Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 322 - USE OF THE 2001 CSO PREFERRED CLASS STRUCTURE MORTALITY TABLE IN DETERMINING RESERVE LIABILITIES › Section 14VAC5-322-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter shall
				  have the following meanings unless the context clearly indicates otherwise:
"2001 CSO Mortality Table" means that mortality table,
				  consisting of separate rates of mortality for male and female lives, developed
				  by the 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)
				  and supplemented by the 2001 CSO Preferred Class Structure Mortality Table.
				  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. The 2001 CSO Mortality Table
				  may be accessed via the American Academy Society of Actuaries' website,
https://mort.soa.org/
. Mortality tables
				  in the 2001 CSO Mortality Table include the following:
1.  "2001 CSO Mortality Table (F)" means that mortality table
				  consisting of the rates of mortality for female lives from the 2001 CSO
				  Mortality Table.
2.  "2001 CSO Mortality Table (M)" means that mortality table
				  consisting of the rates of mortality for male lives from the 2001 CSO Mortality
				  Table.
3.  "Composite mortality tables" means mortality tables with
				  rates of mortality that do not distinguish between smokers and nonsmokers. 4.
				  "Smoker and nonsmoker mortality tables" means mortality tables with separate
				  rates of mortality for smokers and nonsmokers.
"2001 CSO Preferred Class Structure Mortality Table" means
				  mortality tables with separate rates of mortality for Super Preferred
				  Nonsmokers, Preferred Nonsmokers, Residual Standard Nonsmokers, Preferred
				  Smokers, and Residual Standard Smoker splits of the 2001 CSO Nonsmoker and
				  Smoker tables adopted by the NAIC in September 2006. The 2001 CSO Preferred
				  Class Structure Mortality Table is included in the Proceedings of the NAIC (3rd
				  Quarter 2006). 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. It includes both the smoker and
				  nonsmoker mortality tables. It includes both the male and female mortality
				  tables and the gender composite mortality tables. It also includes both the
				  age-nearest-birthday and age-last-birthday bases of the mortality table. The
				  2001 CSO Preferred Class Structure Mortality Table may be accessed via the
				  Society of Actuaries website,
https://www.soa.org/globalassets/assets/files/xls/2001-cso-preferred-class-structure-mortality-tables.xls
.
"Commission" means the State Corporation Commission.
"Commissioner" means the Commissioner of Insurance in
				  Virginia unless specific reference is made to another state, in which case
				  "commissioner" means the insurance commissioner, director, superintendent or
				  other supervising regulatory official of a given state who is responsible for
				  administering the insurance laws of that state.
"NAIC" means the National Association of Insurance
				  Commissioners.
"Statistical agent" means an entity with proven systems for
				  protecting the confidentiality of individual insured and insurer information;
				  demonstrated resources for and history of ongoing electronic communications and
				  data transfer ensuring data integrity with insurers, 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.
Statutory Authority: 12.1-13 and 38.2-223 of the Code of
					 Virginia.