Pennsylvania Code
Title 31 - INSURANCE
Part IV - Life Insurance
Chapter 90f - INDIVIDUAL IMMINENT DEATH/LIFETIME HEALTH CARE FACILITY CONFINEMENT BENEFITS PROVIDED AS ACCELERATED DEATH BENEFIT OR SETTLEMENT OF DEATH BENEFIT; PROVIDED BY RIDERS OR BUILT INTO POLICIES-STATEMENT OF POLICY
Section 90f.16 - Actuarial considerations
Current through Register Vol. 54, No. 44, November 2, 2024
Actuarial considerations for forms designed as a settlement of the life insurance proceeds based on a reduced life expectancy of the insured.
(1) The insurer files the current mortality and interest and the formula used to determine the settlement amount. The insurer also files sample settlement amounts per $1,000 insurance for representative ages and plans and a sample calculation in the format that the Insurance Department can reproduce the settlement amount.
(2) The insurer certifies in writing that it will file future changes on the basis of the calculation of the settlement amount. It will file changes in the mortality table or formula and changes in the interest rate of more than 1/2 of 1%.
