W. Va. Code R. § 114-45-3

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-45-3 - Definitions

3.1. As used in this rule, "1983 Table 'a'" means that mortality table developed by the Society of Actuaries Committee To Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as a recognized mortality table for annuities in June 1982 by the National Association of Insurance Commissioners.

3.2. As used in this rule, "1983 GAM Table" means that mortality table developed by the Society of Actuaries Committee on Annuities and adopted as a recognized mortality table for annuities in December 1983 by the National Association of Insurance Commissioners.

3.3. As used in this rule, "1994 GAR Table" means that mortality table developed by the Society of Actuaries Group Annuity Valuation Table Task Force and shown on pages 866-867 of Volume XLVII of the Transactions of the Society of Actuaries (1995).

3.4. As used in this rule, "Annuity 2000 Mortality Table" means that morality table developed by the Society of Actuaries Committee on Life Insurance Research and shown on page 240 of Volume XLVII of the Transactions of the Society of Actuaries (1995).

3.5. As used in this rule, "Period table" means a table of mortality rates applicable to a given calendar year (the Period).

3.6. As used in this rule, "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.

3.7. As used in this rule "2012 IAR Table" means that Generational mortality table developed by the Society of Actuaries Committee on Life Insurance Research and containing rates, q_x²⁰¹²⁺ⁿ, derived from a combination of the 2012 IAM Period Table and Projection Scale G2, using the methodology stated in section 5.

3.8. As used in this rule, "2012 Individual Annuity Mortality Period Life (2012 IAM Period) Table" means the Period table containing loaded mortality rates for calendar year 2012. This table contains rates, q_x²⁰¹², developed by the Society of Actuaries Committee on Life Insurance Research and is shown in Appendices I-II.

3.9. As used in this rule, "Projection Scale G2 (Scale G2)" is a table of annual rates, G2_X, of mortality improvement by age for projecting future mortality rates beyond calendar year 2012. This table was developed by the Society of Actuaries Committee on Life Insurance Research and is shown in Appendices III-IV.

W. Va. Code R. § 114-45-3