reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.22 - Title Insurers › Section 31.04.22.04 - Conducting a Review

Current through Register Vol. 51, No. 14, July 12, 2024
A. A title insurer:
(1) Shall, except as provided in §A(4) of this regulation, conduct a review during each calendar year of the underwriting, claims, and escrow practices of each principal agent;
(2) Shall conduct a review during normal business hours;
(3) May not be required to provide advance notice to the principal agent of the beginning of a review; and
(4) May not be required to conduct a review of a principal agent for the calendar year during which the principal agent is initially appointed, if the appointment is made on or after June 30 of that calendar year.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.22 - Title Insurers › Section 31.04.22.05 - Failure to Cooperate

Current through Register Vol. 51, No. 14, July 12, 2024
A principal agent's failure to cooperate with a title insurer at the beginning of or during a review shall constitute a reason to believe that the principal agent has engaged in a prohibited activity under Insurance Article, §
									10-126, Annotated Code of Maryland, and shall be reported to the Commissioner.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.22 - Title Insurers › Section 31.04.22.07 - Required Notifications

Current through Register Vol. 51, No. 14, July 12, 2024
A. Except as provided in §B of this regulation, if a title insurer has reason to believe that the principal agent has engaged in, or is engaging in, conduct that is prohibited by Insurance Article, §
									10-126, Annotated Code of Maryland, the title insurer shall notify the Commissioner in writing, which may be through email, facsimile, or other electronic transmission, within 10 calendar days after obtaining such knowledge or belief, in addition to filing any required a report.
B. A title insurer shall notify the Commissioner in writing, which may be through email, facsimile, or other electronic transmission, within 2 calendar days if a title insurer has reason to believe that a principal agent has converted or misappropriated money received or held in trust in addition to filing any required report.
C. A title insurer's written notification to the Commissioner under §§A and B of this regulation shall include the following information:
(1) The name, physical address, telephone number, and email address of the principal agent or its designated insurance producer who satisfies the qualifications set forth in §10-121(c);
(2) The principal agent's producer license number;
(3) The date or dates on which the principal agent failed to cooperate, if applicable;
(4) A description of the facts and circumstances of the principal agent's conduct prohibited by Insurance Article, §
										10-126, Annotated Code of Maryland, if applicable; and
(5) A description of the facts and circumstances giving rise to the title insurer's reason to believe that a principal agent has converted or misappropriated money received or held in trust.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.22 - Title Insurers › Section 31.04.22.08 - Maintenance of Records

Current through Register Vol. 51, No. 14, July 12, 2024
A. A licensee shall maintain for a period of 5 years after the conclusion of an on-site review, and make available to the Commissioner upon request, all documentation collected, prepared, and produced by the licensee during an on-site review including, but not limited to, work papers, summaries, daily log notes, and the report.
B. Records required by this regulation may be maintained in paper, photographic, magnetic, mechanical, or electronic media or by any process that accurately reproduces the actual document, if the copy of the record is maintained in a manner that:
(1) Is clear and legible;
(2) Accurately reproduces the original document in its entirety, including any attachments to the document;
(3) Is capable of producing a clear and legible hard copy of the original document; and
(4) Preserves evidence of any signature contained on the document.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.23 - Corporate Governance Annual Disclosure › Section 31.04.23.01 - Applicability

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter is applicable to a person subject to the filing requirements of the Maryland Insurance Corporate Governance Annual Disclosure Act under Insurance Article, Title 4, Subtitle 5, Annotated Code of Maryland.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.23 - Corporate Governance Annual Disclosure › Section 31.04.23.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Board" means the insurer's or insurance group's Board of Directors.
(2) "Commissioner" has the meaning stated in Insurance Article, §
										1-101(k), Annotated Code of Maryland.
(3) "Corporate Governance Annual Disclosure" or "CGAD" has the meaning stated in Insurance Article, §
										4-501(b), Annotated Code of Maryland.
(4) "Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in Insurance Article, §
										4-501(c), Annotated Code of Maryland.
(5) "Insurer" has the meaning stated in Insurance Article, §
										4-501(d), Annotated Code of Maryland.
(6) "Own Risk and Solvency Assessment" or "ORSA " has the meaning stated in Insurance Article, §
										32-101, Annotated Code of Maryland.
(7) Senior Management.
(a) "Senior Management" means any corporate officer responsible for reporting information to the Board at regular intervals or providing this information to shareholders and regulators.
(b) "Senior Management" includes, for example and without limitation:
(i) The Chief Executive Officer;
(ii) The Chief Financial Officer;
(iii) The Chief Operations Officer;
(iv) The Chief Procurement Officer;
(v) The Chief legal Officer;
(vi) The Chief Information Officer;
(vii) The Chief Technology Officer;
(viii) The Chief Revenue Officer;
(ix) The Chief Visionary Officer; and
(x) Any other "C" level executive.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.23 - Corporate Governance Annual Disclosure › Section 31.04.23.03 - Filing Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. An insurer, or the insurance group of which the insurer is a member, required to file a CGAD under Insurance Article, Title 4, Subtitle 5, Annotated Code of Maryland, shall, no later than June 1 of each calendar year, submit to the Commissioner a CGAD that contains the information described in Regulation .04 of this chapter.
B. The CGAD shall include a signature of the insurer's or insurance group's Chief Executive Officer or Corporate Secretary attesting to the best of that individual's belief and knowledge that the insurer or insurance group has implemented the corporate governance practices and that a copy of the CGAD has been provided to the insurer's Board or its appropriate committee.
C. The insurer or insurance group shall have discretion regarding the appropriate format for providing the information required by these regulations and is permitted to customize the CGAD to provide the most relevant information utilized by the insurer or insurance group necessary to permit the Commissioner to gain an understanding of
(1) The corporate governance structure;
(2) Corporate governance policies; and
(3) Corporate governance practices.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 04 - INSURERS › Chapter 31.04.23 - Corporate Governance Annual Disclosure › Section 31.04.23.04 - Contents of Corporate Governance Annual Disclosure

