reglab/statecodes huggingface dataset:
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-06 - Smoker/Nonsmoker Mortality Tables › Section 45-04-06-02 - Alternate tables

Current through Supplement No. 393, July, 2024
1. For any policy
				of insurance delivered or issued for delivery in this state after the operative
				date of subsection 11 of North Dakota Century Code section 26.1-33-24 for that
				policy form and before January 1, 1989, at the option of the company and
				subject to the conditions stated in section
				45-04-06-05:
a. The 1958 CSO Smoker and Nonsmoker
				Mortality Tables may be substituted for the 1980 CSO Table, with or without
				ten-year select mortality factors; and
b. The 1958 CET Smoker and Nonsmoker
				Mortality Tables may be substituted for the 1980 CET Table, for use in
				determining minimum reserve liabilities and minimum cash surrender values and
				amounts of paid-up nonforfeiture benefits.
Provided, that for any category of insurance issued on
				  female lives with minimum reserve liabilities and minimum cash surrender values
				  and amounts of paid-up nonforfeiture benefits determined using the 1958 CSO or
				  1958 CET Smoker and Nonsmoker Mortality Tables, such minimum values may be
				  calculated according to an age not more than six years younger than the actual
				  age of the insured.
Provided, further, that the substitution of the 1958 CSO or
				  1958 CET Smoker and Nonsmoker Mortality Tables is available only if made for
				  each policy of insurance on a policy form delivered or issued for delivery on
				  or after the operative date for that policy form and before a date not later
				  than January 1, 1989.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-06 - Smoker/Nonsmoker Mortality Tables › Section 45-04-06-03 - Conditions

Current through Supplement No. 393, July, 2024
For each plan of insurance with separate rates for smokers
				  and nonsmokers an insurer may:
1. Use
				composite mortality tables to determine minimum reserve liabilities and minimum
				cash surrender values and amounts of paid-up nonforfeiture benefits;
2. Use smoker and nonsmoker mortality tables
				to determine the valuation net premiums and additional minimum reserves, if
				any, required by North Dakota Century Code section 26.1-35-09 and use composite
				mortality tables to determine the basic minimum reserves, minimum cash
				surrender values and amounts of paid-up nonforfeiture benefits; or
3. Use smoker and nonsmoker mortality to
				determine minimum reserve liabilities and minimum cash surrender values and
				amounts of paid-up nonforfeiture benefits.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-33
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-06 - Smoker/Nonsmoker Mortality Tables › Section 45-04-06-04 - Separability

Current through Supplement No. 393, July, 2024
If any provision of this chapter or the application thereof
				  to any person or circumstance is for any reason held to be invalid, the
				  remainder of the regulation and the application of such provision to other
				  persons or circumstances is not affected thereby.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-33
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-06 - Smoker/Nonsmoker Mortality Tables › Section 45-04-06-05 - Effective date

Current through Supplement No. 393, July, 2024
The effective date of this chapter is January 1, 1985.
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General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-33
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07 - Mixed-Gender Mortality Tables › Section 45-04-07-01 - Definitions

Current through Supplement No. 393, July, 2024
As used in this chapter:
1. "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 national
				  association of insurance commissioners' 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.
2. "1980 CET Table (F)" means that mortality table consisting
				  of the rates of mortality for female lives from the 1980 CET Table.
3. "1980 CET Table (M)" means that mortality table consisting
				  of the rates of mortality for male lives from the 1980 CET Table.
4. "1980 CSO Table, with or without ten-year select mortality
				  factors" 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 national association of insurance
				  commissioners' 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.
5. "1980 CSO Table (F), with or without ten-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-year
				  select mortality factors.
6. "1980 CSO Table (M), with or without ten-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-year
				  select mortality factors.
7. "1980 CSO and CET Smoker and Nonsmoker Mortality Tables"
				  means the mortality tables with separate rates of mortality for smokers and
				  nonsmokers derived from the 1980 CSO and 1980 CET Mortality Tables by the
				  society of actuaries task force on smoker/nonsmoker mortality and adopted by
				  the national association of insurance commissioners in December 1983.
				  (Subsection 7 added by the national association of insurance commissioners,
				  December 1986).
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-33
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07 - Mixed-Gender Mortality Tables › Section 45-04-07-02 - Tables

