qx
2013 * (1 - 0.010), or 0.734 * 0.99 =
0.727. It is incorrect to use the already rounded qx
2013 to calculate
qx
2014.
Rulemaking Authority 624.308, 625.121(5)(k) FS. Law Implemented 624.307(1), 625.121 FS.
New 12-23-98, Formerly 4-162.106, Amended 7-28-15.
Disclaimer: These regulations may not be the most recent version. Florida may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