Current through Register Vol. 51, No. 14, July 12, 2024
A. The insurer or insurance group shall be as descriptive as possible in completing the CGAD. This means that attachments or example documents may be included if they are used in the governance process since these may provide a means to demonstrate the strengths of the insurer's or insurance group's governance framework and practices.
B. The CGAD shall describe the insurer's or insurance group's corporate governance framework and structure, including the following:
(1) The Board and its various committees ultimately responsible for overseeing the insurer or insurance group and the level or levels at which that oversight occurs;
(2) The rationale for the current Board size and structure;
(3) The duties of the Board and each of its significant committees;
(4) How the Board and its significant committees are governed, which may include documents such as bylaws, charters, and informal mandates; and
(5) How the Board's leadership is structured, including a discussion of the roles of Chief Executive Officer and Chairman of the Board within the organization.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.01 - Annual Actuarial Opinion and Memorandum › Section 31.05.01.01 - Scope

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter applies to all life insurance companies and fraternal benefit societies that are authorized to:
(1) Do business in this State; or
(2) Reinsure life insurance, annuities, or accident and health business in this State.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.01 - Annual Actuarial Opinion and Memorandum › Section 31.05.01.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Actuarial opinion" means the opinion of an appointed actuary regarding the adequacy of reserves and related actuarial items based on an asset adequacy analysis in accordance with:
(a) Regulation .05 of this chapter; and
(b) Applicable actuarial standards of practice.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.01 - Annual Actuarial Opinion and Memorandum › Section 31.05.01.03 - General Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Submission of Statement of Actuarial Opinion.
(1) There shall be included on or attached to page 1 of the annual statement for each year, beginning with the year in which this chapter becomes effective, the statement of an appointed actuary, entitled "Statement of Actuarial Opinion", setting forth an opinion relating to reserves and related actuarial items held in support of policies and contracts, in accordance with Regulation .05 of this chapter.
(2) In the case of a statement of actuarial opinion required to be submitted by a foreign or alien company, the Commissioner may accept the statement of actuarial opinion filed by the company with the insurance regulator of another state if the Commissioner determines that the opinion reasonably meets the requirements applicable to a company domiciled in this State.
(3) Upon written request by the company and upon good cause shown, the Commissioner may grant an extension of the date for submission of the statement of actuarial opinion.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.01 - Annual Actuarial Opinion and Memorandum › Section 31.05.01.04 - Liabilities To Be Covered

Current through Register Vol. 51, No. 14, July 12, 2024
A. The statement of actuarial opinion shall apply to all the business the company has in force on the statement date, whether directly issued or assumed, regardless of when or where issued, for example, reserves of Exhibits 5, 6, and 7 of the Annual Statement, and claim liabilities in Exhibit 8, Part 1 of the Annual Statement, and equivalent items in the separate account statement or statements of a life insurance company, and corresponding items in the annual statements of other companies.
B. If the appointed actuary determines as the result of asset adequacy analysis that a reserve should be held in addition to the aggregate reserve held by the company and calculated in accordance with methods set forth in accordance with the requirements of the Insurance Article, Title 5, Subtitle 3 (The Standard Valuation Law), Annotated Code of Maryland, and regulations adopted under it, the company shall establish the additional reserve.
C. Additional reserves established under §B of this regulation and considered not necessary in subsequent years may be released. Any amounts released shall be disclosed in the actuarial opinion for the applicable year. The release of these reserves is not considered an adoption of a lower standard of valuation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.01 - Annual Actuarial Opinion and Memorandum › Section 31.05.01.05 - Statement of Actuarial Opinion Based on an Asset Adequacy Analysis