Current through Supplement No. 393, July, 2024
1. For any policy of insurance on the life of
				either a male or female insured delivered or issued for delivery in this state
				and after the operative date of subsection 11 of North Dakota Century Code
				section 26.1-33-25 for that policy form:
a. A
				mortality table which is a blend of the 1980 CSO Table (M) and the 1980 CSO
				Table (F) with or without ten-year select mortality factors may, at the option
				of the company, be substituted for the 1980 CSO Table, with or without ten-year
				select mortality factors; and
b. A
				mortality table which is of the same blend as used in (i) but applied to form a
				blend of the 1980 CET Table (M) and the 1980 CET Table (F) may, at the option
				of the company, be substituted for the 1980 CET Table,
for use in determining minimum cash surrender values and
				  amounts of paid-up nonforfeiture benefits.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07 - Mixed-Gender Mortality Tables › Section 45-04-07-03 - Unfair discrimination

Current through Supplement No. 393, July, 2024
It is not a violation of North Dakota Century Code section
				  26.1-04-03 for an insurer to issue the same kind of policy of life insurance on
				  both a sex-distinct and sex-neutral basis.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-33
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07 - Mixed-Gender Mortality Tables › Section 45-04-07-04 - Separability

Current through Supplement No. 393, July, 2024
If any provision of this chapter or the application thereof
				  to any person or circumstance is for any reason held to be invalid, the
				  remainder of the chapter and the application of such provision to other persons
				  or circumstances is not affected thereby.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-33
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07 - Mixed-Gender Mortality Tables › Section 45-04-07-05 - Retroactive effective date

Current through Supplement No. 393, July, 2024
The effective date of this chapter is August 1, 1983, to
				  comply with the
Norris
decision (
Norris v.
				  Arizona Governing Committee
).
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.1 - 2001 CSO Mortality Table › Section 45-04-07.1-01 - Definitions

Current through Supplement No. 393, July, 2024
1. "2001 CSO mortality table" means that mortality table,
				  consisting of separate rates of mortality for male and female lives, 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 in December 2002. The 2001 CSO mortality table is
				  included in the proceedings of the national association of insurance
				  commissioners (second quarter 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.
2. "2001 CSO mortality table (F)" means that mortality table
				  consisting of the rates of mortality for female lives from the 2001 CSO
				  mortality table.
3. "2001 CSO mortality table (M)" means that mortality table
				  consisting of the rates of mortality for male lives from the 2001 CSO mortality
				  table.
4. "Composite mortality tables" means mortality tables with
				  rates of mortality that do not distinguish between smokers and nonsmokers.
5. "Smoker and nonsmoker mortality tables" means mortality
				  tables with separate rates of mortality for smokers and nonsmokers.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.1 - 2001 CSO Mortality Table › Section 45-04-07.1-02 - 2001 CSO mortality table

Current through Supplement No. 393, July, 2024
1. At
				the election of the company for any one or more specified plans of insurance
				and subject to the conditions stated in this regulation, the 2001 CSO mortality
				table may be used as the minimum standard for policies issued on or after
				January 1, 2005, and before the date specified in subsection 2 to which
				subdivision c of subsection 1 of North Dakota Century Code section 26.1-35-02,
				subdivision f of subsection 8 of North Dakota Century Code section 26.1-33-24,
				and subsections 1 and 2 of section
				45-04-12-03 are applicable. If the
				company elects to use the 2001 CSO mortality table, it shall do so for both
				valuation and nonforfeiture purposes.
2. Subject to the conditions stated in this
				chapter, the 2001 CSO mortality table shall be used in determining minimum
				standards for policies issued on and after January 1, 2009, to which
				subdivision c of subsection 1 of North Dakota Century Code section 26.1-35-02,
				subdivision f of subsection 8 of North Dakota Century Code section 26.1-33-24,
				and subsections 1 and 2 of section
				45-04-12-03 are applicable.
General Authority: NDCC 28-32-02
Law Implemented: NDCC 26,
					 1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.1 - 2001 CSO Mortality Table › Section 45-04-07.1-03 - Conditions

