Illinois Administrative Code › Title 50 - INSURANCE › Part 1412 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 1412.20 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
1980 CSO Valuation Tables means the Commissioner's 1980
				Standard Ordinary Mortality Table (1980 CSO Table) without 10 year selection
				factors, incorporated into the 1980 amendments to the National Association of
				Insurance Commissioners (NAIC) Standard Valuation Law, and the smoker and
				nonsmoker variations of the 1980 CSO Table approved by the NAIC in December
				1983, as published in the 1984 Proceedings for the NAIC, Vol. 1, p. 31 and
				approved by the Director for use in determining the minimum standards of
				valuation pursuant to 50 Ill. Adm. Code 934.
2001 CSO Mortality Table means that mortality table, consisting
				of separate rates of mortality for male and female lives found in Appendix A of
				this Part, 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
				National Association of Insurance Commissioners (NAIC) in December 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) 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.
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 50 Ill. Adm. Code 1413.
				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 ].
Composite mortality tables means mortality tables with rates of
				mortality that do not distinguish between smokers and nonsmokers.
Director means the Director of the Illinois Department of
				Insurance.
Smoker and nonsmoker mortality tables means mortality tables
				with separate rates of mortality for smokers and nonsmokers.