14 Va. Admin. Code § 5-50-30

Current through Register Vol. 40, No. 22, June 17, 2024

Section 14VAC5-50-30 - Individual annuity or pure endowment contracts

A. Except as provided in subsections B and C of this section, the 1983 Table "a" is recognized and approved as an individual annuity 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, 1979.

B. Except as provided in subsection C of this section, either the 1983 Table "a" or the Annuity 2000 Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 1987.

C. Except as provided in subsection D of this section, the Annuity 2000 Mortality Table shall be used for determining the minimum standard of valuation for an individual annuity or a pure endowment contract issued on or after January 1, 1999.

D. 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 January 1, 1999, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from:

1. Settlements of various forms of claims pertaining to court settlements or out of court settlements from tort actions;

2. Settlements involving similar actions such as workers' compensation claims; or

3. Settlements of long-term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.

14 Va. Admin. Code § 5-50-30

Derived from Regulation No. 27, amended by Case No. INS850208 § 4, eff. December 31, 1985; amended, Virginia Register Volume 14, Issue 3, eff. October 15, 1997.

Statutory Authority

§ 12.1-13 of the Code of Virginia.