Current through Supplement No. 393, July, 2024
1. For each plan of insurance with separate
				rates for smokers and nonsmokers an insurer may use:
a. Composite mortality tables to determine
				minimum reserve liabilities and minimum cash surrender values and amounts of
				paid-up nonforfeiture benefits;
b.
				Smoker and nonsmoker mortality tables to determine the valuation net premiums
				and additional minimum reserves, if any, required by North Dakota Century Code
				section 26.1-35-09 and use composite mortality tables to determine the basic
				minimum reserves, minimum cash surrender values and amounts of paid-up
				nonforfeiture benefits; or
c.
				Smoker and nonsmoker mortality to determine minimum reserve liabilities and
				minimum cash surrender values and amounts of paid-up nonforfeiture benefits.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.1 - 2001 CSO Mortality Table › Section 45-04-07.1-04 - Application of the 2001 CSO mortality table to chapter 45-04-12

Current through Supplement No. 393, July, 2024
1. The 2001 CSO mortality table may be used
				in applying chapter 45-04-12 in the following manner, subject to the transition
				dates for use of the 2001 CSO mortality table in section
				45-04-07.1-02 (unless otherwise
				noted, the references in this section are to 45-04-12):
a. Paragraph 2 of subdivision b of subsection
				1 of section
				45-04-12-01: The net level reserve
				premium is based on the ultimate mortality rates in the 2001 CSO mortality
				table.
b. Subsection 2 of section
				45-04-12-02: All calculations are
				made using the 2001 CSO mortality rate, and, if elected, the optional minimum
				mortality standard for deficiency reserves stipulated in subdivision d. The
				value of "qx+k+t-1" is the valuation mortality rate for deficiency reserves in
				policy year k+t, but using the unmodified select mortality rates if modified
				select mortality rates are used in the computation of deficiency reserves.
c. Subsection 1 of section
				45-04-12-03: The 2001 CSO
				mortality table is the minimum standard for basic reserves.
d. Subsection 2 of section
				45-04-12-03: The 2001 CSO
				mortality table is the minimum standard for deficiency reserves. If select
				mortality rates are used, they may be multiplied by x percent for durations in
				the first segment, subject to the conditions specified in subdivision c of
				subsection 2 of section
				45-04-12-03. In demonstrating
				compliance with those conditions, the demonstrations may not combine the
				results of tests that utilize the 1980 CSO mortality table with those tests
				that utilize the 2001 CSO mortality table, unless the combination is explicitly
				required by regulation or necessary to be in compliance with relevant actuarial
				standards of practice.
e.
				Subsection 3 of section
				45-04-12-04: The valuation
				mortality table used in determining the tabular cost of insurance shall be the
				ultimate mortality rates in the 2001 CSO mortality table.
f. Subdivision d of subsection 5 of section
				45-04-12-04: The calculations
				specified in subsection 5 of section
				45-04-12-04 shall use the ultimate
				mortality rates in the 2001 CSO mortality table.
g. Subdivision d of subsection 6 of section
				45-04-12-04: The calculations
				specified in subsection 6 of section
				45-04-12-04 shall use the ultimate
				mortality rates in the 2001 CSO mortality table.
h. Subdivision b of subsection 7 of section
				45-04-12-04: The calculations
				specified in subsection 7 of section
				45-04-12-04 shall use the ultimate
				mortality rates in the 2001 CSO mortality table.
i. Paragraph 2 of subdivision a of subsection
				1 of section
				45-04-12-05: The one-year
				valuation premium shall be calculated using the ultimate mortality rates in the
				2001 CSO mortality table.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.1 - 2001 CSO Mortality Table › Section 45-04-07.1-05 - Gender-blended tables

