Ohio Administrative Code › Title 3901 - Department of Insurance › Chapter 3901-3 - Acquisitions and Mergers; Insurance Holding Company Systems › Section 3901-3-17 - New annuity mortality tables for use in determining reserve liabilities for annuities

Current through all regulations passed and filed through July 1, 2024
(A) Purpose
The purpose of this rule is to recognize new annuity mortality
				tables for use in determining the minimum standard of valuation for annuity and
				pure endowment contracts.
(B) Authority
This rule is 
									promulgated pursuant to
				
									the
				authority vested in the superintendent under sections
									3901.041
									,
									
									
										3903.723 and
				3903.725
									 of the Revised
				Code.
(C) Definitions
(1) The "1983 table 'A'" means the 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 (NAIC). (See appendix A to this
			 rule).
(2) The "1983 GAM
			 table" means the 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 NAIC. (See appendix B to this rule).
(3) The "1994 GAR table" means the mortality
			 table developed by the society of actuaries group annuity valuation task force
			 and adopted as a recognized mortality table for annuities in December 1996 by
			 the NAIC. (See appendix C to this rule for males
			 and appendix D to this rule for
			 females).
(4) The "Annuity 2000
			 Mortality Table" means the mortality table developed by the society of
			 actuaries committee on life insurance research and adopted as a recognized
			 mortality table for annuities in December 1996 by the NAIC. (See appendix E
			 to this rule).
(5)
									 "Period Table"
			 means a table of mortality rates applicable to a given calendar year (the
			 period).
(6)
									 "Generational Mortality Table" means a mortality table
			 containing a set of mortality rates that decrease for a given age from one year
			 to the next based on a combination of a period table and a projection scale
			 containing rates of mortality improvement.
(7)
									 "2012 IAR Table"
			 means that generational mortality table developed by the society of actuaries
			 committee on life insurance research and containing rates,
			 qx
									2012+n
									, derived from a combination of the 2012 IAM period
			 table and projection scale G2, using the methodology in paragraph (E) of this
			 rule.
(8)
									 "2012 Individual Annuity Mortality Period Life (2012
			 IAM Period) Table" means the period table containing loaded mortality rates for
			 calendar year 2012. This table contains rates,
			 qx
									2012, developed by the society of actuaries committee on life
			 insurance research (see appendices F and G to this rule).
(9)
									 "Projection
			 Scale G2 (Scale G2)" is a table of annual rates, G2
			 x
									, 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 (see appendices H and I to this rule).