Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 84d - RECOGNITION OF THE 2001 CSO MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS AND THE 2001 CSO PREFERRED CLASS STRUCTURE MORTALITY TABLE FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES › Section 84d.2 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings, unless the context clearly indicates
				  otherwise:
Act
-The Insurance Department Act of 1921
				  (40
				  P. S. §§
										1-324).
Actuarial Standards Board
-The board
				  established by the American Academy of Actuaries, or a successor thereto, to
				  develop and promulgate standards of actuarial practice.
Commissioner
-The Insurance Commissioner of
				  the Commonwealth.
2001 CSO Composite Mortality Tables
-The 2001
				  CSO Mortality Tables with rates of mortality that do not distinguish between
				  smokers and nonsmokers.
Law
-The Insurance Company Law of 1921
				  (40
				  P. S. §§
										341-991)
NAIC
-The National Association of Insurance
				  Commissioners.
2001 CSO Smoker and Nonsmoker Mortality
				  Tables
-The 2001 CSO Mortality Tables with separate rates of mortality
				  for smokers and nonsmokers.
2001 CSO Mortality Table
-The 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.
2001 CSO Mortality Table (F)
-The mortality
				  table consisting of the rates of mortality for female lives from the 2001 CSO
				  Mortality Table.
2001 CSO Mortality Table (M)
-The mortality
				  table consisting of the rates of mortality for male lives from the 2001 CSO
				  Mortality Table.
2001 CSO Preferred Class Structure Mortality
				  Table
-The mortality tables with separate rates of mortality for Super
				  Preferred Nonsmoker, Preferred Nonsmoker, Residual Standard Nonsmoker,
				  Preferred Smoker and Residual Standard Smoker splits of the 2001 CSO Nonsmoker
				  and Smoker Mortality Tables as adopted by the NAIC at the September 2006
				  meeting and published in the NAIC minutes for that meeting. Unless the context
				  indicates otherwise, the 2001 CSO Preferred Class Structure Mortality Table
				  includes both the ultimate form of that table and the select and ultimate form
				  of that table. The table includes both the male and female mortality tables and
				  also includes both the age-nearest-birthday and age-last-birthday bases of the
				  mortality table.
Statistical agent
-An entity with proven
				  systems for protecting the confidentially of individual insured and company
				  information, demonstrated resources for and history of ongoing electronic
				  communications and data transfer ensuring data integrity with insurance
				  companies, which are its members or subscribers, and a history of and means for
				  aggregation of data and accurate promulgation of the experience modifications
				  in a timely manner.