Michigan Administrative Code
Department - Insurance and Financial Services
Insurance
Smoker and Nonsmoker Mortality Tables
Section R. 500.1281 - Definitions
Current through Vol. 24-04, March 15, 2024
Rule 1. As used in these rules:
(a) "1958 CET table" means that mortality table developed by the society of actuaries special committee on new mortality tables which is incorporated in the NAIC model standard nonforfeiture law for life insurance and which is referred to in that model as the commissioners 1958 extended term insurance table.
(b) "1980 CET table" means that mortality table consisting of separate rates of mortality for male and female lives which is developed by the society of actuaries committee to recommend new mortality tables for valuation of standard individual ordinary life insurance, which is incorporated in the 1980 NAIC amendments to the model standard nonforfeiture law for life insurance, and which is referred to in those models as the commissioners 1980 extended term insurance table.
(c) "Composite mortality tables" means the mortality tables defined in subdivisions (a), (b), (d), and (e) of this rule as they were originally published with rates of mortality that do not distinguish between smokers and nonsmokers.
(d) "1958 CSO table" means that mortality table developed by the society of actuaries special committee on new mortality tables which is incorporated in the NAIC model standard nonforfeiture law for life insurance and which is referred to in that model as the commissioners 1958 standard ordinary mortality table.
(e) "1980 CSO table, with or without 10-year select mortality factors" means that mortality table which consists of separate rates of mortality for male and female lives, which is developed by the society of actuaries committee to recommend new mortality tables for valuation of standard individual ordinary life insurance, which is incorporated in the 1980 NAIC amendments to the model standard valuation law, and standard nonforfeiture law for life insurance, and which is referred to in those models as the commissioners 1980 standard ordinary mortality table, with or without 10-year select mortality factors. The same select factors shall be used for both smokers and nonsmokers tables.
(f) "NAIC" means national association of insurance commissioners.
(g) "Smoker and nonsmoker mortality tables" means the mortality tables with separate rates of mortality for smokers and nonsmokers derived from the tables defined in subdivisions (a), (b), (d), and (e) of this rule which were developed by the society of actuaries task force on smoker and nonsmoker mortality and the California insurance department staff, recommended by the NAIC technical staff actuarial group, and adopted by the national association of insurance commissioners on December 8, 1983.