Current through Register Vol. 51, No. 14, July 12, 2024
A. General.
(1) The statement of actuarial opinion submitted in accordance with this regulation shall consist of:
(a) A paragraph identifying the appointed actuary and the actuary's qualifications as required by §B(5) of this regulation;
(b) A scope paragraph identifying:
(i) The subjects on which an opinion is to be expressed and describing the scope of the appointed actuary's work, including a tabulation delineating the reserves and related actuarial items which have been analyzed for asset adequacy and the method of analysis as required by §B(6) of this regulation; and
(ii) The reserves and related actuarial items covered by the opinion which have not been so analyzed;
(c) A reliance paragraph describing those areas, if any, where the appointed actuary has deferred to other experts in developing data, procedures, or assumptions, for example, anticipated cash flows from currently owned assets (including variation in cash flows according to economic scenarios in §B(7) of this regulation) supported by a statement of each expert in the form prescribed by §E of this regulation; and
(d) An opinion paragraph expressing the appointed actuary's opinion with respect to the adequacy of the supporting assets to mature the liabilities as required by §B(10) of this regulation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.01 - Annual Actuarial Opinion and Memorandum › Section 31.05.01.06 - Description of Actuarial Memorandum Including an Asset Adequacy Analysis and Regulatory Asset Adequacy Issues Summary

Current through Register Vol. 51, No. 14, July 12, 2024
A. General.
(1) In accordance with Insurance Article, §
										5-201, Annotated Code of Maryland, the appointed actuary shall prepare a memorandum to the company describing the analysis done in support of the actuary's opinion regarding the reserves. The memorandum shall be made available for examination by the Commissioner upon the Commissioner's request.
(2) In preparing the memorandum, the appointed actuary may rely on, and include as a part of the actuary's own memorandum, memoranda prepared and signed by other actuaries who are qualified within the meaning of Regulation .02B(7) of this chapter, with respect to the areas covered in those memoranda, and so state in their memoranda.
(3) Memoranda.
(a) If the Commissioner requests a memorandum, the Commissioner may designate a qualified actuary to review the opinion and prepare a supporting memorandum, if:
(i) No memorandum exists; or
(ii) The Commissioner finds that the analysis described in the memorandum fails to meet the standards of the Actuarial Standards Board or the standards and requirements of this chapter.
(b) The reasonable and necessary expense of the independent review shall be paid by the company, but the review shall be directed and controlled by the Commissioner.
(4) Company Data.
(a) The reviewing actuary has the same status as an examiner for purposes of obtaining data from the company. The work papers and documentation of the reviewing actuary shall be retained by the Commissioner.
(b) Information provided by the company to the reviewing actuary and included in the work papers:
(i) Is considered as material provided by the company to the Commissioner; and
(ii) Shall be kept confidential to the same extent as is prescribed by law with respect to other material provided by the company to the Commissioner pursuant to Insurance Article, §
												2-209, Annotated Code of Maryland.
(c) The reviewing actuary may not be an employee of a consulting firm involved with the preparation of any prior memorandum or opinion for the company pursuant to this regulation for the current year or any one of the preceding 3 years.
(5) Asset Adequacy Issues Summary.
(a) In accordance with Insurance Article, §
											5-201, Annotated Code of Maryland, the appointed actuary shall prepare a regulatory asset adequacy issues summary, the contents of which are specified in §D of this regulation.
(b) The regulatory asset adequacy issues summary shall be submitted not later than March 15 of the year following the year for which a statement of actuarial opinion based on asset adequacy is required.
(c) The regulatory asset adequacy issues summary shall be kept confidential to the same extent and under the same conditions as the actuarial memorandum.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.01 - Annual Actuarial Opinion and Memorandum › Section 31.05.01.07 - Annual Filing Requirement

Current through Register Vol. 51, No. 14, July 12, 2024
A statement of opinion on the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Regulation .05 of this chapter, and a memorandum in support of the analysis in accordance with Regulation .06 of this chapter, is required each year.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.02 - Certificate of Valuation-Life Insurers › Section 31.05.02.01 - Certificate of Valuation

