North Dakota Administrative Code
Title 45 - Insurance, Commissioner of
Article 45-04 - Life Insurance
Chapter 45-04-08 - Annuity Tables
Section 45-04-08-02 - Individual annuity or pure endowment contracts

Universal Citation: ND Admin Code ยง 45-04-08-02

Current through Supplement No. 394, October, 2024

1. Except as provided in subsections 2 and 3, 1983 Table "a" is recognized and approved as an individual mortality table for valuation and, at the option of the company, may be used for purposes of determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after July 1, 1983.

2. Except as provided in subsection 3, 1983 Table "a" is to be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 1986.

3. Except as provided in subsection 4, the Annuity 2000 Mortality Table must be used for determining the minimum standard of valuation of any individual annuity or pure endowment contract issued on or after September 1, 1999.

4. Except as provided in subsection 5. the 2012 IAR Table must be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1. 2016.

5. The 1983 Table "a" without projection is to be used for determining the minimum standards of valuation for an individual annuity or pure endowment contract issued on or after September 1, 1999, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from:

a. Settlements of various forms of claims pertaining to court settlements or out-of-court settlements from tort actions;

b. Settlements involving similar actions such as workers' compensation claims; or

c. Settlements of long-term disability claims when a temporary or life annuity has been used in lieu of continuing disability payments.

General Authority: NDCC 28-32-02

Law Implemented: NDCC 26.1-35

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