Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-39 - LIFE AND ANNUITY TABLES
Rule 120-2-39-.02 - Unisex Life Mortality Tables

Universal Citation: GA Rules and Regs r 120-2-39-.02

Current through Rules and Regulations filed through September 23, 2024

(1) Authority. This Rule is made and promulgated by the Commissioner of Insurance pursuant to the authority set forth in O.C.G.A. Sections 33-10-13 and 33-25-4.

(2) Purpose. The purpose of the Rule is to permit individual life insurance policies to provide the same cash values and paid-up nonforfeiture benefits for both men and women. No change in minimum valuation standards is implied by this Rule.

(3) Definitions.

(a) As used in this Rule, '1980 CSO Table, with or without Ten-Year Select Mortality Factors' means that mortality table, consisting of separate rates of mortality for male and female lives, developed by the Society of Actuaries Committee to Recommend New Mortality Tables for Valuation of Standard Individual Ordinary Life Insurance, incorporated in the 1980 NAIC amendments to the Model Standard Valuation Law and Standard Nonforfeiture Law for Life Insurance, and referred to in those models as the Commissioners 1980 Standard Ordinary Mortality models as the Commissioners 1980 Standard Ordinary Mortality Table, with or without Ten-Year Select Mortality Factors.

(b) As used in this Rule, '1980 CSO Table (M), with or without Ten-Year Select Mortality Factors' means that mortality table consisting of the rates of mortality for male lives from the 1980 CSO Table, with or without Ten-Year Select Mortality Factors.

(c) As used in this Rule, '1980 CSO Table (F), with or without Ten-Year Select Mortality Factors' means that mortality table consisting of the rates of mortality for female lives from the 1980 CSO Table, with or without Ten-Year Select Mortality Factors.

(d) As used in this Rule, '1980 CET Table' means that mortality table consisting of separate rates of mortality for male and female lives, developed by the Society of Actuaries Committee to Recommend New Mortality Tables for Valuation of Standard Individual Ordinary Life Insurance, incorporated in the 1980 NAIC Amendments to the Model Standard Valuation Law and Standard Nonforfeiture Law for Life Insurance, and referred to in those models as the Commissioners 1980 Extended Term Insurance table.

(e) As used in this Rule, '1980 CET Table (M)' means that mortality table consisting of the rates of mortality for male lives from the 1980 CET Table.

(f) As used in this Rule, '1980 CET Table (F)' means that mortality table consisting of the rates of mortality for female lives from the 1980 CET Table.

(4) The minimum standard for cash surrender values and amounts of paid-up nonforfeiture benefits for any policy of insurance on the life of either a male or a female insured delivered or issued for delivery in this state after the operative date of O.C.G.A. Section 33-25-4(e)(11) for that policy form may, at the option of the company, be based on:

(a) a mortality table which is a blend of the 1980 CSO Table (M) and the 1980 CSO Table (F) with or without Ten-Year Select Mortality Factors; and

(b) a mortality table which is of the same blend as used in (a) but applied to form a blend of the 1980 CET Table (M) and the 1980 CET Table (F).

1. Tables A - 100% Male 0% Female for tables to be designated as the ' 1980 CSO-A' and '1980 CET-A' tables.

2. Tables B - 80% Male 20% Female for tables to be designated as the ' 1980 CSO-B' and '1980 CET-B' tables.

3. Tables C - 60% Male 40% Female for tables to be designated as the '1980 CSO-C' and '1980 CET-C' tables.

4. Tables D - C 50% Male 50% Female for tables to be designated as the '1980 CSO-D' and '1980 CET-D' tables.

5. Tables E - 40% Male 60% Female for tables to be designated as the '1980 CSO-E' and '1980 CET-E' tables.

6. Tables F - 20% Male 80% Female for tables to be designated as the '1980 CSO-F' and '1980 CET-F' tables.

7. Tables G - 0% Male 100% Female for tables to be designated as the '1980 CSO-G' and '1980 CET-G' tables.

(d) Tables A and G referred to in subparagraphs (c)1. and 7. above are not to be used with respect to policies issued on or after January 1, 1986, except where the proportion of persons insured is anticipated to be 90% or more of one sex or the other or except for certain policies converted from group insurance. Such group conversions issued on or after January 1, 1986, must use Mortality Tables based on the blend of lives by sex expected for such policies.

(5) Effective Date. This Rule shall become effective February 15, 1987.

O.C.G.A. Secs. 33-2-9, 33-3-21.1, 33-10-13, 33-25-4.

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