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 120-2-90 - STANDARD NONFORFEITURE AND VALUATION FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS REGULATION
Rule 120-2-90-.03 - Definitions
Universal Citation: GA Rules and Regs r 120-2-90-.03
Current through Rules and Regulations filed through March 20, 2024
(1) As used in this regulation:
(a) "2001 CSO Mortality Table"
means that mortality table, consisting of separate rates for mortality for male
and female lives, developed by the American Academy of Actuaries CSO Task Force
from the Valuation Basic Mortality Table developed by the Society of Actuaries
Individual Life Insurance Valuation Mortality Task Force, and adopted by the
NAIC in December 2002. The 2001 CSO Mortality Table is included in the
Proceedings of the NAIC (2nd Quarter 2002) and
supplemented by the 2001 CSO Preferred Class Structure Mortality Table defined
below in subsection (d). Unless the context indicates otherwise, the "2001 CSO
Mortality Table" includes both the ultimate form of that table and the select
and ultimate form of that table and includes both the smoker and nonsmoker
mortality tables and the composite mortality tables. It also includes both the
age-nearest-birthday and age-last-birthday bases of the mortality
tables.
(b) "2001 CSO Mortality
Table (F)" means that mortality table consisting of the rates of mortality for
female lives from the 2001 CSO Mortality Table.
(c) "2001 CSO Mortality Table (M)" means that
mortality table consisting of the rates of mortality for male lives from the
2001 CSO Mortality Table.
(d) "2001
CSO Preferred Class Structure Mortality Table" means mortality tables with
separate rates of mortality for Super Preferred Nonsmokers, Preferred
Nonsmokers, Residual Standard Nonsmokers, Preferred Smokers, and Residual
Standard Smoker splits of the 2001 CSO Nonsmoker and Smoker tables as adopted
by the NAIC at the September, 2006 national meeting and published in the
NAIC Proceedings {3rd Quarter
2006}. Unless the context indicates otherwise, the "2001 CSO Preferred
Class Structure Mortality Table" includes both the ultimate form of that table
and the select and ultimate form of that table. It includes both the smoker and
nonsmoker mortality tables. It includes both the male and female mortality
tables and the gender composite mortality tables. It also includes both the
age-nearest-birthday and age-last-birthday bases of the mortality
table.
(e) "Composite mortality
tables" means mortality tables with rates of mortality that do not distinguish
between smokers and nonsmokers.
(f)
"Smoker and nonsmoker mortality tables" means mortality tables with separate
rates of mortality for smokers and nonsmokers.
(g) "Appendix A-830" means Appendix A-830 of
the NAIC Accounting Practices and Procedures Manual.
(h) "Statistical agent" means an entity with
proven systems for protecting the confidentiality of individual insured and
insurer information; demonstrated resources for and history of ongoing
electronic communications and data transfer ensuring data integrity with
insurers, which are its members or subscribers; and a history of and means for
aggregation of data and accurate promulgation of the experience modifications
in a timely manner.
(2) In addition to the other requirements of this regulation, a company shall use Appendix A-830 for the valuation of life insurance policies. This regulation does not expand the applicability of Appendix A-830 to include life insurance policies otherwise exempt under Appendix A-830.
O.C.G.A. Secs. 33-2-9, 33-10-13, 33-25-4.
Disclaimer: These regulations may not be the most recent version. Georgia 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.