Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-223 - Rule to Recognize the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits
Section R590-223-7 - Applicability of the 2001 CSO Mortality Table to Rule R590-198
Universal Citation: UT Admin Code R 590-223-7
Current through Bulletin 2024-06, March 15, 2024
(1) The 2001 CSO Mortality Table may be used in applying Rule R590-198 in the following manner, subject to the transition dates for use of the 2001 CSO Mortality Table in Section R590-223-5:
(a) Subsection
R590-198-2(4)(c)(ii),
the net level reserve premium is based on the ultimate mortality rates in the
2001 CSO Mortality Table.
(b)
Subsection R590-198-3(3),
all calculations are made using the 2001 CSO Mortality Table, and, if elected,
the optional minimum mortality standard for deficiency reserves stipulated in
Subsection R590-223-7(1)(d).
The value of "qx+k+t-1" is the valuation mortality rate for deficiency reserves
in policy year k+t, but using the unmodified select mortality rates if modified
select mortality rates are used in the computation of deficiency
reserves.
(c) Subsection
R590-198-4(1),
the 2001 CSO Mortality Table is the minimum standard for basic
reserves.
(d) Subsection
R590-198-4(2),
the 2001 CSO Mortality Table is the minimum standard for deficiency reserves.
If select mortality rates are used, they may be multiplied by X percent for
durations in the first segment, subject to the conditions specified in
Subsections R590-198-4(2)(c)(i) through
(vii). In demonstrating compliance with those
conditions, the demonstrations may not combine the results of tests that
utilize the 1980 CSO Mortality Table with those tests that utilize the 2001 CSO
Mortality Table, unless the combination is explicitly required by rule or
necessary to be in compliance with relevant Actuarial Standards of
Practice.
(e) Subsection
R590-198-5(3),
the valuation mortality table used in determining the tabular cost of insurance
shall be the ultimate mortality rates in the 2001 CSO Mortality
Table.
(f) Subsection
R590-198-5(5)(d),
the calculations specified in Subsection
R590-198-5(5)
shall use the ultimate mortality rates in the 2001 CSO Mortality
Table.
(g) Subsection
R590-198-5(6)(d),
the calculations specified in Subsection
R590-198-5(6)
shall use the ultimate mortality rates in the 2001 CSO Mortality
Table.
(h) Subsection
R590-198-5(7)(b),
the calculations specified in Subsection
R590-198-5(7)
shall use the ultimate mortality rates in the 2001 CSO Mortality
Table.
(i) Subsection
R590-198-6(1)(b),
the one-year valuation premium shall be calculated using the ultimate mortality
rates in the 2001 CSO Mortality Table.
(2) Nothing in this section shall be construed to expand the applicability of Rule R590-198 to include life insurance policies exempted under Subsection R590-198-2(4).
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