reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 15 - SMALL EMPLOYER HEALTH INSURANCE REFORM REGULATION › Section 365:10-5-162 - Status of carriers as small employer carriers

Current through
				  Vol. 41, No. 20, July 1, 2024
(a) Within thirty (30) days after the
				  effective date of the Act, each carrier providing health benefit plans in this
				  state shall make a filing with the Commissioner indicating whether the carrier
				  intends to operate as a small employer carrier in this state under the terms of
				  this regulation.
(b) Subject to
				  365:10-5-162(c), a carrier shall not offer health benefit plans to small
				  employers, or continue to provide coverage under health benefit plans
				  previously issued to small employers in this state, unless the filing provided
				  pursuant to 365:10-5-162(a) indicates that the carrier intends to operate as a
				  small employer carrier in this state.
(c)
Continuing coverage.
(1) If the filing made pursuant to
				  365:10-5-162(a) indicates that a carrier does not intend to operate as a small
				  employer carrier in this state, the carrier may continue to provide coverage
				  under the health benefit plans previously issued to small employers in this
				  state only if the carrier complies with the following provisions:
(A) The carrier complies with the
				  requirements of the Act (other than 36 O.S.Supp.1994, §§6520, 6521
				  and 6522) with respect to each of the health benefit plans previously issued to
				  small employers by the carrier.
(B)
				  The carrier provides coverage to each new entrant to a health benefit plan
				  previously issued to a small employer by the carrier. The provisions of the Act
				  (other than 36 O.S.Supp.1994, §§6520, 6521 and 6522) and this Part
				  shall apply to the coverage issued to such new entrant.
(C) The carrier complies with the
				  requirements of 36 O.S.Supp.1994, §6528, and
				  365:10-5-160
				  and
				  365:10-5-163
				  as they apply to small employers whose coverage has been terminated by the
				  carrier and to individuals and small employers whose coverage has been limited
				  or restricted by the carrier.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 15 - SMALL EMPLOYER HEALTH INSURANCE REFORM REGULATION › Section 365:10-5-163 - Restoration of coverage

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Offer
				  required and exceptions.
(1) Except as
				  provided in 365:10-5-163(a)(2), a small employer carrier shall, as a condition
				  of continuing to transact business in this state with small employers, offer to
				  provide health benefit plan as described in 365:10-5-163(c) to any small
				  employer whose coverage was terminated or not renewed by such small employer
				  carrier after January 1,1995.
(2)
				  The offer required under 365:10-5-163(a)(1) shall not be required with respect
				  to a health benefit plan that was not renewed if:
(A) The health benefit plans were not renewed
				  for reasons permitted in 36 O.S.Supp.1994, §6516(A), or
(B) The nonrenewal was a result of the small
				  employer voluntarily electing coverage under a different health benefit
				  plan.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 15 - SMALL EMPLOYER HEALTH INSURANCE REFORM REGULATION › Section 365:10-5-164 - Uniform Health Questionnaire

Current through Vol. 41, No. 20,
				  July 1, 2024
(a) Small
				  employer carriers are not required to obtain health status information from a
				  small employer prior to offering coverage to that small employer; however, if a
				  small employer carrier seeks to obtain health status information for any
				  reason, the carrier must use the form specified in Appendix VV.
(b) Small employer carriers are required to
				  accept and use the uniform health questionnaire specified in Appendix VV
				  beginning on the date that is six months after the effective date of this rule
				  section. Small employer carriers may not vary the content of the form and may
				  not ask for any other health status information from a small employer or its
				  employees.
(c) A small employer
				  carrier must accept a copy of the uniform health questionnaire as though it
				  were an original.
(d) A small
				  employer carrier shall consider information in a Uniform Questionnaire current
				  for no less than 60 days after the date it is signed by the employee. During
				  that time, no small employer carrier may require an employee to fill out the
				  Uniform Health Questionnaire again or to affirm that the information is
				  current.
(e) In connection with the
				  issuance of coverage, the small employer carrier may require a small employer
				  to complete the carrier's unique application for coverage, but that application
				  may not include any health status inquiry or question related to the health of
				  an employee or dependent.
Added at 29 Ok Reg
					 1254, eff 7-14-12
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 17 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 365:10-5-170 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this regulation is to prescribe:
(1) Requirements for statements of actuarial
				  opinion which are to be submitted in accordance with Section 4061 of the
				  Oklahoma Insurance Code, and for memoranda in support thereof;
(2) Rules applicable to the appointment of an
				  appointed actuary; and
(3) Guidance
				  as to the meaning of "adequacy of reserve."
Added at 15 Ok Reg
					 435, eff 10-9-97 (emergency); Added at 15 Ok Reg 1384, eff 7-1-98; Amended at
					 23 Ok Reg 2672, eff 7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 17 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 365:10-5-171 - Scope

