Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-74 - Approved insurance tables › Section 284-74-200 - Gender blended mortality tables for certain life insurance policies

Current through Register Vol. 24-14, July 15, 2024
The purpose of this section is to permit individual, franchise
				and group permanent (cash value) life insurance policies and pension plans
				funded in whole or in part by life insurance to provide the same cash values
				and paid-up nonforfeiture benefits to both men and women. No change in minimum
				valuation standards is implied by this section. However, if the gender blended
				smoker and nonsmoker mortality tables are used to determine cash surrender
				values and paid-up nonforfeiture benefits then pursuant to WAC
				284-74-100(4)(c) the smoker and nonsmoker mortality tables
				shall be used to determine minimum reserve liabilities.
(1) As used in this section, the following
			 definitions apply:
(a) "1980 CSO table, with
			 or without ten-year select mortality factors," 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 ordinary life insurance incorporated in the 1980 National
			 Association of Insurance Commissioners (NAIC) amendments to the model standard
			 valuation law and standard nonforfeiture law for life insurance and referred to
			 in those models as the Commissioner's 1980 Standard Ordinary Mortality Table,
			 with or without ten-year select mortality factors and set forth in
			 Transactions, Society of Actuaries, Vol. XXXIII (1981), pp. 617 and 618, and
			 referred to as the Commissioner's 1980 Standard Ordinary Mortality Table (1980
			 CSO).
(b) "1980 CSO table (M), with
			 or without ten-year select mortality factors," means that mortality table
			 consisting of the rates of mortality for male lives from the 1980 CSO table,
			 with or without ten-year select mortality factors.
(c) "1980 CSO table (F), with or without
			 ten-year select mortality factors," means that mortality table consisting of
			 the rates of mortality for female lives from the 1980 CSO table, with or
			 without ten-year select mortality factors.
(d) The "ten-year select mortality factors"
			 referred to in (a), (b), and (c) of this subsection are those set forth in
			 Transactions, Society of Actuaries, Vol. XXXIII (1981), p. 669, and referred to
			 therein as selection factors for alternate method of determining life insurance
			 reserves and deficiency reserve requirements (1980 CSO with ten-year select
			 mortality factors).
(e) "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 standard model
			 nonforfeiture law for life insurance and referred to in those models as the
			 Commissioner's 1980 Extended Term Insurance Table, and set forth in
			 Transactions, Society of Actuaries, Vol. XXXIII (1981), pp. 617 and 619, and
			 referred to therein as the Commissioner's 1980 Extended Term Insurance
			 Mortality Table (1980 CET).
(f)
			 "1980 CET table (M)" means that mortality table consisting of the rates of
			 mortality for male lives from the 1980 CET table.
(g) "1980 CET table (F)" means that mortality
			 table consisting of the rates of mortality for female lives from the 1980 CET
			 table.
(h) As used in this section,
			 "1980 CSO and 1980 CET Smoker and Nonsmoker Mortality Tables" means the
			 mortality tables with separate rates of mortality for smokers and nonsmokers
			 which is found in NAIC Proceedings, 1984, Vol. I, pp. 406-413 and which is
			 derived from the 1980 CSO and 1980 CET Mortality Tables.