Current through Supplement No. 393, July, 2024
1. For any ordinary
				life insurance policy delivered or issued for delivery in this state on and
				after January 1, 2005, that utilizes the same premium rates and charges for
				male and female lives or is issued in circumstances where applicable law does
				not permit distinctions on the basis of gender, a mortality table that is a
				blend of the 2001 CSO mortality table (M) and the 2001 CSO mortality table (F)
				may, at the option of the company for each plan of insurance, be substituted
				for the 2001 CSO mortality table for use in determining minimum cash surrender
				values and amounts of paid-up nonforfeiture benefits. No change in minimum
				valuation standards is implied by this subsection.
2. The company may choose from among the
				blended tables developed by the American academy of actuaries CSO task force
				and adopted by the national association of insurance commissioners in December
				2002.
3. It shall not, in and of
				itself, be a violation of North Dakota Century Code section 26.1-04-03 for an
				insurer to issue the same kind of policy of life insurance on both a
				sex-distinct and sex-neutral basis.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.1 - 2001 CSO Mortality Table › Section 45-04-07.1-06 - Separability

Current through Supplement No. 393, July, 2024
If any provision of this chapter or its application to any
				  person or circumstance is for any reason held to be invalid, the remainder of
				  the chapter and the application of the provision to other persons or
				  circumstances shall not be affected.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.2 - Preferred Mortality Tables › Section 45-04-07.2-02 - 2001 CSO preferred class structure table

Current through Supplement No. 393, July, 2024
At the election of an insurer for each calendar year of
				  issue, 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. The election may not be made until an insurer
				  demonstrates at least twenty percent of the business to be valued on this table
				  is in one or more of the preferred classes. A table from the 2001 CSO preferred
				  class structure mortality table used in place of a 2001 CSO mortality table
				  will be treated as part of the 2001 CSO mortality table only for purposes of
				  reserve valuation pursuant to the requirements of the national association of
				  insurance commissioners model regulation, regarding recognition of the 2001 CSO
				  mortality table for use in determining minimum reserve liabilities and
				  nonforfeiture benefits model regulation as described in chapter 45-04-07.1.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.2 - Preferred Mortality Tables › Section 45-04-07.2-03 - Conditions

Current through Supplement No. 393, July, 2024
1. For each plan of insurance with separate
				rates for preferred and standard nonsmoker lives, an insurer may use the super
				preferred nonsmoker, preferred nonsmoker, and residual standard nonsmoker
				tables to substitute for the nonsmoker mortality table found in the 2001 CSO
				mortality table to determine minimum reserves. At the time of election and
				annually after that, except for business valued under the residual standard
				nonsmoker table, the appointed actuary of the insurer shall certify to the
				commissioner that:
a. The present value of
				death benefits over the next ten years after the valuation date using the
				anticipated mortality experience without recognition of mortality improvement
				beyond the valuation date for each class is less than the present value of
				death benefits using the valuation basic mortality table corresponding to the
				valuation table being used for that class.
b. The present value of death benefits over
				the future life of the contracts using anticipated mortality experience without
				recognition of mortality improvement beyond the valuation date for each class
				is less than the present value of death benefits using the valuation basic
				mortality table corresponding to the valuation table being used for that class.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.3 - Pre-Need Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 45-04-07.3-01 - Definitions

Current through Supplement No. 393, July, 2024
1. "2001 CSO mortality table" means that mortality table,
				  consisting of separate rates of mortality for male and female lives, 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 in December 2002. The 2001 CSO mortality table is
				  included in the proceedings of the national association of insurance
				  commissioners (second quarter 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.
2. "Ultimate 1980 CSO" means the commissioners' 1980 standard
				  ordinary life valuation mortality tables (1980 CSO) without ten-year selection
				  factors, incorporated into the 1980 amendments to the national association of
				  insurance commissioners standard valuation law approved in December 1983.
3. For the purposes of this chapter, pre-need life insurance
				  is any life insurance policy or certificate that is issued in combination with,
				  in support of, with an assignment to, or as a guarantee for a prearrangement
				  agreement for goods and services to be provided at the time of and immediately
				  following the death of the insured. Goods and services may include embalming,
				  cremation, body preparation, viewing or visitation, coffin or urn, memorial
				  stone, and transportation of the deceased. The status of the policy or contract
				  as pre-need life insurance is determined at the time of issue in accordance
				  with the policy form filing.
General Authority: NDCC 28-32-02
Implemented: NDCC
					 26.1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.3 - Pre-Need Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 45-04-07.3-02 - Minimum valuation mortality standards