Current through Vol. 41, No. 20, July 1, 2024
(a) This regulation shall apply to all life
				  insurance companies and fraternal benefit societies doing business in this
				  State and to all life insurance companies and fraternal benefit societies which
				  are authorized to reinsure life insurance, annuities or accident and health
				  insurance business in this State.
(b) This regulation shall be applicable to
				  all annual statements filed with the office of the Commissioner after the
				  effective date of this regulation. This regulation shall be applied in a manner
				  that allows the appointed actuary to utilize his or her professional judgment
				  in performing the asset analysis and developing the actuarial opinion and
				  supporting memoranda, consistent with relevant actuarial analysis and actuarial
				  assumptions when, in the Commissioner's judgment, these specifications are
				  necessary for an acceptable opinion to be rendered relative to the adequacy of
				  reserves and related items. A statement of opinion on the adequacy of the
				  reserves and related actuarial items based on an asset adequacy analysis in
				  accordance with Rule
				  365:10-5-176,
				  and a memorandum in support thereof in accordance with Rule
				  365:10-5-177,
				  shall be required each year.
Added at 15 Ok Reg
					 435, eff 10-9-97 (emergency); Added at 15 Ok Reg 1384, eff 7-1-98; Amended at
					 23 Ok Reg 2672, eff 7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 17 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 365:10-5-172 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this Part shall
					 have the following meaning unless the context clearly indicates
					 otherwise:
"Actuarial Opinion"
means the opinion of an
					 appointed actuary regarding the adequacy of the reserves and related actuarial
					 items based on an asset adequacy analysis in accordance with Rule 10-5-176 of
					 this regulation and with applicable Actuarial Standards of Practice.
"Actuarial Standards Board"
means the board
					 established by the American Academy of Actuaries to develop and promulgate
					 standards of actuarial practice.
"Annual Statement"
means that statement
					 required by Section 311 of the Oklahoma Insurance Code to be filed by the
					 company with the office of the Commissioner annually.
"Appointed Actuary"
means any individual who
					 is appointed or retained in accordance with the requirements set forth in Rule
					 365:10-5-173(c)
					 of this regulation to provide the actuarial opinion and supporting memorandum
					 as required by Section 4061 of Oklahoma Insurance Code.
"Asset Adequacy Analysis"
means an analysis
					 that meets the standards and other requirements referred to in Rule
					 365:10-5-173(d).
"Commissioner"
means the Insurance
					 Commissioner of this State.
"Company"
means a life insurance company,
					 fraternal benefit society or reinsurer subject to the provisions of this
					 regulation.
"Qualified Actuary"
means any individual who
					 meets the requirements set forth in Rule
					 365:10-5-173(b).
Added at 15 Ok Reg
					 435, eff 10-9-97 (emergency); Added at 15 Ok Reg 1384, eff 7-1-98; Amended at
					 23 Ok Reg 2672, eff 7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 17 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 365:10-5-173 - General requirements

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Submission of Statement of Actuarial Opinion.
(1) There is to be included on or attached to
				  Page 1 of the annual statement for each year beginning with the year in which
				  this regulation 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 Rule
				  365:10-5-176.
(2) Upon written request by the company, the
				  Commissioner may grant an extension of the date for submission of the statement
				  of actuarial opinion.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 17 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 365:10-5-174 - Required opinions [REVOKED]