Current through Register Vol. 51, No. 14, July 12, 2024
A. Each life insurance company licensed in Maryland shall annually furnish the Commissioner within 30 days of its issuance by the state of domicile a certificate of valuation covering the previous calendar year attested by the insurance supervisory official of the company's state of domicile. The submission of the certificate of valuation shall be in addition to the submission of the annual or interim statement by the insurer as may be required by statute.
B. Each life insurance company incorporated under the laws of Maryland shall furnish the Commissioner on or before February 15th of each year with properly attested true and correct lists and valuations of its business in force, which, after appropriate investigation, will be used in connection with the annual valuation of policies. Failure to furnish the required lists and valuations will preclude the issuance by the Commissioner of a certificate of valuation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
A. The purpose of this chapter is to provide:
(1) Tables of select mortality factors and rules for their use;
(2) Rules concerning a minimum standard for the valuation of plans with nonlevel premiums or benefits;
(3) Rules concerning a minimum standard for the valuation of plans with secondary guarantees;
(4) Mortality tables to determine minimum valuation standards and minimum nonforfeiture standards for life insurance policies; and
(5) A requirement that all life insurers perform an asset adequacy analysis except in certain cases.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.02 - Applicability

Current through Register Vol. 51, No. 14, July 12, 2024
A. In General. Except as provided in §B of this regulation, this chapter applies to all life insurance policies, with or without nonforfeiture values, issued on or after the effective date of this chapter, subject to the conditions of §C of this regulation.
B. Exceptions. Regulations .07-.13 of this chapter do not apply to:
(1) An individual life insurance policy:
(a) Issued on or after the effective date of this chapter; and
(b) Issued in accordance with and as a result of a reentry provision contained in the original life insurance policy of the same or greater face amount which:
(i) Was issued before the effective date of this chapter, and
(ii) Guarantees the premium rates of the new policy;
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.04 - Incorporation by Reference

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Select Mortality Factors Tables from pages 830-17-830-36 of the NAIC Valuation of Life Insurance Policies Model Regulation, as adopted in March 1999, are incorporated by reference.
B. The 2001 CSO Mortality Table, as adopted by the NAIC in December 2002 and included in the Proceedings of the NAIC (2nd Quarter 2002), is incorporated by reference.
C. The 2001 CSO Preferred Class Structure Mortality Table, as adopted by the NAIC in September 2006 and included in the Proceedings of the NAIC (3rd Quarter 2006), is incorporated by reference.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.05 - Application of Mortality Tables

Current through Register Vol. 51, No. 14, July 12, 2024
A. Policies Issued Before January 1, 2009.
(1) At the election of an insurer for any one or more specified plans of insurance, an insurer may use the 1980 CSO valuation table or the 2001 CSO Mortality Table as the minimum standard for a policy issued before January 1, 2009.
(2) If an insurer elects to use the 2001 CSO Mortality Table as the minimum standard, the insurer shall do so for both valuation and nonforfeiture purposes.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.06 - Conditions for Use of Mortality Tables

Current through Register Vol. 51, No. 14, July 12, 2024
A. Plans of Insurance With Separate Rates for Smokers and Nonsmokers. For each plan of insurance with separate rates for smokers and nonsmokers, an insurer may use:
(1) Composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits;
(2) Smoker and nonsmoker mortality tables to determine the valuation net premiums and additional minimum reserves, if any, required by Insurance Article, §
										5-311, Annotated Code of Maryland, and composite mortality tables to determine the basic minimum reserves, minimum cash surrender values, and amounts of paid-up nonforfeiture benefits; or
(3) Smoker and nonsmoker mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.07 - General Calculation Requirements for Contract Segmentation Method

Current through Register Vol. 51, No. 14, July 12, 2024
A. All calculations are made using:
(1) For policies issued before January 1, 2009, the 1980 CSO valuation table or the 2001 CSO Mortality Table;
(2) For policies issued on or after January 1, 2009, the 2001 CSO Mortality Table; and
(3) If elected, the optional minimum mortality standard for deficiency reserves stipulated in Regulation .10B-D of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.08 - General Calculation Requirements for Segmented Reserves

Current through Register Vol. 51, No. 14, July 12, 2024
A. The net premiums within each segment are a uniform percentage of the respective guaranteed gross premiums within the segment. The uniform percentage for each segment is such that, at the beginning of the segment, the present value of the net premiums within the segment equals:
(1) The present value of the death benefits within the segment; plus
(2) The present value of any unusual guaranteed cash value, as specified in Regulation .11D of this chapter, occurring at the end of the segment; less
(3) Any unusual guaranteed cash value occurring at the start of the segment; plus
(4) For the first segment only, the excess of §A(4)(a) over §A(4)(b) of this regulation as follows:
(a) A net level annual premium equal to the present value, at the date of issue, of the benefits provided for in the first segment after the first policy year, divided by the present value, at the date of issue, of an annuity of one per year payable on the first and each subsequent anniversary within the first segment on which a premium falls due. The net level annual premium may not exceed the net level annual premium on the 19-year premium whole life plan of insurance of the same renewal year equivalent level amount at an age 1 year higher than the age at issue of the policy.
(b) A net 1-year premium for the benefits provided for in the first year policy.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.09 - General Calculation Requirements for Unitary Reserves

