New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 4 - ACTUARIAL SERVICES
Subchapter 26 - ANNUITY MORTALITY TABLES
Section 11:4-26.2 - Definitions

Universal Citation: NJ Admin Code 11:4-26.2
Current through Register Vol. 56, No. 18, September 16, 2024

The following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise.

"Annuity 2000 Mortality Table" means that mortality table developed by the Society of Actuaries Committee on Life Insurance Research and shown on page 240 of Volume XLVII of the Transactions of the Society of Actuaries (1995).

"Generational mortality table" means a mortality table containing a set of mortality rates that decrease for a given age from one year to the next based on a combination of a period table and a projection scale containing rates of mortality improvement.

"NAIC" means the National Association of Insurance Commissioners.

"Period table" means a table of mortality rates applicable to a given calendar year (the period).

"Projection Scale G2 (Scale G2)" means a table of annual rates, G2##, of mortality improvement by age for projecting future mortality rates beyond calendar year 2012. This table was developed by the Society of Actuaries Committee on Life Insurance Research and adopted as a recognized mortality table for annuities in December 2012 by the National Association of Insurance Commissioners (see 2012-1 Proceedings of the NAIC, pages 33-40).

"1983 Table 'a' " means that mortality table developed by the Society of Actuaries Committee to Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as a recognized mortality table for annuities in June 1982 by the National Association of Insurance Commissioners (see 1982 Proceedings of the NAIC II, page 454).

"1983 GAM Table" means that mortality table developed by the Society of Actuaries Committee on Annuities and adopted as a recognized mortality table for annuities in December 1983 by the National Association of Insurance Commissioners (see 1984 Proceedings of the NAIC I, pages 414 to 415).

"1994 GAR Table" means that mortality table developed by the Society of Actuaries Group Annuity Valuation Table Task Force and shown on pages 866-867 of Volume XLVII of the Transactions of the Society of Actuaries (1995).

"2012 IAR Table" means that generational mortality table developed by the Society of Actuaries Committee on Life Insurance Research and containing rates, q[x] 2012+n >, derived from a combination of the 2012 IAM Period Table and Projection Scale G2, using the methodology stated in 11:4-26.4. This table was adopted as a recognized mortality table for annuities in December 2012 by the National Association of Insurance Commissioners (see 2012-1 Proceedings of the NAIC, pages 33-40).

Disclaimer: These regulations may not be the most recent version. New Jersey 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.