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(a) The 1983 Table "a", the 1983 GAM Table, the Annuity 2000 Mortality Table, and the 1994 GAR Table for mortality rates are adopted by reference and are recognized for use in determining the minimum standard of valuation for annuity and pure endowment contracts.
(b) The 1983 Table "a" and the Annuity 2000 Mortality Table are recognized and approved as individual mortality tables for valuation and, at the option of the insurance company, either table may be used to determine the minimum standard of valuation for any individual annuity or pure endowment contract issued after June 30, 1978.
(c) Except as provided in (d) of this section, the Annuity 2000 Mortality Talbe must be used to determine the minimum standard of valuation for any individual annuity or pure endowment contract issued after the effective date of the 1998 amendment of this subsection.
(d) The 1983 Table "a" without projection must be used for determining the minimum standard of valuation for an individual annuity or pure endowment contract issued after the effective date of the 1998 amendment of this subsection, if the contract is based on life contingencies and is issued to fund periodic benefits arising from:
(1) a settlement of a claim pertaining to a court settlement or arising out of court settlement from tort actions;
(2) a settlement involving an action similar to a tort, such as a worker's compensation claim; or
(3) a settlement of a long term disability claim where a temporary or life annuity has been used instead of continuing disability payments.
(e) The 1983 GAM Table and the 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 one of these tables may be used to determine the minimum standard of valuation for any annuity or pure endowment purchased on or after July 1, 1978 under a group annuity or pure endowment contract.
(f) The 1994 GAR Table must be used for determining the minimum standard of valuation for any annuity or pure endowment purchased after the effective date of the 1998 amendment to this subsection, under a group annuity or pure endowment contract.
(g) If any provision of this section or the application of it to any person or circumstances is for any reason held to be invalid, the remainder of the section and the application of its provisions to other persons or circumstances is not affected by that holding.
History: Eff. 12/31/85, Register 96; am 3/11/98, Register 145
Authority: AS 21.06.090
Editor's note: The 1983 Table "a", the 1983 GAM Table, the Annuity 2000 Mortality Table, and the 1994 GAR Table referenced in 3 AAC 28.600 may be obtained from the Society of Actuaries; 475 N. Martingale Road, Suite 800; Schaumburg, Illinois 60173-2226; telephone number (847) 706-3500.
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Last modified 7/05/2006