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-.04 - 2001 CSO Mortality Table and 2001 CSO Preferred Class Structure Mortality Table
Current through Rules and Regulations filed through September 23, 2024
(1) At the election of the company for any one of more specified plans of insurance and subject to the conditions stated in this regulation, the 2001 CSO Mortality Table may be used as the minimum standard for policies issued on or after the effective date of this regulation and before the date specified in subsection (2) to which O.C.G.A. §§ 33-10-13(d)(1)(B)(iii) and 33-25-4(e)(8)(F) and Appendix A-830 are applicable. If the company elects to use the 2001 CSO Mortality Table, it shall do so for both valuation and nonforfeiture purposes.
(2) Subject to the conditions stated in this regulation, the 2001 CSO Mortality Table shall be used in determining minimum standards for policies issued on and after January 1, 2009, to which O.C.G.A. §§ 33-10-13(d)(1)(B)(iii) and 33-25-4(e)(8)(F) and Appendix A-830 are applicable.
(3) At the election of the company, for each calendar year of issue, for any one or more specified plans of insurance and subject to satisfying the conditions stated in this regulation, the 2001 CSO Preferred Class Structure Mortality Table may be substituted in place of the 2001 CSO Smoker or Nonsmoker Mortality Table as the minimum valuation standard for policies issued on or after January 1, 2007. No such election shall be made until the company demonstrates at least 20% of the business to be valued on this table is in one or more of the preferred classes. A table from the 2001 CSO Preferred Class Structure Mortality Table used in place of a 2001 CSO Mortality Table, pursuant to the requirements of this rule, will be treated as part of the 2001 CSO Mortality Table only for purposes of reserve valuation.
O.C.G.A. Secs. 33-2-9, 33-10-13, 33-25-4.
