Section R590-96-4 - Individual Annuity or Pure Endowment Contracts(1) An individual annuity or a pure endowment contract issued on or after April 2, 1980, and before July 1, 1985, at the option of the company, may be valued using the 1983 Table (a).(2) An individual annuity or a pure endowment contract issued on or after July 1 1985, and before July 1, 1999, shall be valued using the following tables:(a) the 1983 Table (a); or(b) the Annuity 2000 Mortality Table .(3) Except as provided in Subsection (5), an individual annuity or a pure endowment contract issued on or after July 1, 1999, and before January 1, 2015, shall be valued using the Annuity 2000 Mortality Table.(4) Except as provided in Subsection (5) an individual annuity or a pure endowment contract issued on or after January 1, 2015, shall be valued using the 2012 IAR Table.(5) The 1983 Table (a) shall be used for determining the minimum standards of valuation for an individual annuity or a pure endowment contract issued on or after July 1, 1999, when the contract is based on life contingencies and is issued to fund periodic benefits arising from settlement of:(a) claims pertaining to court settlements or out of court settlements from tort actions;(b) similar actions such as worker's compensation claims; or(c) long term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.Utah Admin. Code R590-96-4
Amended by Utah State Bulletin Number 2021-19, effective 9/22/2021