Code of Vermont Rules › Agency 21 - DEPARTMENT OF FINANCIAL REGULATION › Sub-Agency 020 - INSURANCE DIVISION › Chapter 056 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS MODEL REGULATION › Section 21 020 056 - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS MODEL REGULATION

Current through June,
				2024
I-2005-01
RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN
				  DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS MODEL
				  REGULATION
Section 1 Authority
This Regulation is promulgated by the Commissioner of
				  Banking, Insurance, Securities and Health Care Administration pursuant to
				  8 V.S.A. §
											15, 8 V.S.A. § 3784(a)(2) ("Vermont
				  Standard Valuation Law"),
				  8 V.S.A. §
											3747a(h)(6) ("Vermont
				  Standard Nonforfeiture Law for Life Insurance"), Sections 5A and 5B of
				  Regulation 99-3-I ("Valuation of Life Insurance Policies") of the Vermont
				  Department of Banking, Insurance, Securities and Health Care Administration,
				  and Sec. 21 of Act 105 of the 2004 session of the Vermont General
				  Assembly.
Section 2 Purpose
The purpose of this Regulation is to recognize, permit and
				  prescribe the use of the 2001 Commissioners Standard Ordinary (CSO) Mortality
				  Table in accordance with
				  8 V.S.A. §
											15, 8 V.S.A. § 3784(a)(2) ("Vermont
				  Standard Valuation Law"),
				  8 V.S.A. §
											3747a(h)(6) ("Vermont
				  Standard Nonforfeiture Law for Life Insurance"), Sections 5A and 5B of
				  Regulation 99-3-I ("Valuation of Life Insurance Policies") of the Vermont
				  Department of Banking, Insurance, Securities and Health Care Administration,
				  and Sec. 21 of Act 105 of the 2004 session.
Section 3 Definitions
As used in this Regulation:
A. "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
				NAIC in December 2002. The 2001 CSO Mortality Table is included in the
				Proceedings of the NAIC (2nd 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.
B. "2001 CSO
				Mortality Table (F)" means that mortality table consisting of the rates of
				mortality for female lives from the 2001 CSO Mortality Table.
C. "2001 CSO Mortality Table (M)" means that
				mortality table consisting of the rates of mortality for male lives from the
				2001 CSO Mortality Table.
D.
				"Composite mortality tables" means mortality tables with rates of mortality
				that do not distinguish between smokers and nonsmokers.
E. "Smoker and nonsmoker mortality tables"
				means mortality tables with separate rates of mortality for smokers and
				nonsmokers.