Current through Vol. 41, No. 20,
				  July 1, 2024
Added at 15 Ok Reg
					 435, eff 10-9-97 (emergency); Added at 15 Ok Reg 1384, eff 7-1-98; Revoked at
					 23 Ok Reg 2672, eff 7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 17 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 365:10-5-175 - Statement of actuarial opinion not including an asset adequacy analysis [REVOKED]

Current through Vol. 41, No. 20, July 1,
				  2024
Added at 15 Ok Reg
					 435, eff 10-9-97 (emergency); Added at 15 Ok Reg 1384, eff 7-1-98; Revoked at
					 23 Ok Reg 2672, eff 7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 17 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 365:10-5-176 - Statement of actuarial opinion based on an asset adequacy analysis

Current through Vol. 41, No. 20, July 1, 2024
(a)
General description.
The
				  statement of actuarial opinion submitted in accordance with this section shall
				  consist of:
(1) A paragraph identifying the
				  appointed actuary and his or her qualifications (see Rule 365:10-5-176(b)(1)
				  );
(2) A scope paragraph
				  identifying 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 that have been analyzed for asset
				  adequacy and the method of analysis, (see Rule 365:10-5-176(b)(2) ) and
				  identifying the reserves and related actuarial items covered by the opinion
				  that have not been so analyzed;
(3)
				  A reliance paragraph describing those areas, if any, where the appointed
				  actuary has deferred to other experts in developing data, procedures or
				  assumptions, (e.g., anticipated cash flows from currently owned assets,
				  including variation in cash flows according to economic scenarios (see Rule
				  365:10-5-176(b)(3) ), supported by a statement of each such expert in the form
				  prescribed by Rule 365:10-5-176(e); and
(4) An opinion paragraph expressing the
				  appointed actuary's opinion with respect to the adequacy of the supporting
				  assets to mature the liabilities (see Rule 365:10-5-176(b)(6) ).
(5) One or more additional paragraphs will be
				  needed in individual company cases as follows:
(A) If the appointed actuary considers it
				  necessary to state a qualification of his or her opinion;
(B) If the appointed actuary must disclose an
				  inconsistency in the method of analysis or basis of asset allocation used at
				  the prior opinion date with that used for this opinion.
(C) If the appointed actuary must disclose
				  whether additional reserves of the prior opinion date are released as of this
				  opinion date, and the extent of the release.
(D) If the appointed actuary chooses to add a
				  paragraph briefly describing the assumptions which form the basis for the
				  actuarial opinion.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 17 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 365:10-5-178 - Additional considerations for analysis [REVOKED]

Current through
				  Vol. 41, No. 20, July 1, 2024
Added at 15 Ok Reg
					 435, eff 10-9-97 (emergency); Added at 15 Ok Reg 1384, eff 7-1-98; Revoked at
					 23 Ok Reg 2672, eff 7-14-06
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 19 - OKLAHOMA HEALTH CARE FREEDOM OF CHOICE REGULATION › Section 365:10-5-180 - Public disclosure

Current through Vol. 41, No. 20, July 1,
				  2024
(a) The disclosure
				  required by Section
				  6055(B)(2)(f)
				  of Title 36 shall be in writing on a document no smaller than five inches by
				  seven inches (5" X 7"), in type no smaller than twelve point and posted in easy
				  view of the public.
(b) When any
				  referral is made and disclosure is required pursuant to the Oklahoma Health
				  Care Freedom of Choice Act, that disclosure shall be in writing within a
				  document with print no smaller than eight point delivered to the insured prior
				  to point of service.
Added at 17 Ok Reg
					 1659, eff 7-14-00
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 19 - OKLAHOMA HEALTH CARE FREEDOM OF CHOICE REGULATION › Section 365:10-5-181 - Good faith estimate by insurer

Current through Vol. 41, No.
				  20, July 1, 2024
A good faith estimate of the allowable fee pursuant to
					 Section
					 6055(F)
					 of Title 36 must be provided upon request within seventy-two (72) hours of
					 receipt of said request. Request may be made by telephone, fax or
					 mail.
Added at 17 Ok Reg
					 1659, eff 7-14-00; Amended at 25 Ok Reg 1643, eff
					 7-14-08
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 19 - OKLAHOMA HEALTH CARE FREEDOM OF CHOICE REGULATION › Section 365:10-5-182 - Definition of facility

