Ala. Admin. Code r. 482-1-075-.05

Current through Register Vol. 43, No. 02, November 27, 2024

Section 482-1-075-.05 - Conditions

For each plan of insurance with separate rates for smokers and nonsmokers an insurer may

(a) use composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits,

(b) use smoker and nonsmoker mortality tables to determine the valuation net premiums and additional minimum reserves, if any, required by Section 27-36A-12 and use composite mortality tables to determine the basic minimum reserves, minimum cash surrender values and amounts of paid-up nonforfeiture benefits, or

(c) use smoker and nonsmoker mortality to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits.

Ala. Admin. Code r. 482-1-075-.05

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.