Current through Register Vol. 51, No. 14, July 12, 2024
A. Guaranteed benefits and modified net premiums are considered to the mandatory expiration of the policy.
B. Modified net premiums are a uniform percentage of the respective guaranteed gross premiums, where the uniform percentage is such that, at issue, the present value of the net premiums equals the present value of all death benefits and pure endowments, plus the excess of §B(1) over §B(2) of this regulation as follows:
(1) A net level annual premium equal to the present value, at the date of issue, of the benefits provided for after the first policy year, divided by the present value, at the date of issue, of an annuity of one per year payable on the first and each subsequent anniversary of the policy on which a premium falls due. The net level annual premium may not exceed the net level annual premium on the 19-year premium whole life plan of insurance of the same renewal year equivalent level amount at an age 1 year higher than the age at issue of the policy;
(2) A net 1-year term premium for the benefits provided for in the first policy year.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.10 - General Calculation Requirements for Basic Reserves and Premium Deficiency Reserves

Current through Register Vol. 51, No. 14, July 12, 2024
A. Basic Reserves.
(1) At the election of the company for any one or more specified plans of life insurance, the minimum mortality standard for basic reserves may be calculated using:
(a) For policies issued before January 1, 2009, the 1980 CSO valuation table with select mortality factors or the 2001 CSO Mortality Table; and
(b) For policies issued on or after January 1, 2009, the 2001 CSO Mortality Table.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.11 - Calculation of Minimum Valuation Standard for Policies with Guaranteed Nonlevel Gross Premiums or Guaranteed Nonlevel Benefits (Other than Universal Life Policies)

Current through Register Vol. 51, No. 14, July 12, 2024
A. Basic Reserves. Basic reserves shall be calculated as the greater of the segmented reserves and the unitary reserves. Both the segmented reserves and the unitary reserves for any policy shall use the same valuation mortality table and selection factors. At the option of the insurer, in calculating segmented reserves and net premiums, either of the following adjustments may be made:
(1) Treat the unitary reserve, if greater than zero, applicable at the end of each segment as a pure endowment, and subtract the unitary reserve, if greater than zero, applicable at the beginning of each segment from the present value of guaranteed life insurance and endowment benefits for each segment; or
(2) Treat the guaranteed cash surrender value, if greater than zero, applicable at the end of each segment as a pure endowment, and subtract the guaranteed cash surrender value, if greater than zero, applicable at the beginning of each segment from the present value of guaranteed life insurance and endowment benefits for each segment.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.12 - Calculation of Minimum Valuation Standard for Flexible Premium and Fixed Premium Universal Life Insurance Policies that Contain Provisions Resulting in the Ability of a Policyowner to Keep a Policy in Force over a Secondary Guarantee Period

Current through Register Vol. 51, No. 14, July 12, 2024
A. General.
(1) Policies with a secondary guarantee include a policy:
(a) With a guarantee that the policy remains in force at the original schedule of benefits, subject only to the payment of specified premiums;
(b) In which the minimum premium at any duration is less than the corresponding 1-year valuation premium, calculated using the maximum valuation interest rate and:
(i) For policies issued before January 1, 2009, the 1980 CSO valuation tables with or without 10-year select mortality factors or the ultimate mortality rates in the 2001 CSO Mortality Table; and
(ii) For policies issued on or after January 1, 2009, the ultimate mortality rates in the 2001 CSO Mortality Table; or
(c) With any combination of §A(1)(a) and (b) of this regulation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.13 - Select Mortality Factors

Current through Register Vol. 51, No. 14, July 12, 2024
A. The tables of the Select Mortality Factors, which are incorporated by reference under Regulation .04 of this chapter, are the bases to which the respective percentage of Regulation .10C(2) and (3) of this chapter are applied.
B. The six tables of base select mortality factors, which are incorporated by reference, include:
(1) Male aggregate;
(2) Male nonsmoker;
(3) Male smoker;
(4) Female aggregate;
(5) Female nonsmoker; and
(6) Female smoker.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.14 - Gender-Blended Tables

Current through Register Vol. 51, No. 14, July 12, 2024
An insurer that issues an ordinary life insurance policy for delivery in this State on or after January 1, 2004, that utilizes the same premium rates charged for male and female lives may:
A. Substitute a mortality table that is a blend of the 2001 CSO Mortality Table (F) and the 2001 CSO Mortality Table (M) instead of the 2001 CSO Mortality Table for use in determining:
(1) Minimum cash surrender values; and
(2) Amounts of paid-up nonforfeiture benefits;
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.03 - Valuation of Life Insurance Policies › Section 31.05.03.15 - 2001 CSO Preferred Class Structure Mortality Tables

