Ala. Admin. Code r. 482-1-076-.05

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

Section 482-1-076-.05 - Group Annuity Or Pure Endowment Contracts

(1) Except as provided in Paragraphs (2) and (3) of this Rule, the 1983 GAM Table, the 1983 Table "a" and the 1994 GAR Table are recognized and approved as group annuity mortality tables for valuation and, at the option of the company, any one of these tables may be used for purposes of valuation for any annuity or pure endowment purchased on or after July 30, 1979, under a group annuity or pure endowment contract.

(2) Except as provided in Paragraph (3) of this Rule, either the 1983 GAM Table or the 1994 GAR Table shall be used for determining the minimum standard of valuation for any annuity or pure endowment purchased on or after January 1, 1987, under a group annuity or pure endowment contract.

(3) The 1994 GAR Table shall be used for determining the minimum standard of valuation for any annuity or pure endowment purchased on or after January 1, 1999, under a group annuity or pure endowment contract.

Ala. Admin. Code r. 482-1-076-.05

New Rule: December 6, 1985; effective December 16, 1985. Revised: October 23, 1998; effective January 1, 1999. Filed for codification in the Alabama Administrative Code by the Department of Insurance on January 17, 2003, pursuant to the Code of Ala. 1975, § 27-7-43.

Amended by Alabama Administrative Monthly Volume XXXII, Issue No. 11, August 29, 2014, eff. 6/24/2015.

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, §§ 27-2-17 and 27-36A-1 to 27-36A-20.