Current through Supplement No. 393, July, 2024
The minimum mortality standard for pre-need life insurance
				  contracts for determining reserve liabilities and nonforfeiture values for both
				  male and female insureds shall be the ultimate 1980 CSO.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.3 - Pre-Need Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 45-04-07.3-03 - Minimum valuation interest rate standards

Current through Supplement No. 393, July, 2024
1. The interest rates used in determining the
				minimum standard for valuation of pre-need life insurance shall be the calendar
				year statutory valuation interest rates as defined in North Dakota Century Code
				section 26.1-35-04.
2. The
				interest rates used in determining the minimum standard for nonforfeiture
				values for pre-need life insurance shall be the calendar year statutory
				nonforfeiture interest rates as defined in North Dakota Century Code section
				26.1-33-27.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.3 - Pre-Need Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 45-04-07.3-04 - Minimum valuation method standards

Current through Supplement No. 393, July, 2024
1.
				The method used in determining the standard for the minimum valuation of
				reserves of pre-need life insurance shall be the method defined in North Dakota
				Century Code section 26.1-35-02.
2. The method used in determining the
				standard for the minimum nonforfeiture values for pre-need life insurance shall
				be the method defined in North Dakota Century Code section 26.1-33-27.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.3 - Pre-Need Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 45-04-07.3-05 - Transition rules

Current through Supplement No. 393, July, 2024
1. For pre-need
				life insurance policies issued on or after the effective date of this chapter
				and before January 1, 2012, the 2001 CSO may be used as the minimum standard
				for reserves and minimum standard for nonforfeiture benefits for both male and
				female insureds.
2. If an insurer
				elects to use the 2001 CSO as a minimum standard for any policy issued on or
				after the effective date of this chapter and before January 1, 2012, the
				insurer shall provide, as a part of the actuarial opinion memorandum submitted
				in support of the company's asset adequacy testing, an annual written
				notification to the domiciliary commissioner. The notification shall include:
a. A complete list of all pre-need life
				insurance policy forms that use the 2001 CSO as a minimum standard;
b. A certification signed by the appointed
				actuary stating that the reserve methodology employed by the company in
				determining reserves for the pre-need life insurance policies issued after the
				effective date and using the 2001 CSO as a minimum standard, develops adequate
				reserves. For the purposes of this certification, the pre-need life insurance
				policies using the 2001 CSO as a minimum standard cannot be aggregated with any
				other policies; and
c. Supporting
				information regarding the adequacy of reserves for pre-need life insurance
				policies issued after the effective date of this chapter and using the 2001 CSO
				as a minimum standard for reserves.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-07.3 - Pre-Need Life Insurance Minimum Standards for Determining Reserve Liabilities and Nonforfeiture Values › Section 45-04-07.3-06 - Effective date

Current through Supplement No. 393, July, 2024
This chapter is applicable to pre-need life insurance
				  policies and certificates and similar contracts and certificates issued on or
				  after January 1, 2009.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35-02
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-08 - Annuity Tables › Section 45-04-08-01 - Definitions

Current through Supplement No. 393, July, 2024
As used in this chapter:
1. "1983 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.
2. "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.
3. "1994
				GAR Table" means that mortality table developed by the society of actuaries
				group annuity valuation table task force and shown at XLVII transactions of the
				society of actuaries 866-867 (1995).
4. "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.
5. "2012 Individual Annuity Mortality Period
				Life (2012 IAM Period) Table" or "2012 IAM Period Table" 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.
6. "Annuity 2000 Mortality Table" means that
				mortality table developed by the society of actuaries committee on life
				insurance research and shown at XLVII transactions of the society of actuaries
				240 (1995).
7. "Projection Scale G2
				(Scale G2)" is a table of annual rates. G2x, of which
				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.
General Authority:
NDCC
					 28-32-02
Law Implemented:
NDCC
					 26.1-35
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-08 - Annuity Tables › Section 45-04-08-02 - Individual annuity or pure endowment contracts

