New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter B - Life Insurers
Part 102 - Minimum Standards For Determining Reserve Liabilities And Nonforfeiture Values For Preneed Life Insurance
Section 102.3 - Definitions
Current through Register Vol. 46, No. 39, September 25, 2024
(a) 2001 CSO Mortality Table has the meaning contained in section 100.3(a) (Regulation 179) of this Title.
(b) Actuarial opinion has the meaning contained in section 95.4(a)(1) (Regulation 126) of this Title.
(c) Actuarial memorandum means the memorandum filed in support of the actuarial opinion. The form and substance of the actuarial memorandum shall be the same as that described in section 95.9 of this Title.
(d) Appointed actuary has the meaning contained in section 95.4(e) of this Title.
(e) Preneed life insurance means any life insurance policy or certificate that is issued in combination with, in support of, with an assignment to, or as a guarantee for, a prearrangement agreement for goods and services, or other benefits, to be provided at the time of and immediately following the death of the insured. Goods and services may include embalming, cremation, body preparation, viewing or visitation, coffin or urn, memorial stone, and transportation of the deceased. The status of the policy or certificate as preneed life insurance is determined at the time of issue in accordance with the policy form filing.
(f) Ultimate 1980 CSO Mortality Table means the mortality table without 10-year select mortality factors, consisting of separate rates of mortality for male and female lives, developed by the Society of Actuaries Committee to Recommend New Mortality Tables for Valuation of Standard Individual Ordinary Life Insurance, incorporated in the 1980 National Association of Insurance Commissioners (NAIC) Amendments to the Model Standard Nonforfeiture Law and Standards Valuation Law for Life Insurance, and referred to in those models as the Commissioners 1980 Standard Ordinary Mortality Table without 10-year select mortality factors.
