760 Ind. Admin. Code 1-36-4

Current through October 31, 2024

Section 760 IAC 1-36-4 - Applicable tables

Authority: IC 27-1-3-7

Affected: IC 27-1-12-7; IC 27-1-12-10

Sec. 4.

(a) For any policy of insurance delivered or issued for delivery in this state after the operative date for that policy form which occurs after the effective date of this rule [ 760 IAC 1-36 ] and before January 1, 1989, at the option of the company and subject to the conditions stated in section 5 of this rule [ 760 IAC 1-36-5 ],

(1) the 1958 CSO Smoker and Nonsmoker Mortality Tables may be substituted for the 1980 CSO Table, with or without Ten-Year Select Mortality Factors, and

(2) the 1958 CET Smoker and Nonsmoker Mortality Tables may be substituted for the 1980 CET Table for use in determining minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits.

Provided that for any category of insurance issued on female lives with minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits determined using the 1958 CSO or 1958 CET Smoker and Nonsmoker Mortality Tables, such minimum values may be calculated according to an age not more than six years younger than the actual age of the insured.

Provided further that the substitution of the 1958 CSO or 1958 CET Smoker and Nonsmoker Mortality Tables is available only if made for each policy of insurance on a policy form delivered or issued for delivery on or after the operative date for that policy form which occurs after the effective date of this rule [ 760 IAC 1-36 ] and before a date not later than January 1, 1989.

(b) For any policy of insurance delivered or issued for delivery in this state after the operative date for that policy form which occurs after the effective date of this rule [ 760 IAC 1-36 ], at the option of the company and subject to the conditions stated in section 5 of this rule [ 760 IAC 1-36-5 ],

(1) the 1980 CSO Smoker and Nonsmoker Mortality Tables, with or without Ten-Year Select Mortality Factors, may be substituted for the 1980 CSO Table, with or without Ten-Year Select Mortality Factors, and

(2) the 1980 CET Smoker and Nonsmoker Mortality Tables may be substituted for the 1980 CET Table for use in determining minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits.

(c) The options specified in subsection (a) of this rule [this section] shall not be available to a company on or after the effective date of that company's election to use 1980 CSO Mortality Tables for all its future filings in this state.

760 IAC 1-36-4

Department of Insurance; 760 IAC 1-36-4; filed Oct 16, 1985, 2:18 pm: 9 IR 518; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA