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Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-073 - ALABAMA PROCEDURE FOR PERMITTING SAME MINIMUM NONFORFEITURE STANDARDS FOR MEN AND WOMEN INSURED UNDER 1980 CSO AND 1980 CET MORTALITY
Section 482-1-073-.04 - Rule

Ala. Admin. Code r. 482-1-073-.04

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Current through Register Vol. 43, No. 1, October 31, 2024
Section 482-1-073-.04 - Rule

For any policy of insurance on the life of either a male or female insured delivered or issued for delivery in this state beyond January 1, 1989, and after the operative date of Section 27-15-28 for that policy form,

(a) a mortality table which is a blend of the 1980 CSO Table (M) and the 1980 CSO Table (F) with or without Ten-Year Select Mortality Factors may at the option of the company be substituted for the 1980 CSO Table, with or without Ten-Year Select Mortality Factors, and
(b) a mortality table which is of the same blend as used in (i) but applied to form a blend of the 1980 CET Table (M) and the 1980 CET Table (F) may at the option of the company be substituted for the 1980 CET Table, for use in determining cash surrender and amounts of paid-up nonforfeiture benefits.

The following tables will be considered as the basis for acceptable tables:

TABLE A. 100% Male 0% Female for tables to be designated as the "1980 CSO-A" and "1980 CET-A" tables.

TABLE B. 80% Male 20% Female for tables to be designated as the "1980 CSO-B" and "1980 CET-B" tables.

TABLE C. 60% Male 40% Female for tables to be designated as the "1980 CSO-C" and "1980 CET-C" tables.

TABLE D. 50% Male 50% Female for tables to be designated as the "1980 CSO-D" and "1980 CET-D" tables.

TABLE E. 40% Male 60% Female for tables to be designated as the "1980 CSO-E" and "1980 CET-E" tables.

TABLE F. 20% Male 80% Female for tables to be designated as the "1980 CSO-F" and "1980 CET-F" tables.

TABLE G. 0% Male 100% Female for tables to be designated as the "1980 CSO-G" and "1980 CET-G" tables.

Tables A and G are not to be used with respect to policies issued on or after January 1, 1985, except where the proportion of persons insured is anticipated to be 90% or more of one sex or the other or except for certain policies converted from group insurance. Such group conversions issued on or after January 1, 1986, must use Mortality Tables based on the blend of lives by sex expected for such policies if such group conversions are considered as extensions of the United States Supreme Court's decision in Arizona Governing Committee v. Norris, 51 U.S.L.W. 5243 (July 6, 1983). This consideration has not been clearly defined by court or legislative action in all jurisdictions. Table A is the same as 1980 CSO Table (M) and 1980 CET Table (M) and Table G is the same as 1980 CSO Table (F) and 1980 CET Table (F).

Author: Commissioner of Insurance

Ala. Admin. Code r. 482-1-073-.04

New: October 17, 1984; effective November 15, 1984. Filed for codification in the Alabama Administrative Code by the Department of Insurance on December 16, 2003, pursuant to the Code of Ala. 1975, § 27-7-43.

Statutory Authority:Code of Ala. 1975, § 27-2-17.