Current through Vol. 41, No. 20, July 1,
				  2024
The Insurance Commissioner may determine whether a
					 particular facility is included within the requirements and protections of the
					 Oklahoma Health Care Freedom of Choice Act. The term "facility" shall include,
					 but not be limited to, hospitals, specialty hospitals, ambulatory surgical
					 centers, home health agencies and free standing medical
					 facilities.
Added at 17 Ok Reg
					 1659, eff 7-14-00
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 21 - EXTENSION AND TERMINATION OF COVERAGE UNDER GROUP ACCIDENT AND HEALTH POLICY AND CONTRACTS OF HOSPITAL AND MEDICAL SERVICES OR INDEMNITY [Revoked] › Section 365:10-5-190 - Purpose [REVOKED]

Current through Vol. 41, No. 20, July 1,
				  2024
Added at 25 Ok Reg
					 1643, eff 7-14-08; Revoked at 26 Ok Reg 1529, eff
					 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 21 - EXTENSION AND TERMINATION OF COVERAGE UNDER GROUP ACCIDENT AND HEALTH POLICY AND CONTRACTS OF HOSPITAL AND MEDICAL SERVICES OR INDEMNITY [Revoked] › Section 365:10-5-191 - Applicability and scope [REVOKED]

Current through Vol. 41, No. 20,
				  July 1, 2024
Added at 25 Ok Reg
					 1643, eff 7-14-08; Revoked at 26 Ok Reg 1529, eff
					 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 21 - EXTENSION AND TERMINATION OF COVERAGE UNDER GROUP ACCIDENT AND HEALTH POLICY AND CONTRACTS OF HOSPITAL AND MEDICAL SERVICES OR INDEMNITY [Revoked] › Section 365:10-5-192 - Definitions [REVOKED]

Current through Vol. 41, No. 20, July 1,
				  2024
Added at 25 Ok Reg
					 1643, eff 7-14-08; Revoked at 26 Ok Reg 1529, eff
					 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 21 - EXTENSION AND TERMINATION OF COVERAGE UNDER GROUP ACCIDENT AND HEALTH POLICY AND CONTRACTS OF HOSPITAL AND MEDICAL SERVICES OR INDEMNITY [Revoked] › Section 365:10-5-193 - Periods for which coverage is extended [REVOKED]

Current
				  through Vol. 41, No. 20, July 1, 2024
Added at 25 Ok Reg
					 1643, eff 7-14-08; Revoked at 26 Ok Reg 1529, eff
					 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 21 - EXTENSION AND TERMINATION OF COVERAGE UNDER GROUP ACCIDENT AND HEALTH POLICY AND CONTRACTS OF HOSPITAL AND MEDICAL SERVICES OR INDEMNITY [Revoked] › Section 365:10-5-194 - When extension period begins [REVOKED]

Current through Vol.
				  41, No. 20, July 1, 2024
Added at 25 Ok Reg
					 1643, eff 7-14-08; Revoked at 26 Ok Reg 1529, eff
					 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 5 - Minimum Standards; Contract Guidelines › Part 21 - EXTENSION AND TERMINATION OF COVERAGE UNDER GROUP ACCIDENT AND HEALTH POLICY AND CONTRACTS OF HOSPITAL AND MEDICAL SERVICES OR INDEMNITY [Revoked] › Section 365:10-5-195 - Required notification to employee whose insurance is terminated [REVOKED]