Current through Supplement No. 393, July, 2024
1. Except as provided in subsections 2 and 3,
				1983 Table "a" is recognized and approved as an individual mortality table for
				valuation and, at the option of the company, may be used for purposes of
				determining the minimum standard of valuation for any individual annuity or
				pure endowment contract issued on or after July 1, 1983.
2. Except as provided in subsection 3, 1983
				Table "a" is to be used for determining the minimum standard of valuation for
				any individual annuity or pure endowment contract issued on or after January 1,
				1986.
3. Except as provided in
				subsection 4, the Annuity 2000 Mortality Table must be used for determining the
				minimum standard of valuation of any individual annuity or pure endowment
				contract issued on or after September 1, 1999.
4. Except as provided in subsection 5. the
				2012 IAR Table must be used for determining the minimum standard of valuation
				for any individual annuity or pure endowment contract issued on or after
				January 1. 2016.
5. The 1983 Table
				"a" without projection is to be used for determining the minimum standards of
				valuation for an individual annuity or pure endowment contract issued on or
				after September 1, 1999, solely when the contract is based on life
				contingencies and is issued to fund periodic benefits arising from:
a. Settlements of various forms of claims
				pertaining to court settlements or out-of-court settlements from tort
				actions;
b. Settlements involving
				similar actions such as workers' compensation claims; or
c. Settlements of long-term disability claims
				when a temporary or life annuity has been used in lieu of continuing disability
				payments.
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-08 - Annuity Tables › Section 45-04-08-02.1 - Application of the 2012 IAR Mortality Table

Current through Supplement No. 393, July, 2024
In using the 2012 IAR Mortality Table, the mortality rate for
				  a person age x in year (2012 + n) is calculated as follows:
Click
				  here to view image.
The resulting
				  qx2012+n shall be rounded to
				  three decimal places per 1.000 (e.g.. 0.741 deaths per 1.000). Also, the
				  rounding shall occur according to the formula above, starting at the 2012
				  Period Table rate.
For example, for a male age 30.
				  qx2012 = 07.41.
qx2013 =
				  Q741 * (1 - 0.010) ^ 1 = 0.73358, which is rounded to 0.734.
qx2014 =
				  0.741 * (1 - 0.010) ^ 2 = 0.7262541, which is rounded to 0.726.
A method leading to incorrect rounding would be to calculate
				  qx
									2014 as qx 2013
				  * (1 - 0.010), or 0.734 * 0.99 = 07.27. It is incorrect to use the already
				  rounded qx 2013 to calculate qx
									2014.
General Authority:
NDCC
					 28-32-02
Law Implemented:
NDCC
					 26.1-35
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-08 - Annuity Tables › Section 45-04-08-03 - Group annuity or pure endowment contracts

Current through Supplement No. 393, July, 2024
1. Except as provided in subsections 2 and 3,
				the 1983 GAM Table and the 1983 Table "a" and the 1994 GAR Table are recognized
				and approved as group annuity mortality tables for valuation and, at the option
				of the company, any one of these tables may be used for purposes of valuation
				for any annuity or pure endowment purchased on or after July 1, 1983, under a
				group annuity or pure endowment contract.
2. Except as provided in subsection 3, either
				the 1983 GAM Table or the 1994 GAR Table must be used for determining the
				minimum standard of valuation for any annuity or pure endowment purchased on or
				after January 1, 1986, under a group annuity or pure endowment contract.
3. The 1994 GAR Table must be used
				for determining the minimum standard of valuation for any annuity or pure
				endowment purchased on or after September 1, 1999, under a group annuity or
				pure endowment contract.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-08 - Annuity Tables › Section 45-04-08-03.1 - Application of the 1994 GAR Table

Current through Supplement No. 393, July, 2024
In using the 1994 GAR Table, the mortality rate for a person
				  age x in year (1994 + n) is calculated as follows:
Click here
				  to view Image
where the qx
									1994 and AAx
				  are as specified in the 1994 GAR Table.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-08 - Annuity Tables › Section 45-04-08-04 - Separability

Current through Supplement No. 393, July, 2024
If any provision of this chapter or the application thereof
				  to any person or circumstances is for any reason held to be invalid, the
				  remainder of the regulation and the application of such provision to other
				  persons or circumstances is not affected thereby.
General Authority: NDCC 28-32-02
Law Implemented: NDCC
					 26.1-35
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-10 - Advertising Rules › Section 45-04-10-01 - Definitions

