Utah Administrative Code
Topic - Insurance
Title R590 - Administration
Rule R590-241 - Preferred Mortality Tables to Determine Minimum Reserve Liabilities
Section R590-241-5 - Conditions
Universal Citation: UT Admin Code R 590-241-5
Current through Bulletin 2024-06, March 15, 2024
(1)
(a) An insurer offering an insurance plan
with separate rates for preferred and standard nonsmoker lives may substitute
Super Preferred Nonsmoker, Preferred Nonsmoker, and Residual Standard Nonsmoker
tables for the Nonsmoker mortality table found in the 2001 CSO Mortality Table
to determine minimum reserves.
(b)
At the time of substitution and annually thereafter, except for business valued
under the Residual Standard Nonsmoker Table, an appointed actuary shall certify
that:
(i) the present value of death benefits
over the next ten years after the valuation date, using the anticipated
mortality experience without recognition of mortality improvement beyond the
valuation date for each class, is less than the present value of death benefits
using the valuation basic table corresponding to the valuation table being used
for that class; and
(ii) the
present value of death benefits over the future life of the contracts, using
anticipated mortality experience without recognition of mortality improvement
beyond the valuation date for each class, is less than the present value of
death benefits using the valuation basic table corresponding to the valuation
table being used for that class.
(2)
(a) An
insurer offering an insurance plan with separate rates for preferred and
standard smoker lives may substitute the Preferred Smoker and Residual Standard
Smoker tables for the 2001 CSO Mortality Table to determine minimum
reserves.
(b) At the time of
substitution and annually thereafter, for business valued under the Preferred
Smoker Table, an appointed actuary shall certify that:
(i) the present value of death benefits over
the next ten years after the valuation date, using the anticipated mortality
experience without recognition of mortality improvement beyond the valuation
date for each class, is less than the present value of death benefits using the
Preferred Smoker valuation basic table; and
(ii) the present value of death benefits over
the future life of the contracts, using anticipated mortality experience
without recognition of mortality improvement beyond the valuation date for each
class, is less than the present value of death benefits using the Preferred
Smoker valuation basic table.
(3)
(a)
Unless exempted by the commissioner, an insurer using the 2001 CSO Preferred
Class Structure Table shall annually file with the commissioner or, at the
direction of the commissioner, with the NAIC or a statistical agent designated
by the NAIC and acceptable to the commissioner, statistical reports showing
mortality and other information required by the commissioner.
(b) The reports shall be in a form approved
by the commissioner.
Disclaimer: These regulations may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