Current through Register Vol. 51, No. 14, July 12, 2024
A. This regulation applies to policies issued on or after January 1, 2004.
B. Election of Minimum Valuation Standard.
(1) At the election of the insurer for any one or more specified plans of insurance and subject to satisfying the conditions stated in this chapter, the 2001 CSO Preferred Class Structure Mortality Table may be substituted in place of the 2001 CSO smoker or nonsmoker Mortality Table as the minimum valuation standard for policies issued on or after January 1, 2007.
(2) For policies issued on or after January 1, 2004, and prior to January 1 2007, the 2001 CSO Preferred Class Structure Mortality Table may be substituted in place of the 2001 CSO smoker or nonsmoker Mortality Table with the consent of the Commissioner and subject to the conditions in Regulation .06C-H of this chapter. In determining such consent, the Commissioner may rely on the consent of the Commissioner of the company's state of domicile.
(3) The election shall be made for each calendar year of issue.
(4) No election in §B(1) and (2) of this regulation shall be made until the insurer demonstrates that at least 20 percent of the business to be valued on the basis of the 2001 CSO Preferred Class Structure Mortality Table is in one or more of the preferred classes.
(5) A table from the 2001 CSO Preferred Class Structure Mortality Table used in place of a 2001 CSO Mortality Table, pursuant to the requirements of this chapter, is treated as part of the 2001 CSO Mortality Table only for purposes of reserve valuation pursuant to the requirements of the NAIC model regulation "Recognition of the 2001 CSO Mortality Table For Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation," referenced in §C of this regulation.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.04 - Valuation Standards for Individual Annuity and Pure Endowment Contracts › Section 31.05.04.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
The purpose of this chapter is to approve the use of the following mortality tables adopted by the National Association of Insurance Commissioners after 1980 as a basis for determining the minimum standards of valuation for individual annuity and pure endowment contracts:
A. The 1983 Table a;
B. The Annuity 2000 Mortality Table; and
C. The 2012 Individual Annuity Reserving Table.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.04 - Valuation Standards for Individual Annuity and Pure Endowment Contracts › Section 31.05.04.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Annuity 2000 Mortality Table" means the mortality table:
(a) Developed by the Society of Actuaries Committee on Life Insurance Research; and
(b) Set out in Regulation .04 of this chapter.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.04 - Valuation Standards for Individual Annuity and Pure Endowment Contracts › Section 31.05.04.03 - Table "a"

Current through Register Vol. 51, No. 14, July 12, 2024
The 1983 Table "a", as shown below, is the mortality table designated by that name and adopted in June, 1982, by the National Association of Insurance Commissioners.
1983 TABLE "a"-1,000qx
Age
Males
Females
5
0.377
0.194
6
0.350
0.160
7
0.333
0.134
8
0.352
0.134
9
0.368
0.136
10
0.382
0.141
11
0.394
0.147
12
0.405
0.155
13
0.415
0.165
14
0.425
0.175
15
0.435
0.183
16
0.446
0.201
17
0.458
0.214
18
0.472
0.229
19
0.488
0.244
20
0.505
0.260
21
0.525
0.276
22
0.546
0.293
23
0.570
0.311
24
0.596
0.330
25
0.622
0.349
26
0.650
0.368
27
0.677
0.387
28
0.704
0.405
29
0.731
0.423
30
0.759
0.441
31
0.786
0.460
32
0.814
0.479
33
0.843
0.499
34
0.876
0.521
35
0.917
0.545
36
0.968
0.574
37
1.032
0.607
38
1.114
0.646
39
1.216
0.691
40
1.341
0.742
41
1.492
0.801
42
1.673
0.867
43
1.886
0.942
44
2.129
1.026
45
2.399
1.122
46
2.693
1.231
47
3.009
1.356
48
3.343
1.499
49
3.694
1.657
50
4.057
1.830
51
4.431
2.016
52
4.812
2.215
53
5.198
2.426
54
5.591
2.650
55
5.994
2.891
56
6.409
3.151
57
6.839
3.432
58
7.290
3.739
59
7.782
4.081
60
8.338
4.467
61
8.983
4.908
62
9.740
5.413
63
10.630
5.990
64
11.664
6.633
65
12.851
7.336
66
14.199
8.090
67
15.717
8.888
68
17.414
9.731
68
19.296
10.653
70
21.371
11.697
71
23.647
12.905
72
26.131
14.319
73
28.835
15.980
74
31.794
17.909
75
35.046
20.127
76
38.631
22.654
77
42.587
25.509
78
46.951
28.717
79
51.755
32.328
80
57.026
36.395
81
62.791
40.975
82
69.081
46.121
83
75.908
51.889
84
83.230
58.336
85
90.987
65.518
86
99.122
73.493
87
107.577
82.318
88
116.316
92.017
89
125.394
102.491
90
134.887
113.605
91
144.873
125.227
92
155.429
137.222
93
166.629
149.462
94
178.537
161.834
95
191.214
174.228
96
204.721
186.535
97
219.120
198.646
98
234.735
211.102
99
251.889
224.445
100
270.906
239.215
101
292.111
255.953
102
315.826
275.201
103
342.377
297.500
104
372.086
323.390
105
405.278
353.414
106
442.277
388.111
107
483.406
428.023
108
528.989
473.692
109
579.351
525.658
110
634.814
584.462
111
695.704
650.646
112
762.343
724.750
113
835.056
807.316
114
914.167
898.885
115
1000.000
1000.000
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.04 - Valuation Standards for Individual Annuity and Pure Endowment Contracts › Section 31.05.04.04 - Annuity 2000 Mortality Table

