Statutes, codes, and regulations
Iowa Administrative Code
Agency 191 - INSURANCE DIVISIONINSURANCE COVERAGE FOR PEDIATRIC PREVENTIVE SERVICES
Chapter 91 - 2001 CSO MORTALITY TABLE
Rule 191-91.5 - Applicability of the 2001 CSO Mortality Table to 191-Chapter 47, Valuation of Life Insurance Policies

Iowa Admin. Code r. 191-91.5

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Current through Register Vol. 47, No. 13, December 25, 2024
Rule 191-91.5 - Applicability of the 2001 CSO Mortality Table to 191-Chapter 47, Valuation of Life Insurance Policies
(1) The 2001 CSO Mortality Table may be used in the application of 191-Chapter 47 in the following manner, subject to the transition dates for use of the 2001 CSO Mortality Table in rule 91.3(508):
a. Subparagraph 47.2(1)"b"(2): The net level reserve premium is based on the ultimate mortality rates in the 2001 CSO Mortality Table.
b. Rule 47.3(508) relating to the definition of "contract segmentation method": All calculations are made using the 2001 CSO mortality rate, and, if elected, the optional minimum mortality standard for deficiency reserves stipulated in 91.5(1)"d." The value of "qx+k+t-1" is the valuation mortality rate for deficiency reserves in policy year k+t, but using the unmodified select mortality rates if modified select mortality rates are used in the computation of deficiency reserves.
c. Subrule 47.4(1): The 2001 CSO Mortality Table is the minimum standard for basic reserves.
d. Subrule 47.4(2): The 2001 CSO Mortality Table is the minimum standard for deficiency reserves. If select mortality rates are used, they may be multiplied by X percent for durations in the first segment, subject to the conditions specified in subparagraphs 47.4(2) "c"(1) to (9). In demonstrating compliance with those conditions, the demonstrations may not combine the results of tests that utilize the 1980 CSO Mortality Table with those tests that utilize the 2001 CSO Mortality Table, unless the combination is explicitly required by rule or necessary to be in compliance with relevant actuarial standards of practice.
e. Subrule 47.5(3): The valuation mortality table used in determining the tabular cost of insurance shall be the ultimate mortality rates in the 2001 CSO Mortality Table.
f. Paragraph 47.5(5) "d": The calculations specified in subrule 47.5(5) shall use the ultimate mortality rates in the 2001 CSO Mortality Table.
g. Paragraph 47.5(6) "d": The calculations specified in subrule 47.5(6) shall use the ultimate mortality rates in the 2001 CSO Mortality Table.
h. Paragraph 47.5(7) "b": The calculations specified in subrule 47.5(7) shall use the ultimate mortality rates in the 2001 CSO Mortality Table.
i. Subparagraph 47.6(1) "a"(2): The one-year valuation premium shall be calculated using the ultimate mortality rates in the 2001 CSO Mortality Table.
(2) Nothing in this rule shall be construed to expand the applicability of 191-Chapter 47 to include life insurance policies exempted under 191-subrule 47.2(1).

Iowa Admin. Code r. 191-91.5