Rhode Island Code of Regulations
Title 230 - Department of Business Regulation
Chapter 20 - Insurance
Subchapter 25 - LIFE AND ANNUITIES
Part 9 - Annuity Mortality Tables (Formerly Insurance Regulation 94) (230-RICR-20-25-9)
Section 230-RICR-20-25-9.4 - Individual Annuity or Pure Endowment Contracts

Universal Citation: 230 RI Code of Rules 20 25 9.4

Current through September 18, 2024

A. R.I. Gen. Laws §§ 27-4.5-4(a) and (b) shall apply as provided in those sections, except that, as provided in R.I. Gen. Laws § 27-4.5-4(c), the following § 9.4(B) of this Part shall apply to the special benefits described therein.

B. 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 January 1, 2000, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from:

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

2. Settlements involving similar actions such as worker's compensation claims; or

3. Settlements of long term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.

C. As provided in R.I. Gen. Laws § 27-4.5-4(b); The 2012 IAR is adopted as the standard for individual annuities issued on or after January 1, 2015, with the exception of the products covered by B. above.

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