Md. Code Regs. 31.05.04.02

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Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.05.04.02 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Annuity 2000 Mortality Table" means the mortality table:

(a) Developed by the Society of Actuaries Committee on Life Insurance Research; and

(b) Set out in Regulation .04 of this chapter.

(2) Generational mortality table means a mortality table containing a set of mortality rates that decrease for a given age from one year to the next based on a combination of a period table and a projection scale containing rates of mortality improvement.

(3) Period table means a table of mortality rates applicable to a given calendar year.

(4) Projection Scale G2 means a table:

(a) Containing annual rates, G2_x, of mortality improvement by age for projecting future mortality rates beyond calendar year 2012;

(b) Developed by the Society of Actuaries Committee on Life Insurance Research; and

(c) Set out in Regulation .07 of this chapter.

(5) "1983 Table "a" means the mortality table:

(a) Developed by the Society of Actuaries Committee to Recommend a New Mortality Basis for Individual Annuity Valuation;

(b) Adopted as a recognized mortality table for annuities in June 1982 by the National Association of Insurance Commissioners; and

(c) Set out in Regulation .03 of this chapter.

(6) 2012 Individual Annuity Mortality Period Life Table or 2012 IAM Period Table means the period table containing loaded mortality rates for calendar year 2012. This table:

(a) Contains rates, q_x²⁰¹²,developed by the Society of Actuaries Committee on Life Insurance Research; and

(b) Is set out in Regulation .06 of this chapter.

(7) 2012 Individual Annuity Reserving Table or 2012 IAR Table means the generational mortality table:

(a) Developed by the Society of Actuaries Committee on Life Insurance Research; and

(b) Containing rates, q_x²⁰¹²⁺ⁿ, that are derived from a combination of the 2012 IAM Period Table and Projection Scale G2 using the methodology set out in Regulation .08 of this chapter.

Md. Code Regs. 31.05.04.02

Regulation .02B effective May 24, 2004 (31:10 Md. R. 796); amended effective January 1, 2015 (41:22 Md. R. 1320)