Current through Supplement No. 393, July, 2024
For the purpose of sections
				  45-04-10-01 through
				  45-04-10-08:
1. "Advertisement" is material designed to create public
				  interest in life insurance or annuities or in an insurer or in an insurance
				  agent or agency, or to induce the public to purchase, increase, modify,
				  reinstate, or retain a policy including:
a. Printed and published material, audiovisual material, and
				  descriptive literature of an insurer or agent used in direct mail, newspapers,
				  magazines, radio, and television scripts, billboards, and similar displays.
b. Descriptive literature, identification cards, and sales
				  aids of all kinds issued by an insurer or agent, including, but not limited to,
				  business calling cards, lead cards, surveys, circulars, leaflets, booklets,
				  depictions, illustrations, and form letters.
c. Material used for the recruitment, training, and education
				  of an insurer's sales personnel, agents, solicitors, and brokers which is
				  designed to be used or is used to induce the public to purchase, increase,
				  modify, reinstate, or retain a policy.
d. Prepared sales talks, presentations, and material for use
				  by sales personnel, agents, solicitors, and brokers.
2. "Advertisement" for the purpose of this chapter does not
				  include:
a. Communications or materials used within an insurer's,
				  agent's, or broker's own organization and not intended for dissemination to the
				  public.
b. Communications with policyholders other than material
				  urging policyholders to purchase, increase, modify, reinstate, request
				  information relating to, or retain a policy.
c. A general announcement from a group or blanket
				  policyholder to eligible individuals on an employment or membership list that a
				  policy or program has been written or arranged; provided the announcement
				  clearly indicates that it is preliminary to the issuance of a booklet
				  explaining the proposed coverage.
3. "Insurer" includes any individual, corporation,
				  partnership, reciprocal exchange, interinsurer, Lloyd's, fraternal benefit
				  society, and any other legal entity which is defined as an "insurer" in the
				  insurance code of this state or issues life insurance or annuities in this
				  state and is engaged in the advertisement of a policy. This term also includes
				  insurance agents, brokers, and agencies insofar as their own advertising
				  practices for a particular policy or type of coverage are concerned.
4. "Policy" includes any policy, plan, certificate, contract,
				  agreement, statement of coverage, rider, or endorsement which provides for life
				  insurance or annuity benefits.
General Authority: NDCC 26.1-04-08, 28-32-02
Law Implemented: NDCC 26.1-04-03(1), 26.1-04-03(2),
					 26.1-04-07
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-10 - Advertising Rules › Section 45-04-10-02 - Applicability

Current through Supplement No. 393, July, 2024
1. This chapter applies to any advertisement
				of life insurance or an annuity product intended for dissemination in this
				state and which advertisement is disseminated in any manner by or on behalf of
				an insurance company, agency, agent, or broker.
2. All advertisements, regardless of by whom
				written, created, designed, or presented, shall be the responsibility of the
				insurer, as well as the agent or agency who created, requested, or presented
				the advertisement. Insurers shall establish and at all times maintain a system
				of control over the content, form, and methods of dissemination of all
				advertisements of its policies. A system of control shall include regular and
				routine notification, at least once a year, to agents, brokers, and others
				authorized by the insurer to disseminate advertisements, of the requirement and
				procedures for insurance company approval prior to the use of any
				advertisements that are not furnished by the insurer and that clearly set forth
				within the notice the most serious consequences of not obtaining the required
				prior approval.
General Authority:
NDCC 26.1-04-08,
					 28-32-02
Law Implemented:
NDCC 26.1-04-03(1),
					 26.1-04-03(2), 26.1-04-07
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-10 - Advertising Rules › Section 45-04-10-04 - Identity of insurer

