Illinois Administrative Code
Title 50 - INSURANCE
Part 934 - USAGE OF SMOKER/NONSMOKER MORTALITY TABLES IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS
Section 934.60 - Conditions
Current through Register Vol. 48, No. 12, March 22, 2024
For each plan of insurance with separate rates for smokers and nonsmokers, an insurance company may:
a) use composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits, or
b) use smoker and nonsmoker mortality tables to determine the valuation net premiums and additional minimum reserves, if any, required by Section 223(3)(e) of the Illinois Insurance Code and use composite mortality tables to determine the basic minimum reserves, minimum cash surrender values and amounts of paid-up nonforfeiture benefits, or
c) use smoker and nonsmoker mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits.