760 Ind. Admin. Code 1-35-3

Current through December 12, 2024

Section 760 IAC 1-35-3 - Definitions

Authority: IC 27-1-3-7

Affected: IC 27-1-12

Sec. 3.

The following definitions apply throughout this rule:

(1) "1983 Table "a"" means 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 NAIC.

(2) "1983 Group Annuity Mortality Table" or "1983 GAM Table" means 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 NAIC. (3) "1994 Group Annuity Reserving Table" or "1994 GAR Table" means that mortality table developed by the Society of Actuaries Group Annuity Valuation Table Task Force and shown on pages 866 through 867 of Volume XLVII of the Transactions of the Society of Actuaries (1995).

(4) "2012 Individual Annuity Mortality Period Life Table" or "2012 IAM Period Table" means the period table containing loaded mortality rates for calendar year 2012 and containing rates, q_x²⁰¹², developed by the Society of Actuaries Committee on Life Insurance Research.

(5) "2012 Individual Annuity Reserving Table" or "2012 IAR Table" means that generational mortality table developed by the Society of Actuaries Committee on Life Insurance Research and containing rates, q_x²⁰¹²⁺ⁿ, derived from a combination of the 2012 IAM Period Table and Projection Scale G2.

(6) "Annuity 2000 Mortality Table" means that mortality table developed by the Society of Actuaries Committee on Life Insurance Research and shown on page 240 of Volume XLVII of the Transactions of the Society of Actuaries (1995).

(7) "Generational mortality table" means 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.

(8) "NAIC" means the National Association of Insurance Commissioners.

(9) "Period table" means a table of mortality rates applicable to a given calendar year.

(10) "Projection Scale G2" or "Scale G2" is a table of annual rates, G2_x, 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.

760 IAC 1-35-3

Department of Insurance; 760 IAC 1-35-3; filed Oct 16, 1985, 2:18 p.m.: 9 IR 517; filed Dec 1, 1999, 3:31 p.m.: 23 IR 810, eff Dec 31, 1999; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA

Filed 5/22/2015, 3:27 p.m.: 20150617-IR-760140298FRA

Readopted filed 11/15/2021, 8:32 a.m.: 20211215-IR-760210419RFA