14 Va. Admin. Code § 5-50-40

Current through Register Vol. 41, No. 2, September 9, 2024

Section 14VAC5-50-40 - Group annuity or pure endowment contracts

A. Except as provided in subsections B and C of this section, the 1983 GAM Table, 1983 Table "a," and the 1994 GAR Table are recognized and approved as group annuity mortality tables for valuation and, at the option of the company, any of these tables may be used for purposes of valuation for any annuity or a pure endowment purchased on or after July 1, 1979, under a group annuity or pure endowment contract.

B. Except as provided in subsection C of this section, the 1983 GAM Table or the 1994 GAR Table shall be used for determining the minimum standard of valuation for any annuity or a pure endowment purchased on or after January 1, 1987, under a group annuity or pure endowment contract.

C. The 1994 GAR Table shall be used for determining the minimum standard of valuation for any annuity or a pure endowment purchased on or after January 1, 1999, under a group annuity or pure endowment contract.

14 Va. Admin. Code § 5-50-40

Derived from Regulation No. 27, amended by Case No. INS850208 § 5, 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.