Section 760 IAC 1-36-3 - Definitions Authority: IC 27-1-3-7
Affected: IC 27-1-12-7; IC 27-1-12-10
Sec. 3.
(a) As used in this rule [ 760 IAC 1-36 ], "1980 CSO Table, with or without Ten-Year Select Mortality Factor" means that 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.(b) As used in this rule [ 760 IAC 1-36 ], "1980 CET Table" means that 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.(c) As used in this rule [ 760 IAC 1-36 ], "1958 CSO Table" means that 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.(d) As used in this rule [ 760 IAC 1-36 ], "1958 CET Table" means that 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.(e) As used in this rule [ 760 IAC 1-36 ], the phrase "smoker and nonsmoker mortality tables" refers to the mortality tables with separate rates of mortality for smokers and nonsmokers derived from the tables defined in subsections (a) through (d) of this section which were developed by the Society of Actuaries Task Force on Smoker/Nonsmoker Mortality and the California Insurance Department staff and recommended by the NAIC Technical Staff Actuarial Group.(f) As used in this rule [ 760 IAC 1-36 ], the phrase "composite mortality tables" refers to the mortality tables defined in subsections (a) through (d) of this section as they were originally published with rates of mortality that do not distinguish between smokers and nonsmokers.(g) As used in this rule [ 760 IAC 1-36 ], the phrase "operative date" for a policy form means that date, after the election date described below, on which the form is filed with this department. NOTE: A company elects to use 1980 CSO Mortality Tables in Indiana by filing an election letter with the department, said letter including an election date and providing that all company filings of any policy forms submitted after the election date shall utilize 1980 CSO Tables.
Department of Insurance; 760 IAC 1-36-3; filed Oct 16, 1985, 2:18 pm: 9 IR 518; 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