La. Admin. Code tit. 37 § XIII-10705

Current through Register Vol. 50, No. 11, November 20, 2024
Section XIII-10705 - Definitions

2001 CSO Mortality Table- that mortality table, consisting of separate rates of mortality for male and female lives, developed by the American Academy of Actuaries CSO Task Force from the Valuation Basic Mortality Table developed by the Society of Actuaries Individual Life Insurance Valuation Mortality Task Force, and adopted by the NAIC in December 2002. The 2001 CSO Mortality Table is included in the Proceedings of the NAIC (2nd Quarter 2002). Unless the context indicates otherwise, the "2001 CSO Mortality Table" includes both the ultimate form of that table and the select and ultimate form of that table and includes both the smoker and nonsmoker mortality tables and the composite mortality tables. It also includes both the age-nearest-birthday and age-last-birthday bases of the mortality tables.

2001 CSO Mortality Table (F)- that mortality table consisting of the rates of mortality for female lives from the 2001 CSO Mortality Table.

2001 CSO Mortality Table (M)- that mortality table consisting of the rates of mortality for male lives from the 2001 CSO Mortality Table.

Composite Mortality Tables- mortality tables with rates of mortality that do not distinguish between smokers and nonsmokers.

Smoker and Nonsmoker Mortality Tables- mortality tables with separate rates of mortality for smokers and nonsmokers.

Valuation Manual-manual of valuation instructions as adopted by NAIC that sets forth the minimum reserve and related requirements for jurisdictions where the Standard Valuation Law or legislation including substantially similar terms and provisions has been enacted. The purpose of the VM-20 is to assign the appropriate CSO mortality table and interest rate for use in determining the minimum nonforfeiture standard for life insurance policies issued on or after the operative date of the applicable Valuation Manual as authorized and superseded by applicable state requirements.

La. Admin. Code tit. 37, § XIII-10705

Promulgated by the Department of Insurance, Office of the Commissioner, LR 31:2541 (October 2005), Amended LR 482296 (9/1/2022).
AUTHORITY NOTE: Promulgated in accordance with R.S.22:11, 22:753, 22:936 and the Administrative Procedure Act, R.S. 49:950 et seq.