Illinois Administrative Code › Title 50 - INSURANCE › Part 1413 - RECOGNITION OF 2001 CSO PREFERRED CLASS STRUCTURE MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 1413.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
2001 CSO Mortality Table means 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 50 Ill. Adm. Code 1412.Appendix A and
				supplemented by the 2001 CSO Preferred Class Structure Mortality Table defined
				below. 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. Mortality tables in the
				2001 CSO Mortality Table include the following:
2001 CSO Mortality Table (F) means that mortality table
				consisting of the rates of mortality for female lives from the 2001 CSO
				Mortality Table.
2001 CSO Mortality Table (M) means that mortality table
				consisting of the rates of mortality for male lives from the 2001 CSO Mortality
				Table.
Composite mortality tables means mortality tables with rates of
				mortality that do not distinguish between smokers and nonsmokers.
Smoker and nonsmoker mortality tables means mortality tables
				with separate rates of mortality for smokers and nonsmokers.
2001 CSO Preferred Class Structure Mortality Table means
				mortality tables with separate rates of mortality for Super Preferred
				Nonsmokers, Preferred Nonsmokers, Residual Standard Nonsmokers, Preferred
				Smokers, and Residual Standard Smoker splits of the 2001 CSO Nonsmoker and
				Smoker approved by the NAIC in September 2006, as published in the 2006
				Proceedings for the NAIC (3rd Quarter), Vol. III, p.
				2219 and approved by the Director for use pursuant to this Part. Unless the
				context indicates otherwise, the 2001 CSO Preferred Class Structure Mortality
				Table includes both the ultimate form of that table and the select and ultimate
				form of that table. It includes both the smoker and nonsmoker mortality tables.
				It includes both the male and female mortality tables and the gender composite
				mortality tables. It also includes both the age-nearest-birthday and
				age-last-birthday bases of the mortality table.
Code means the Illinois Insurance Code [215 ILCS 5 ].
Department means the Department of Insurance.
Director means the Director of the Illinois Department of
				Insurance.
Statistical Agent means an entity with proven systems for
				protecting the confidentiality of individual insured and insurer information;
				demonstrated resources for and history of ongoing electronic communications and
				data transfer ensuring data integrity with insurers that are its members or
				subscribers; and a history of and means for aggregation of data and accurate
				promulgation of the experience modifications in a timely
				manner.