Current through Vol. 41, No. 20, July 1,
				  2024
Added at 25 Ok Reg
					 1643, eff 7-14-08; Revoked at 26 Ok Reg 1529, eff
					 7-14-09
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 7 - Mortality Tables › Part 1 - PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 365:10-7-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this Part is to permit the use of mortality
					 tables that reflect differences in mortality between smokers and nonsmokers in
					 determining minimum reserve liabilities and minimum cash surrender values and
					 amounts of paid-up nonforfeiture benefits for plans of insurance with separate
					 premium rates for smokers and nonsmokers.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 7 - Mortality Tables › Part 1 - PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 365:10-7-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
(a) As used in this section
"1958 CET Table"
means that mortality table developed by the Society of Actuaries Special
					 Committee on New Mortality Tables, incorporated in the NAIC Model Standard
					 Nonforfeiture Thaw for Life Insurance, and referred to in that model as the
					 Commissioners 1958 Extended Term Insurance Table.
(b) As used in this section
"1958 CSO Table"
means that mortality table developed by the Society of Actuaries Special
					 Committee on New Mortality Tables, incorporated in the NAIC Model Standard
					 Nonforfeiture Law for Life Insurance, and referred to in that model as the
					 Commissioners 1985 Standard Ordinary Mortality Table.
(c) As used in this section
"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
					 Nonforfeiture Law for Life Insurance, and referred to in those models as the
					 Commissioners 1980 Extended Term Insurance Table.
(d) As used in this section
"1980 CSO Table, with or
					 without Ten-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-Year
					 Select Mortality Factors. The same select factors will be used for both smokers
					 and nonsmokers tables.
(e) As used in this section the phrase
"composite
					 mortality tables"
refers to the mortality tables defined in
					 (1)through
(f) of this section as they were originally published with
					 rates of mortality that do not distinguish between smokers and
					 nonsmokers.
(g) As used in this section the phrase
"smoker and
					 nonsmoker mortality tables"
refers to the mortality tables with separate
					 rates of mortality for smokers and nonsmokers derived from the tables, the
					 first four definitions in this section which were developed by the Society of
					 Actuaries Task Force on Smoker/Nonsmoker Mortality and the California Insurance
					 Department staff and recommended on the NAIC Technical Staff Actuarial
					 Group.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 7 - Mortality Tables › Part 1 - PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 365:10-7-3 - Alternate tables

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Prior to
				  January 1, 1989.
(1) For any policy of
				  insurance delivered or issued for delivery in this state after the operative
				  date of 36 O.S. §
											4029(H)(4)(k)
				  for that policy form and before January 1, 1989, at the option of the company
				  and subject to the conditions stated in
				  365:10-7-4, for use in
				  determining minimum reserve liabilities and minimum cash surrender values and
				  amounts of paid-up nonforfeiture benefits:
(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.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 7 - Mortality Tables › Part 1 - PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 365:10-7-4 - Conditions

Current through Vol. 41, No. 20, July 1, 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 36 O.S. §
										1510 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.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 7 - Mortality Tables › Part 3 - MIXED-GENDER MORTALITY TABLES › Section 365:10-7-10 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this Part is to permit individual life
					 insurance policies to provide the same cash surrender values and paid-up
					 nonforfeiture benefits to both men and women. No change in minimum valuation
					 standards is implied by this Part.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 7 - Mortality Tables › Part 3 - MIXED-GENDER MORTALITY TABLES › Section 365:10-7-11 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
(a) As used in this section,
"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.
(b) As used in this section,
"1980 CET Table
					 (F)"
means that mortality table consisting of the rates of mortality for
					 female lives from the 1980 CET Table.
(c) As used in this section,
"1980 CET Table
					 (M)"
means that mortality table consisting of the rates of mortality for
					 male lives from the 1980 CET Table.
(d) As used in this section,
"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 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-Year
					 Select Mortality Factor.
(e) As used in this section,
"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.
(f) As used in this section,
"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.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 7 - Mortality Tables › Part 3 - MIXED-GENDER MORTALITY TABLES › Section 365:10-7-12 - 1980 CSO Tables

Current through Vol. 41, No. 20, July 1,
				  2024
For any policy of insurance on the life of either a male or
					 female insured delivered or issued for delivery in this state before January 1,
					 1989 and after the operative date of 36 O.S. 1981, §4029(H)(4)(k) for that
					 policy form, the following tables shall be used in determining minimum cash
					 surrender values and amount of paid-up nonforfeiture benefits:
(1) 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
(2) a mortality table which is the same blend
				  as used in (1) of this subsection 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
Amended at 19 Ok Reg
					 1294, eff 7-14-02
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 7 - Mortality Tables › Part 3 - MIXED-GENDER MORTALITY TABLES › Section 365:10-7-13 - Acceptable tables

