Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 400 - Life, Annuities and Health › Chapter 1 - Life Insurance and Annuity Standards › Section 20 CSR 400-1.130 - Annuity Mortality Tables for Use in Determining Reserve Liabilities for Annuities

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment changes the actuarial table to be
				  used in determining the minimum standard of valuation for any individual
				  annuity or pure endowment contract issued on or after January 1, 2016, except
				  as provided in subsection (2)(E) of this rule as amended.
(1) Definitions.
(A) As used in this rule "1983 Table A" means
				that mortality table developed by the Society of Actuaries Committee to
				Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as
				a recognized mortality table for annuities in June 1982 by the National
				Association of Insurance Commissioners.
(B) As used in this rule "1983 Group Annuity
				Mortality (GAM) Table" means that mortality table developed by the Society of
				Actuaries Committee on Annuities and adopted as a recognized mortality table
				for annuities in December 1983 by the National Association of Insurance
				Commissioners.
(C) As used in this
				rule "1994 Group Annuity Reserving (GAR) Table" means that mortality table
				developed by the Society of Actuaries Group Annuity Valuation Table Task Force.
				The 1994 GAR Table is included in the report on pages 865-919 of Volume XLVII
				of the "Transactions of the Society of Actuaries (1995)."
(D) As used in this rule "Annuity 2000
				Mortality Table" means that mortality table developed by the Society of
				Actuaries Committee on Life Insurance Research. The Annuity 2000 Mortality
				Table is included in the report on pages 211-249 of Volume XLVII of the
				"Transactions of the Society of Actuaries (1995)."
(E) As used in this rule "period table" means
				a table of mortality rates applicable to a given calendar year (the
				period).
(F) As used in this rule
				"generational mortality table" means a mortality table containing a set of
				mortality rates that decrease for a given age from one (1) year to the next
				based on a combination of a period table and a projection scale containing
				rates of mortality improvement.
(G)
				As used in this rule "2012 IAR Table" means that generational mortality table
				developed by the Society of Actuaries Committee on Life Insurance Research and
				containing rates, qx2012+n,
				derived from a combination of the 2012 IAM Period Table and Projection Scale
				G2, using the methodology stated in section (3).
(H) As used in this rule "2012 Individual
				Annuity Mortality Period Life (2012 IAM Period) Table," included herein, means
				the period table containing loaded mortality rates for calendar year 2012. This
				table contains rates, qx2012,
				developed by the Society of Actuaries Committee on Life Insurance Research and
				is shown in Appendices I and II.
(I) As used in this rule "Projection Scale G2
				(Scale G2)," included herein, is a table of annual rates,
				G2x, of mortality improvement by age for projecting
				future mortality rates beyond calendar year 2012. This table was developed by
				the Society of Actuaries Committee on Life Insurance Research and is shown in
				Appendices III and IV.