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 R590-223-8 - Gender-Blended Tables
Universal Citation: UT Admin Code R 590-223-8
Current through Bulletin 2024-06, March 15, 2024
(1)
(a) For an ordinary life insurance policy
delivered or issued for delivery in this state after June 30, 2003, that
utilizes the same premium rates and charges for male and female lives or is
issued in circumstances where applicable law does not permit distinctions on
the basis of gender, a mortality table that is a blend of the 2001 CSO
Mortality Table (M) and the 2001 CSO Mortality Table (F) may, at the option of
the company for each plan of insurance, be substituted for the 2001 CSO
Mortality Table for use in determining minimum cash surrender values and
amounts of paid-up nonforfeiture benefits.
(b) No change in minimum valuation standards
is implied by this section of the rule.
(2) The company may choose from among the blended tables developed by the American Academy of Actuaries CSO Task Force and adopted by the NAIC in December 2002.
(3) It may not, in and of itself, be a violation of Subsection 31A-23a-402(3) for an insurer to issue the same kind of policy of life insurance on both a sex-distinct and sex-neutral basis.
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