Current through Supplement No. 393, July, 2024
1. The name of the
				insurer, insurance agency, agent, or broker must be clearly identified on all
				advertisements, and if any specific individual policy is advertised it must be
				identified either by form number or other appropriate description. An
				advertisement may not use a trade name, an insurance group designation, name of
				the parent company of the insurer, name of a particular division of the
				insurer, agent, broker, or agency, service mark, slogan, symbol, or other
				device or reference without disclosing the name of the insurer, agent, broker,
				or agency if the advertisement would have the capacity or tendency to mislead
				or deceive as to the true identity of the insurer, agent, broker, or agency or
				create the impression that an entity other than the insurer would have any
				responsibility for the financial obligation under a policy.
2. No advertisement may use any combination
				of words, symbols, or physical materials which by their content, phraseology,
				shape, color, or other characteristics are so similar to a combination of
				words, symbols, or physical materials used by a governmental program or agency
				or otherwise appear to be of such a nature that they tend to mislead
				prospective insureds into believing that the solicitation is in some manner
				connected with such governmental program or agency.
General Authority: NDCC 26.1-04-08, 28-32-02
Law Implemented: NDCC 26.1-04-03(1), 26.1-04-03(2),
					 26.1-04-07
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-10 - Advertising Rules › Section 45-04-10-05 - Jurisdictional licensing and status of insurer

Current through Supplement No. 393, July, 2024
1. An advertisement which is intended to be
				seen or heard beyond the limits of the jurisdiction in which the insurer is
				licensed may not imply licensing beyond such limits.
2. An advertisement may state that an insurer
				is licensed in the state where the advertisement appears, provided it does not
				exaggerate such fact or suggest or imply that competing insurers may not be so
				licensed.
3. An advertisement may
				not create the impression that the insurer, its financial condition or status,
				the payment of its claims, or the merits, desirability, or advisability of its
				policy forms or kinds of plans of insurance are recommended or endorsed by any
				governmental entity. However, where a governmental entity has recommended or
				endorsed a policy form or plan, such fact may be stated if the entity
				authorizes its recommendation or endorsement to be used in an advertisement.
General Authority: NDCC 26.1-04-08, 28-32-02
Law Implemented: NDCC 26.1-04-03(1), 26.1-04-03(2),
					 26.1-04-07
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-10 - Advertising Rules › Section 45-04-10-06 - Statements about the insurer

Current through Supplement No. 393, July, 2024
An advertisement may not contain statements, pictures, or
				  illustrations which are false or misleading, in fact or by implication, with
				  respect to the assets, liabilities, insurance in force, corporate structure,
				  financial condition, age or relative position of the insurer in the insurance
				  business. An advertisement may not contain a recommendation by any commercial
				  rating system unless it clearly defines the scope and extent of the
				  recommendation.
General Authority: NDCC 26.1-04-08, 28-32-02
Law Implemented: NDCC 26.1-04-03(1), 26.1-04-03(2),
					 26.1-04-07
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-10 - Advertising Rules › Section 45-04-10-07 - Enforcement procedures

Current through Supplement No. 393, July, 2024
Each insurer shall maintain at its home or principal office
				  a complete file containing a specimen copy of every printed, published, or
				  prepared advertisement of its individual policies and specimen copies of
				  typical printed, published, or prepared advertisements of its blanket,
				  franchise. and group policies, hereafter disseminated in this state, with a
				  notation indicating the manner and extent of distribution and the form number
				  of any policy advertised. Such file is subject to inspection by this
				  department. All such advertisements must be maintained in said file for a
				  period of either four years or until the filing of the next regular report on
				  the examination of the insurer, whichever is the longer period of time.
General Authority: NDCC 26.1-04-08, 28-32-02
Law Implemented: NDCC 26.1-04-03(1), 26.1-04-03(2),
					 26.1-04-07
North Dakota Administrative Code › Title 45 - Insurance, Commissioner of › Article 45-04 - Life Insurance › Chapter 45-04-10 - Advertising Rules › Section 45-04-10-08 - Conflict with other rules

Current through Supplement No. 393, July, 2024
It is not intended that this chapter conflict with or
				  supersede any rules currently in force or subsequently adopted in this state
				  governing specific aspects of the sale or replacement of life insurance
				  including, but not limited to, rules dealing with life insurance cost
				  comparison indices, deceptive practices in the sale of life insurance, and
				  replacement of life insurance policies. Consequently, no disclosure required
				  under any such rules shall be deemed to be an advertisement within the meaning
				  of this chapter.
General Authority: NDCC 26.1-04-08, 28-32-02
Law Implemented: NDCC 26.1-04-03(1), 26.1-04-03(2),
					 26.1-04-07