Indiana Administrative Code › Title 760 - DEPARTMENT OF INSURANCE › Article 1 - GENERAL PROVISIONS › Rule 36 - Smoker/Nonsmoker Mortality Tables › Section 36-3 - Definitions

Current through July 10, 2024
Authority: IC 27-1-3-7
Affected: IC 27-1-12-7; IC 27-1-12-10
Sec. 3.
(a) As used
				in this rule
[ 760 IAC 1-36 ]
, "1980 CSO Table, with or
				without Ten-Year Select Mortality Factor" means that mortality table,
				consisting of separate rates of mortality for male and female lives, developed
				by the Society of Actuaries Committee to Recommend New Mortality Tables for
				Valuation of Standard Individual Ordinary Life Insurance, incorporated in the
				1980 NAIC Amendments to the Model Standard Valuation Law and Standard
				Nonforfeiture Law for Life Insurance, and referred to in those models as the
				Commissioners 1980 Standard Ordinary Mortality Table, with or without Ten-Year
				Select Mortality Factors. The same select factors will be used for both smokers
				and nonsmokers tables.
(b) As used
				in this rule
[ 760 IAC 1-36 ]
, "1980 CET Table" means that
				mortality table consisting of separate rates of mortality for male and female
				lives, developed by the Society of Actuaries Committee to Recommend New
				Mortality Tables for Valuation of Standard Individual Ordinary Life Insurance,
				incorporated in the 1980 NAIC Amendments to the Model Standard Nonforfeiture
				Law for Life Insurance, and referred to in those models as the Commissioners
				1980 Extended Term Insurance Table.
(c) As used in this rule
[ 760 IAC
				1-36 ]
, "1958 CSO Table" means that mortality table developed by the
				Society of Actuaries Special Committee on New Mortality Tables, incorporated in
				the NAIC Model Standard Nonforfeiture Law for Life Insurance, and referred to
				in that model as the Commissioners 1958 Standard Ordinary Mortality
				Table.
(d) As used in this rule
[ 760 IAC 1-36 ]
, "1958 CET Table" means that mortality table
				developed by the Society of Actuaries Special Committee on New Mortality
				Tables, incorporated in the NAIC Model Standard Nonforfeiture Law for Life
				Insurance, and referred to in that model as the Commissioners 1958 Extended
				Term Insurance Table.
(e) As used
				in this rule
[ 760 IAC 1-36 ]
, the phrase "smoker and
				nonsmoker mortality tables" refers to the mortality tables with separate rates
				of mortality for smokers and nonsmokers derived from the tables defined in
				subsections (a) through (d) of this section which were developed by the Society
				of Actuaries Task Force on Smoker/Nonsmoker Mortality and the California
				Insurance Department staff and recommended by the NAIC Technical Staff
				Actuarial Group.
(f) As used in
				this rule
[ 760 IAC 1-36 ]
, the phrase "composite mortality
				tables" refers to the mortality tables defined in subsections (a) through (d)
				of this section as they were originally published with rates of mortality that
				do not distinguish between smokers and nonsmokers.
(g) As used in this rule
[ 760 IAC
				1-36 ]
, the phrase "operative date" for a policy form means that date,
				after the election date described below, on which the form is filed with this
				department.
NOTE: A company elects to use 1980 CSO Mortality Tables in
				  Indiana by filing an election letter with the department, said letter including
				  an election date and providing that all company filings of any policy forms
				  submitted after the election date shall utilize 1980 CSO
				  Tables.