Kentucky Administrative Regulations › Title 806 - PUBLIC PROTECTION CABINET - DEPARTMENT OF INSURANCE › Chapter 12 - Trade Practices and Frauds › Section 806 KAR 12:110 - Merged gender mortality tables for life insurance

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				304.12-085,
				304.15-342
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				304.2-110 provides that the Executive
				Director of Insurance may make reasonable regulations necessary for or as an
				aid to the effectuation of any provision of the Kentucky Insurance Code.
				KRS
				304.15-342 establishes the use of the 1980
				CSO and 1980 CET Tables of Mortality, and provides that any ordinary mortality
				tables adopted after 1980 by the National Association of Insurance
				Commissioners (NAIC) may be approved for use in Kentucky by administrative
				regulation promulgated by the executive director. The NAIC has adopted certain
				modifications of the 1980 CSO and 1980 CET tables of mortality for use where
				necessary. This administrative regulation permits individual life insurance
				policies to provide the same cash surrender values and paid-up nonforfeiture
				benefits to both men and women.
Section
			 1. Definitions. As used in this administrative regulation:
(1) "1980 CSO Table, with or without Ten (10)
			 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 (10) Year Select
			 Mortality Factors.
(2) "1980 CSO
			 Table (M), with or without Ten (10) Year Select Mortality Factors" means that
			 mortality table consisting of the rates of mortality for male lives from the
			 1980 CSO Table, with or without Ten (10) Year Select Mortality
			 Factors.
(3) "1980 CSO Table (F),
			 with or without Ten (10) Year Select Mortality Factors" means that mortality
			 table consisting of the rates of mortality for female lives from the 1980 CSO
			 Table, with or without Ten (10) Year Select Mortality Factors.
(4) "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 Valuation Law
			 and Standard Nonforfeiture Law for Life Insurance, and referred to in those
			 models as the Commissioners 1980 Extended Term Insurance Table.
(5) "1980 CET Table (M)" means that mortality
			 table consisting of the rates of mortality for male lives from the 1980 CET
			 Table.
(6) "1980 CET Table (F)"
			 means that mortality table consisting of the rates of mortality for female
			 lives from the 1980 CET Table.