Current through Vol. 41, No. 20, July 1,
				  2024
(a) The following
				  tables will be considered as the basis for acceptable tables:
(1) 100% Male 0% Female for tables to be
				  designed as the "1980 CSO-A' and 1980 CET-A" tables.
(2) 80% Male 20% Female for tables to be
				  designated as the "1980 CSO-B" and "1980 CET-B" tables [Appendix D, Table
				  B].
(3) 60% Male 40% Female for
				  tables to be designated as the "1980 CSO-C" and "1980 CET-C" tables [Appendix
				  D, Table C].
(4) 50% Male 50%
				  Female for tables to be designated as the "1980 CSO-D" and "1980 CET-D"
				  tables[Appendix D, Table D].
(5)
				  40% Male 60% Female for tables to be designated as the "1980 CSO-E" and "1980
				  CET-E" tables [Appendix D, Table E].
(6) 20% Male 80% Female for tables to be
				  designated as the "1980 CSO-F" and "1980 CET-F" tables [Appendix D, Table
				  F].
(7) 0% Male 100% Female. for
				  tables to be designated as the "1980 CSO-G" and "1980 CET-G" tables.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 7 - Mortality Tables › Part 3 - MIXED-GENDER MORTALITY TABLES › Section 365:10-7-14 - Unfair discrimination

Current through Vol. 41, No. 20, July
				  1, 2024
It shall not be a violation of 36 O.S. §
										1204
					 for an insurer to issue the same kind of policy of life insurance on both a
					 sex-distinct and sex-neutral basis.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 1 - NEW ANNUITY MORTALITY TABLE FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 365:10-9-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this Part is to recognize the following
					 mortality tables for use in determining the minimum standard of valuation for
					 annuity and pure endowment contracts: the 1983 Table "a," the 1983 Group
					 Annuity Mortality (hereinafter 1983 GAM) Table, the Annuity 2000 Mortality
					 Table , the 1994 Group Annuity Reserving (hereinafter 1994 GAR) Table , and the
					 2012 Individual Annuity Reserving (2012 IAR) Table.
Amended at 15 Ok Reg
					 3220, eff 7-13-98
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 1 - NEW ANNUITY MORTALITY TABLE FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 365:10-9-2 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
(a)
1983 Table "a."
As used in
				  this Part "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)
1983 GAM Table.
As used in
				  this Part "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.
(c)
1994 GAR
				  Table.
As used in this Part "1994 GAR Table" means that mortality table
				  developed by the Society of Actuaries Group Annuity Valuation Table Task Force
				  and shown on pages 866-867 of Volume XLVII of the
Transactions of the
				  Society of Actuaries
(1995).
(d)
Annuity 2000 Mortality
				  Table.
As used in this Part "Annuity 2000 Mortality Table" means that
				  mortality table developed by the Society of Actuaries Committee on Life
				  Insurance Research and shown on page 240 of Volume XLVII of the
Transactions of the Society of Actuaries
(1995).
(e) As used in this Part "Period table" means
				  a table of mortality rates applicable to a given calendar year (the
				  Period).
(f) As used in this Part
				  "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.
(g) As used
				  in this Part "2012 IAR Table" means that Generational Mortality table developed
				  by the Society of Actuaries Committee on Life Insurance Research and containing
				  rates, q x
										2012+n , derived from a combination of
				  the 2012 IAM Period Table and Projection Scale G2, using the methodology stated
				  in OAC
				  365:10-9-4.
(h) As used in this Part "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, q x
										2012 , developed by the Society of
				  Actuaries Committee on Life Insurance Research and is shown in Appendices WW
				  and XX.
(i) As used is this Part
				  "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 and is shown in Appendices YY and
				  ZZ.
Amended at 15 Ok Reg
					 3220, eff 7-13-98
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 1 - NEW ANNUITY MORTALITY TABLE FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 365:10-9-3 - Individual annuity or pure endowment contracts

