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Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-075 - SMOKER - NON-SMOKER MORTALITY TABLES FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS
Section 482-1-075-.03 - Definitions

Ala. Admin. Code r. 482-1-075-.03

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Current through Register Vol. 43, No. 02, November 27, 2024
Section 482-1-075-.03 - Definitions

The following definitions shall apply for purposes of this chapter:

(1) 1980 CSO TABLE, WITH OR WITHOUT TEN-YEAR SELECT MORTALITY FACTOR. The 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.
(2) 1980 CET TABLE. The 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.
(3) 1958 CSO TABLE. The 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.
(4) 1958 CET TABLE. The 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.
(5) SMOKER AND NONSMOKER MORTALITY TABLES. The mortality tables with separate rates of mortality for smokers and nonsmokers derived from the tables defined in (1) through (4) of this rule which were developed by the Society of Actuaries Task Force on Smoker/Nonsmoker Mortality and the California Insurance Department staff and recommended on the NAIC Technical Staff Actuarial Group.
(6) COMPOSITE MORTALITY TABLES. The mortality tables defined in (1) through (4) of this rule as they were originally published with rates of mortality that do not distinguish between smokers and nonsmokers.

Ala. Admin. Code r. 482-1-075-.03

New: November 4, 1985; effective November 15, 1985. Filed for codification in the Alabama Administrative Code by the Department of Insurance on December 16, 2003, pursuant to the Code of Ala. 1975, § 27-7-43.
Amended by Alabama Administrative Monthly Volume XLII, Issue No. 09, June 28, 2024, eff. 7/1/2024.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, §§ 27-15-70 to 27-15-83.