Pennsylvania Code › Title 31 - INSURANCE › Part IV - Life Insurance › Chapter 84 - TABLES APPROVED FOR USE IN DETERMINING MINIMUM NONFORFEITURE STANDARDS AND MINIMUM STANDARDS FOR VALUATION › Section 84.2 - 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. §§
										1-321).
Annuity 2000 Mortality Table
-The 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) and adopted as a recognized mortality
				  table for annuities in December 1996 by the NAIC.
Commissioner
-The Insurance Commissioner of
				  the Commonwealth.
Department
-The Insurance Department of the
				  Commonwealth.
Generational mortality table
-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.
Law
-The Insurance Company Law of 1921
				  (40
				  P. S. §§
										341-991).
NAIC
-The National Association of Insurance
				  Commissioners.
Period table
-A table of mortality rates
				  applicable to a given calendar year.
Projection Scale G2
-The table, as shown in
				  Appendices III and IV, of annual rates,
G2
x, of mortality improvement by age for
				  projecting future mortality rates beyond calendar year 2012 developed by the
				  Society of Actuaries Committee on Life Insurance Research.
1983 Table "a"
-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 NAIC.
1983 GAM Table
-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.
1994 GAR Table
-The 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) and adopted as a recognized mortality table for
				  annuities in December 1996 by the NAIC.
2012 IAR Table
-The generational mortality
				  table developed by the Society of Actuaries Committee on Life Insurance
				  Research containing rates,
q
x2012+n, derived from a
				  combination of the 2012 IAM Period Table and Projection Scale G2, using the
				  methodology in §
									84.3a (relating to application of
				  the 2012 IAR Mortality Table).
2012 IAM Period Table
-The period table, as
				  shown in Appendices I and II, containing loaded mortality rates for calendar
				  year 2012,
q
x2012, developed by the
				  Society of Actuaries Committee on Life Insurance Research.
The provisions of this §
											84.2 amended under sections 206,
					 506, 1501 and 1502 of The Administrative Code of 1929 (71 P.S.
					 §§
												66,
					 186,
					 411 and
					 412); sections 301 and 303 of
					 The Insurance Department Act of 1921 (40 P.S. §§
												71 and
					 73); and section 410A of The
					 Insurance Company Law of 1921 (40 P.S. §
												510.1).