Current through
				  Vol. 41, No. 20, July 1, 2024
(a) Except as provided in 365:10-9-3(b) and
				  (c), the 1983 Table "a" is recognized and approved as an individual annuity
				  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,
				  1981.
(b) Except as provided in
				  365:10-9-3(c), either the 1983 Table "a" or the Annuity 2000 Mortality Table is
				  to be used for determining the minimum standard of valuation for any individual
				  annuity or pure endowment contract issued on or after July 1, 1985.
(c) Except as provided in 365:10-9-3(e), 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 January 1, 1998.
(d) Except
				  as provided in Subsection (e) of this section, the 2012 IAR Mortality 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.
(e) 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 January 1, 1998, 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 worker's compensation claims; or
(3) Settlements of long term disability
				  claims where a temporary or life annuity has been used in lieu of continuing
				  disability payments.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 1 - NEW ANNUITY MORTALITY TABLE FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 365:10-9-3.1 - Application of the 2012 IAR Mortality Table

Current through Vol.
				  41, No. 20, July 1, 2024
(a) In using the 2012 IAR Mortality Table,
				  the mortality rate for a person age x in year (2012 + n) is calculated as
				  follows:
q x
											2012+n = q x
											2012 (1 - G2
					 x ) 
					 n
(b) The resulting q x
										2012+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.
(c) For example, for a male
				  age 30:
(1) q x
											2012 = 0.741.
(2) q x
											2013 = 0.741 
				  * (1 - 0.010) ^ 1 = 0.73359, which is
				  rounded to 0.734.
(3) q
				  x
											2014 = 0.741 * (1 - 0.010) ^ 2 =
				  0.7262541, which is rounded to 0.726.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 1 - NEW ANNUITY MORTALITY TABLE FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 365:10-9-4 - Group annuity or pure endowment contracts

Current through
				  Vol. 41, No. 20, July 1, 2024
(a) Except as provided in 365:10-9-4(b) and
				  (c), 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, 1981,
				  under a group annuity or pure endowment contract.
(b) Except as provided in 365:10-9-4(c) of
				  this rule, either the 1983 GAM Table or the 1994 GAR Table shall be used for
				  determining the minimum standard of valuation for any annuity or pure endowment
				  purchased on or after July 1, 1981, under a group annuity or pure endowment
				  contract.
(c) The 1994 GAR Table
				  shall be used for determining the minimum standard of valuation for any annuity
				  or pure endowment purchased on or after January 1, 1998, under a group annuity
				  or pure endowment contract.
Amended at 15 Ok Reg
					 3220, eff 7-13-98
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 1 - NEW ANNUITY MORTALITY TABLE FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 365:10-9-5 - Application of the 1994 GAR table

Current through Vol. 41, No. 20,
				  July 1, 2024
In using the 1994 GAR Table, the mortality rate for a
					 person age x in year (1994+n) is calculated as follows:
q
x1994+n =
q
x1994
					 (1-
AA
x)n where the
q
x1994 and
AA
xs
					 are as specified in the 1994 GAR Table.
Added at 15 Ok Reg
					 3220, eff 7-13-98
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 1 - NEW ANNUITY MORTALITY TABLE FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES › Section 365:10-9-6 - Separability

Current through Vol. 41, No. 20, July 1, 2024
If any provision of this Part or its application to any
					 person or circumstances is for any reason held to be invalid, the remainder of
					 the regulation and the application of its provisions to other persons or
					 circumstances shall not be affected.
Added at 15 Ok Reg
					 3220, eff 7-13-98
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 3 - PERTAINING TO SEPARATE ACCOUNTS IN CONNECTION WITH VARIABLE ANNUITY CONTRACTS › Section 365:10-9-10 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The purpose of this Part is to set forth requirements
					 regarding the qualification of insurance companies to issue variable annuity
					 contracts, the maintenance of separate accounts, the filing of variable
					 contracts, the content of variable contracts, required reports, and the
					 licensing of variable annuity contract agents.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 3 - PERTAINING TO SEPARATE ACCOUNTS IN CONNECTION WITH VARIABLE ANNUITY CONTRACTS › Section 365:10-9-11 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
The following words or terms, when used in this section,
					 shall have the following meaning, unless the context clearly indicates
					 otherwise:
"Agent"
, means any person, corporation,
					 partnership or other legal entity which under the laws of this State is
					 licensed as a life insurance agent, or solicitor, general agent, or life
					 insurance broker.
"Variable annuity contract"
, means any
					 contract, which provides for annuity benefits which may vary according to the
					 investment experience of any separate account or accounts maintained by the
					 insurer as to such contract.
"Variable annuity contract agent"
, means an
					 agent who shall sell or offer to sell any variable annuity
					 contract.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 3 - PERTAINING TO SEPARATE ACCOUNTS IN CONNECTION WITH VARIABLE ANNUITY CONTRACTS › Section 365:10-9-12 - Qualification of insurance companies to issue variable annuity contracts

