3 AAC 28.620. Life mortality table

(a) The 2001 CSO Mortality Table is adopted by reference and is recognized for use under (b) and (c) of this section in determining the minimum standard of valuation for policies for which AS 21.18.110 (b)(1)(A)(iii) and AS 21.45.300 (t)(6) apply.

(b) Subject to the conditions under (d), (e), and (f) of this section, an insurer may elect to use the 2001 CSO Mortality Table as the minimum standard of valuation for policies issued on or after January 1, 2005 and before January 1, 2009 for which AS 21.18.110 (b)(1)(A)(iii) and AS 21.45.300 (t)(6) apply.

(c) Subject to the conditions under (d), (e), and (f) of this section, an insurer shall use the 2001 CSO Mortality Table in determining the minimum standard of valuation for policies issued on or after January 1, 2009 for which AS 21.18.110 (b)(1)(A)(iii) and AS 21.45.300 (t)(6) apply.

(d) If an insurance policy contains separate mortality rates for smokers and nonsmokers, the insurer may use

(1) composite mortality tables to determine the minimum reserve liabilities, minimum cash surrender values, and amounts of paid-up nonforfeiture benefits;

(2) smoker and nonsmoker mortality tables to determine the valuation net premiums and additional minimum reserves required under AS 21.18.110 (b)(4) and use composite mortality tables to determine the basic minimum reserves, minimum cash surrender values, and amounts of paid-up nonforfeiture benefits; or

(3) smoker and nonsmoker mortality tables to determine minimum reserve liabilities, minimum cash surrender values, and amounts of paid-up nonforfeiture benefits.

(e) If an insurance policy does not contain separate mortality rates for smokers and nonsmokers, the insurer shall use composite mortality tables to determine minimum reserve liabilities, minimum cash surrender values, and amounts of paid-up nonforfeiture benefits.

(f) An insurer may elect to use the ultimate or the select and ultimate 2001 CSO Mortality Table for each plan of insurance in determining minimum reserve liabilities, minimum cash surrender values, and amounts of paid-up nonforfeiture benefits.

History: Eff. 1/1/2005, Register 172

Authority: AS 21.06.090

AS 21.18.110

AS 21.18.160

AS 21.45.300

Editor's note: The 2001 CSO Mortality Tables referenced in 3 AAC 28.620 may be obtained from the Society of Actuaries, 475 N. Martingale Road, Suite 800, Schaumburg, Illinois 60173-2226; telephone number (847) 706-3500.

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.