Statutes, codes, and regulations
Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-076 - ALABAMA PROCEDURES FOR RECOGNIZING A NEW ANNUITY MORTALITY TABLE FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES
Section 482-1-076-.04 - Individual Annuity Or Pure Endowment Contracts

Ala. Admin. Code r. 482-1-076-.04

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Current through Register Vol. 43, No. 1, October 31, 2024
Section 482-1-076-.04 - Individual Annuity Or Pure Endowment Contracts
(1) Except as provided in Paragraphs (2) and (3) of this Rule, the 1983 Table "a" is recognized and approved as an individual annuity mortality table for valuation and, at the option of the company, may be used for purposes of determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after July 30, 1979.
(2) Except as provided in Paragraph (3) of this Rule, either the 1983 Table "a" or the Annuity 2000 Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 1987.
(3) Except as provided in Paragraph (4) of this Rule, the Annuity 2000 Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 1999.
(4) Except as provided in paragraph (5) of this rule, the 2012 IAR Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after (the effective date of this amended regulation).
(5) The 1983 Table "a" without projection is to be used for determining the minimum standards of valuation for an individual annuity or pure endowment contract issued on or after January 1, 1999, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from any of the following:
(a) Settlements of various forms of claims pertaining to court settlements or out of court settlements from tort actions.
(b) Settlements involving similar actions such as worker's compensation claims.
(c) Settlements of long term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.

Ala. Admin. Code r. 482-1-076-.04

Amended by Alabama Administrative Monthly Volume XXXII, Issue No. 11, August 29, 2014, eff. 1/1/2015.
Amended by Alabama Administrative Monthly Volume XLII, Issue No. 09, June 28, 2024, eff. 7/1/2024.

Author: Reyn Norman, Associate Counsel

Statutory Authority:Code of Ala. 1975, §§ 27-2-17 and 27-36A-1 to 27-36A-20.