Current through Register Vol. 51, No. 14, July 12, 2024
1000q
Age Nearest Birthday (x)
Male
Female*
5
0.291
0.171
6
0.270
0.141
7
0.257
0.118
8
0.294
0.118
9
0.325
0.121
10
0.350
0.126
11
0.371
0.133
12
0.388
0.142
13
0.402
0.152
14
0.414
0.164
15
0.425
0.177
16
0.437
0.190
17
0.449
0.204
18
0.463
0.219
19
0.480
0.234
20
0.499
0.250
21
0.519
0.265
22
0.542
0.281
23
0.566
0.298
24
0.592
0.314
25
0.616
0.331
26
0.639
0.347
27
0.659
0.362
28
0.675
0.376
29
0.687
0.389
30
0.694
0.402
31
0.699
0.414
32
0.700
0.425
33
0.701
0.436
34
0.702
0.449
35
0.704
0.463
36
0.719
0.481
37
0.749
0.504
38
0.796
0.532
39
0.864
0.567
40
0.953
0.609
41
1.065
0.658
42
1.201
0.715
43
1.362
0.781
44
1.547
0.855
45
1.752
0.939
46
1.974
1.035
47
2.211
1.141
48
2.460
1.261
49
2.721
1.393
50
2.994
1.538
51
3.279
1.695
52
3.576
1.864
53
3.884
2.047
54
4.203
2.244
55
4.534
2.457
56
4.876
2.689
57
5.228
2.942
58
5.593
3.218
59
5.988
3.523
60
6.428
3.863
61
6.933
4.242
62
7.520
4.668
63
8.207
5.144
64
9.008
5.671
65
9.940
6.250
66
11.016
6.878
67
12.251
7.555
68
13.657
8.287
69
15.233
9.102
70
16.979
10.034
71
18.891
11.117
72
20.967
12.386
73
23.209
13.871
74
25.644
15.592
75
28.304
17.564
76
31.220
19.805
77
34.425
22.328
78
37.948
25.158
79
41.812
28.341
80
46.037
31.933
81
50.643
35.985
82
55.651
40.552
83
61.080
45.690
84
66.948
51.456
85
73.275
57.913
86
80.076
65.119
87
87.370
73.136
88
95.169
81.991
89
103.455
91.577
90
112.208
101.758
91
121.402
112.395
92
131.017
123.349
93
141.030
134.486
94
151.422
145.689
95
162.179
156.846
96
173.279
167.841
97
184.706
178.563
98
196.946
189.604
99
210.484
201.557
100
225.806
215.013
101
243.398
230.565
102
263.745
248.805
103
287.334
270.326
104
314.649
295.719
105
346.177
325.576
106
382.403
360.491
107
423.813
401.054
108
470.893
447.860
109
524.128
501.498
110
584.004
562.563
111
651.007
631.645
112
725.622
709.338
113
808.336
796.233
114
899.633
892.923
115
1000.000
1000.000
*Based on 50% of Female Improvement Scale G.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.04 - Valuation Standards for Individual Annuity and Pure Endowment Contracts › Section 31.05.04.05 - Valuation Standards

