South Carolina Code of Regulations
Chapter 69 - DEPARTMENT OF INSURANCE
Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities
Section 69-37.5 - Application of the 2012 IAR Mortality Table

Universal Citation: SC Code Regs 69-37.5
Current through Register Vol. 48, No. 3, March 22, 2024

In using the 2012 IAR Mortality Table, the mortality rate for a person age x in year (2012 + n) is calculated as follows:

qx2012+n = qx2012(1- G2x) n

The resulting qx 2012+n shall be rounded to three decimal places per 1,000, e.g., 0.741 deaths per 1,000. Also, the rounding shall occur according to the formula above, starting at the 2012 period table rate.

For example, for a male age 30, qx2012= 0.741.

qx 2013= 0.741 * (1 - 0.010) ^ 1 = 0.73359, which is rounded to 0.734.

qx 2014= 0.741 * (1 - 0.010) ^ 2 = 0.7262541, which is rounded to 0.726.

A method leading to incorrect rounding would be to calculate qx 2014 as qx 2013 * (1 - 0.010), or 0.734 * 0.99 = 0.727.

It is incorrect to use the already rounded qx 2013 to calculate qx 2014 .

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