Statutes, codes, and regulations
Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-076 - ALABAMA PROCEDURES FOR RECOGNIZING A NEW ANNUITY MORTALITY TABLE FOR USE IN DETERMINING RESERVE LIABILITIES FOR ANNUITIES
Section 482-1-076-.03 - Definitions

Ala. Admin. Code r. 482-1-076-.03

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Current through Register Vol. 43, No. 02, November 27, 2024
Section 482-1-076-.03 - Definitions

The following definitions shall apply for purposes of this Chapter:

(a) 1983 Table "a". That mortality table developed by the Society of Actuaries Committee to Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as a recognized mortality table for annuities in June 1982, by the National Association of Insurance Commissioners. [See 1982 Proceedings of the NAIC II, page 454.]
(b) 1983 GAM Table. That mortality table developed by the Society of Actuaries Committee on Annuities and adopted as a recognized mortality table for annuities in December 1983, by the National Association of Insurance Commissioners. [See 1984 Proceedings of the NAIC I, pages 414 to 415.]
(c) 1994 GAR Table. That mortality table developed by the Society of Actuaries Group Annuity Valuation Table Task Force. The 1994 GAR Table is included in the report on pages 865-919 of Volume XLVII of the Transactions of the Society of Actuaries (1995).
(d) Annuity 2000 Mortality Table. That mortality table developed by the Society of Actuaries Committee on Life Insurance Research. The Annuity 2000 Mortality Table is included in the report on pages 211-249 of Volume XLVII of the Transactions of the Society of Actuaries (1995).
(e) Period table. A table of mortality rates applicable to a given calendar year (the Period).
(f) Generational Mortality Table. A mortality table containing a set of mortality rates that decrease for a given age from one year to the next based on a combination of a Period table and a projection scale containing rates of mortality improvement.
(g) 2012 IAR Table. That Generational mortality table developed by the Society of Actuaries Committee on Life Insurance Research and containing rates, qx2012+n, derived from a combination of the 2012 IAM Period Table and Projection Scale G2, using the methodology stated in Rule 482-1-076-.07.
(h) 2012 Individual Annuity Mortality Period Life (2012 IAM Period) Table. The Period table containing loaded mortality rates for calendar year 2012. This table contains rates, qx2012, developed by the Society of Actuaries Committee on x Life Insurance Research and is shown in Appendices 1-2.
(i) Projection Scale G2 (Scale G2). A table of annual rates, G2x, of mortality improvement by age for projecting future mortality rates beyond calendar year 2012. This table was developed by the Society of Actuaries Committee on Life Insurance Research and is shown in Appendices 3-4.

Ala. Admin. Code r. 482-1-076-.03

Amended by Alabama Administrative Monthly Volume XXXII, Issue No. 11, August 29, 2014, eff. 1/1/2015.
Amended by Alabama Administrative Monthly Volume XLII, Issue No. 09, June 28, 2024, eff. 7/1/2024.

Author: Reyn Norman, Associate Counsel

Statutory Authority:Code of Ala. 1975, §§ 27-12-17 and 27-36A-1 to 27-36A-20.