Current through Register Vol. 51, No. 14, July 12, 2024
A. In valuing the reserve liabilities under individual annuity and pure endowment contracts in accordance with the provisions of Insurance Article, §
									5-305(c)  and (d), Annotated Code of Maryland, insurers may use either the 1971 Individual Annuity Mortality Table or the 1983 Table "a" for contracts issued on or after July 1, 1980, and before January 1, 1987.
B. Except as provided in §§C, D, and E of this regulation, the 1983 Table a, as shown in Regulation .03 of this chapter, is to be used by insurers in valuing reserve liabilities under individual annuity and pure endowment contracts in accordance with the provisions of Insurance Article, §
									5-305(c)  and (d), Annotated Code of Maryland, for contracts issued on and after January 1, 1987.
C. Except as provided in §§D and E of this regulation, either the 1983 Table a or the Annuity 2000 Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after July 1, 2004.
D. Except as provided in §§E and F of this regulation, the Annuity 2000 Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after July 1, 2005 and before January 1, 2015.
E. Except as provided in §F of this regulation, the 2012 IAR Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 2015.
F. The 1983 Table "a" without projection shall be used for determining the minimum standards of valuation for an individual annuity or pure endowment contract issued on or after July 1, 2005, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from:
(1) Settlements of various forms of claims pertaining to court settlements or out-of-court settlements from tort actions;
(2) Settlements involving similar actions such as Workers' Compensation claims; or
(3) Settlements of long-term disability claims if a temporary or life annuity has been used instead of continuing disability payments.
Code of Maryland Regulations › Title 31 - MARYLAND INSURANCE ADMINISTRATION › Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS › Chapter 31.05.04 - Valuation Standards for Individual Annuity and Pure Endowment Contracts › Section 31.05.04.06 - 2012 IAM Period Table

Current through Register Vol. 51, No. 14, July 12, 2024
The 2012 Individual Annuity Mortality Period Life Table, as shown below, is the mortality table designated by that name and developed by the Society of Actuaries Committee on Life Insurance Research.
1000 qx2012
Age Nearest Birthday
Male
Female
0
1.605
1.621
1
0.401
0.405
2
0.275
0.259
3
0.229
0.179
4
0.174
0.137
5
0.168
0.125
6
0.165
0.117
7
0.159
0.110
8
0.143
0.095
9
0.129
0.088
10
0.113
0.085
11
0.111
0.086
12
0.132
0.094
13
0.169
0.108
14
0.213
0.131
15
0.254
0.156
16
0.293
0.179
17
0.328
0.198
18
0.359
0.211
19
0.387
0.221
20
0.414
0.228
21
0.443
0.234
22
0.473
0.240
23
0.513
0.245
24
0.554
0.247
25
0.602
0.250
26
0.655
0.256
27
0.688
0.261
28
0.710
0.270
29
0.727
0.281
30
0.741
0.300
31
0.751
0.321
32
0.754
0.338
33
0.756
0.351
34
0.756
0.365
35
0.756
0.381
36
0.756
0.402
37
0.756
0.429
38
0.756
0.463
39
0.800
0.504
40
0.859
0.552
41
0.926
0.600
42
0.999
0.650
43
1.069
0.697
44
1.142
0.740
45
1.219
0.780
46
1.318
0.825
47
1.454
0.885
48
1.627
0.964
49
1.829
1.051
50
2.057
1.161
51
2.302
1.308
52
2.545
1.460
53
2.779
1.613
54
3.011
1.774
55
3.254
1.950
56
3.529
2.154
57
3.845
2.399
58
4.213
2.700
59
4.631
3.054
60
5.096
3.460
61
5.614
3.916
62
6.169
4.409
63
6.759
4.933
64
7.398
5.507
65
8.106
6.146
66
8.548
6.551
67
9.076
7.039
68
9.708
7.628
69
10.463
8.311
70
11.357
9.074
71
12.418
9.910
72
13.675
10.827
73
15.150
11.839
74
16.860
12.974
75
18.815
14.282
76
21.031
15.799
77
23.540
17.550
78
26.375
19.582
79
29.572
21.970
80
33.234
24.821
81
37.533
28.351
82
42.261
32.509
83
47.441
37.329
84
53.233
42.830
85
59.855
48.997
86
67.514
55.774
87
76.340
63.140
88
86.388
71.066
89
97.634
79.502
90
109.993
88.377
91
123.119
97.491
92
137.168
107.269
93
152.171
118.201
94
168.194
130.969
95
185.260
146.449
96
197.322
163.908
97
214.751
179.695
98
232.507
196.151
99
250.397
213.150
100
268.607
230.722
101
290.016
251.505
102
311.849
273.007
103
333.962
295.086
104
356.207
317.591
105
380.000
340.362
106
400.000
362.371
107
400.000
384.113
108
400.000
400.000
109
400.000
400.000
110
400.000
400.000
111
400.000
400.000
112
400.000
400.000
113
400.000
400.000
114
400.000
400.000
115
400.000
400.000
116
400.000
400.000
117
400.000
400.000
118
400.000
400.000
119
400.000
400.000
120
1000.000
1000.000