Statutes, codes, and regulations
West Virginia Administrative Code
Agency 114 - Insurance CommissionTitle 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-69 - Recognition Of The 2001 CSO Mortality Table For Use In Determining Minimum Reserve Liabilities And Nonforfeiture Benefits
Section 114-69-5 - Applicability of the 2001 CSO Mortality Table to WV 114 CSR 68

W. Va. Code R. § 114-69-5

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Current through Register Vol. XLI, No. 50, December 13, 2024
Section 114-69-5 - Applicability of the 2001 CSO Mortality Table to WV 114 CSR 68
5.1. The 2001 CSO Mortality Table may be used in applying WV 114 CSR 68 in the following manner, subject to the transition dates for use of the 2001 CSO Mortality Table set forth in subsections 3.1 and 3.2 of this rule:
a. Paragraph 2, subdivision b, subsection 2.2 of WV 114 CSR 68: The net level reserve premium is based on the ultimate mortality rates in the 2001 CSO Mortality Table.
b. Subsection 3.2 of WV 114 CSR 68: All calculations are made using the 2001 CSO Mortality Rate, and, if elected, the optional minimum mortality standard for deficiency reserves stipulated in subdivision d of this subsection. The value of "qx+k+t-1" is the valuation mortality rate for deficiency reserves in policy year k+t, but using the unmodified select mortality rates if modified select mortality rates are used in the computation of deficiency reserves.
c. Subsection 4.1 of WV 114 CSR 68: The 2001 CSO Mortality Table is the minimum standard for basic reserves.
d. Subsection 4.2 of WV 114 CSR 68: The 2001 CSO Mortality Table is the minimum standard for deficiency reserves. If select mortality rates are used, they may be multiplied by X percent for durations in the first segment, subject to the conditions specified in paragraphs 1 through 9 of subdivision c of subsection 4.2. In demonstrating compliance with those conditions, the demonstrations may not combine the results of tests that utilize the 1980 CSO Mortality Table with those tests that utilize the 2001 CSO Mortality Table, unless the combination is explicitly required by rule or necessary to be in compliance with relevant Actuarial Standards of Practice.
e. Subsection 5.3 of WV 114 CSR 68: The valuation mortality table used in determining the tabular cost of insurance shall be the ultimate mortality rates in the 2001 CSO Mortality Table.
f. Subdivision d, subsection 5.5 of WV 114 CSR 68: The calculations specified in subsection 5.5 shall use the ultimate mortality rates in the 2001 CSO Mortality Table.
g. Subdivision d, subsection 5.6 of WV 114 CSR 68: The calculations specified in subsection 5.6 shall use the ultimate mortality rates in the 2001 CSO Mortality Table.
h. Subdivision b, subsection 5.7 of WV 114 CSR 68: The calculations specified in subsection 5.7 shall use the ultimate mortality rates in the 2001 CSO Mortality Table.
i. Paragraph 2, subdivision a, subsection 6.1 of WV 114 CSR 68: The one-year valuation premium shall be calculated using the ultimate mortality rates in the 2001 CSO Mortality Table.
5.2. Nothing in this section shall be construed to expand the applicability of WV 114 CSR 68 to include life insurance policies exempted under subsection 2.2 of that rule.

W. Va. Code R. § 114-69-5