Section 45-04-08-02 - Individual annuity or pure endowment contracts1. Except as provided in subsections 2 and 3, 1983 Table "a" is recognized and approved as an individual mortality table for valuation and, at the option of the company, may be used for purposes of determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after July 1, 1983.2. Except as provided in subsection 3, 1983 Table "a" is to be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 1986.3. Except as provided in subsection 4, the Annuity 2000 Mortality Table must be used for determining the minimum standard of valuation of any individual annuity or pure endowment contract issued on or after September 1, 1999.4. Except as provided in subsection 5. the 2012 IAR Table must be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1. 2016.5. The 1983 Table "a" without projection is to be used for determining the minimum standards of valuation for an individual annuity or pure endowment contract issued on or after September 1, 1999, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from: a. Settlements of various forms of claims pertaining to court settlements or out-of-court settlements from tort actions;b. Settlements involving similar actions such as workers' compensation claims; orc. Settlements of long-term disability claims when a temporary or life annuity has been used in lieu of continuing disability payments.N.D. Admin Code 45-04-08-02
Effective January 1, 1985; amended effective September 1, 1999.Amended by Administrative Rules Supplement 2015-358, October 2015, effective 10/1/2015.General Authority: NDCC 28-32-02
Law Implemented: NDCC 26.1-35