Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 340 - MORTALITY TABLES FOR DETERMINING MINIMUM RESERVES AND NONFORFEITURE BENEFITS
Article V - Annuity Mortality Tables
Section 031-340-V-4 - Application of the 2012 IAR Mortality Table

Universal Citation: 02 ME Code Rules ยง 031-340-V-4
Current through 2024-38, September 18, 2024

Inusing the 2012 IARM ortality Table,the mortality rate for a person agex in year (2012+n) is calculated as follows:

qx2012+n =qx2012(1-G2x)n

The resulting qx2012+n shall be round 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.

For example, for a male age 30, qx2012=0.741

qx2013=0.741*(1 - 0.010) ^ 1 = 0.73359, which is rounded to 0.734.

qx2014=0.741*(1 - 0.010) ^ 2 = 0.7262541, which is rounded to 0.726.

A method leading to incorrect rounding would be to calculate qx2014 as qx2013*(1 - 0.010), or 0.734*0.99=0.727.

It is incorrect to use the already rounded qx2013 to calculate qx2014.

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