Current through Vol. 41, No. 20, July 1, 2024
(a)
Variable annuity contract
				  prerequisites.
No company shall deliver or issue for delivery variable
				  annuity contracts within this state unless:
(1) It is licensed to do life insurance or
				  annuity business in this state; and
(2) The Commissioner is satisfied that its
				  condition, or methods of operation, in connection with the issuance of such
				  contracts, will not render its operation hazardous to the public or its
				  policyholders in this state. In this connection, the Commissioner shall
				  consider, among other things:
(A) The history
				  and financial condition of the company;
(B) The character, responsibility and general
				  fitness of the officers and directors of the company; and
(C) The law and regulations under which the
				  company is authorized in the state of domicile to issue variable annuity
				  contracts.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 3 - PERTAINING TO SEPARATE ACCOUNTS IN CONNECTION WITH VARIABLE ANNUITY CONTRACTS › Section 365:10-9-13 - Separate account or separate accounts

Current through Vol. 41,
				  No. 20, July 1, 2024
(a)
Separate accounts.
A domestic company issuing variable annuity
				  contracts shall establish one or more separate accounts pursuant to 36 O.S.
				  §§ 6061-6062 and the following provisions:
(1) Except as hereinafter provided, amounts
				  allocated to any separate account and accumulations thereon may be invested and
				  reinvested without regard to any requirements or limitations prescribed by the
				  laws of this state governing the investments of life insurance companies;
				  provided, that to the extent that the company's reserve liability with regard
				  to:
(A) benefits guaranteed as to dollar
				  amount and duration, and
(B) funds
				  guaranteed as to principal amount of stated rate of interest is maintained in
				  any separate account, a portion of the assets of such separate account, at
				  least equal to such reserve liability, shall be, except as the Commissioner may
				  otherwise approve, invested in accordance with the laws of this state governing
				  the investments of life insurance companies. The investments in such separate
				  account or accounts shall not be taken into account in applying the investment
				  limitations applicable to the investments of the company.
Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 10 - Life, Accident and Health › Subchapter 9 - Annuities › Part 3 - PERTAINING TO SEPARATE ACCOUNTS IN CONNECTION WITH VARIABLE ANNUITY CONTRACTS › Section 365:10-9-14 - Filling of contracts

Current through Vol. 41, No. 20, July 1,
				  2024
(a)
Filing
				  requirements.
The filing requirements applicable to variable contracts
				  shall be those filing requirements otherwise applicable under existing statutes
				  and regulations of this state with respect to individual and group life
				  insurance and annuity contract form filings.
(b)
Approval of filings.
No
				  variable annuity contract, including a group variable annuity contract, and any
				  certificate issued thereunder, shall be delivered or issued for delivery in
				  this state by an insurance company until a copy of the form of such contract,
				  certificate and the application for same, as well as the sales material to be
				  used in conjunction therewith, shall have been filed with the Insurance
				  Commissioner in duplicate. At the expiration of 60 days the form so filed shall
				  be deemed approved unless prior thereto it has been affirmatively approved or
				  disapproved by order of the Insurance Commissioner.
(c)
Disapproval.
(1) The Commissioner shall disapprove or
				  withdraw approval of any such contract form, application of certificate if:
(A) such contract, application or certificate
				  contains provisions which are ambiguous, misleading or deceptive or are likely
				  to result in misrepresentation, or are otherwise contrary to law;
(B) sales of such contracts are being
				  solicited by any means of advertising, communication or dissemination of
				  information which is false, misleading, deceptive or inadequate.