Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 60 - RULES PERMITTING SMOKER/NONSMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS › Section 14VAC5-60-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. As used in this
				chapter (14VAC5-60-10 et seq.), "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.
B. As used in this chapter (14VAC5-60-10 et seq.), "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.
C. As used in this chapter (14VAC5-60-10 et seq.), "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 1958 Standard Ordinary Mortality Table.
D. As used in this chapter (14VAC5-60-10 et seq.), "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 Law for Life Insurance, and referred to in that model as the
				Commissioners 1958 Extended Term Insurance Table.
E. As used in this chapter (14VAC5-60-10 et seq.), 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
				defined in subsections A through D of this section which were developed by the
				Society of Actuaries Task Force on Smoker/Nonsmoker Mortality and the
				California Insurance Department staff and recommended by the NAIC Technical
				Staff Actuarial Group.
F. As used
				in this chapter (14VAC5-60-10 et seq.), the phrase
				"composite mortality tables" refers to the mortality tables defined in
				subsections A through D of this section as they were originally published with
				rates of mortality that do not distinguish between smokers and
				nonsmokers.
Statutory Authority
§§ 12.1-13, 38.2-223, 38.2-3117, 38.2-3130, and
					 38.2-3209 of the Code of Virginia.