Or. Admin. Code § 836-031-0810

Current through Register Vol. 63, No. 11, November 1, 2024

Section 836-031-0810 - 2001 CSO Preferred Class Structure Table

(1) At the election of the insurer, for each calendar year of issue, for any one or more specified plans of insurance and subject to satisfying the conditions stated in OAR 836-031-0800 to 836-031-0815, the 2001 CSO Preferred Class Structure Mortality Table may be substituted in place of the 2001 CSO Smoker or Nonsmoker Mortality Table as the minimum valuation standard for policies issued on or after January 1, 2007. For policies issued on or after January 1, 2004 (the date of adoption of OAR 836-051-0106, Life Insurance Valuation and Nonforfeiture Standards), and prior to January 1, 2007, the 2001 CSO Preferred Class Structure Mortality Tables may be substituted with the consent of the director and subject to the conditions of OAR 836-031-0815. In determining whether to consent to the substitution, the director may rely on the consent of the Insurance Commissioner of the company's state of domicile. No such election may be made until the insurer demonstrates at least 20 percent of the business to be valued on this table is in one or more of the preferred classes. A table from the 2001 CSO Preferred Class Structure Mortality Table used in place of a 2001 CSO Mortality Table, pursuant to the requirements of OAR 836-031-0800 to 836-031-0815, will be treated as part of the 2001 CSO Mortality Table only for purposes of reserve valuation pursuant to the requirements of the NAIC model regulation "Recognition of the 2001 CSO Mortality Table For Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation."

(2) Tables referenced in this rule are available from the Division of Financial Regulation of the Department of Consumer and Business Services.

ID 2-2007, f. & cert. ef. 2-12-07; ID 17-2011, f. & cert. ef. 10-31-11; ID 18-2024, minor correction filed 08/06/2024, effective 8/6/2024

Tables referenced are available from the agency.

Statutory/Other Authority: ORS 731.244 & 733.306

Statutes/Other Implemented: ORS 733.306