Statutes, codes, and regulations
South Carolina Code of Regulations
Chapter 69 - DEPARTMENT OF INSURANCE
Section 69-37 - Annuity Mortality Tables For Use In Determining Reserve Liabilities For Annuities
Section 69-37.3 - Definitions

S.C. Code Regs. § § 69-37.3

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Current through Register Vol. 48, No. 10, October 25, 2024
Section 69-37.3 - Definitions
A. As used in this regulation "1983 Table 'a"' means that mortality table developed by the Society of Actuaries Committee to Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as a recognized mortality table for annuities in June 1982 by the National Association of Insurance Commissioners.
B. As used in this regulation "1983 GAM Table" means that mortality table developed by the Society of Actuaries Committee on Annuities and adopted as a recognized mortality table for annuities in December 1983 by the National Association of Insurance Commissioners.
C. As used in this regulation "1994 GAR Table" means that mortality table developed by the Society of Actuaries Group Annuity Valuation Table Task Force. The 1994 GAR Table is included in the report on pages 865-919 of Volume XLVII of the Transactions of the Society of Actuaries (1995).
D. As used in this regulation "Annuity 2000 Mortality Table" means that mortality table developed by the Society of Actuaries Committee on Life Insurance Research. The Annuity 2000 Table is included in the report on pages 211-249 of Volume XLVII of the Transactions of the Society of Actuaries (1995).
E. As used in this regulation, "Period table" means a table of mortality rates applicable to a given calendar year (the Period).
F. As used in this regulation, "Generational mortality table" means a mortality table containing a set of mortality rates that decrease for a given age from one year to the next based on a combination of a Period table and a projection scale containing rates of mortality improvement.
G. As used in this regulation "2012 IAR Table" means that Generational mortality table developed by the Society of Actuaries Committee on Life Insurance Research and containing rates, qx2012+n, derived from a combination of the 2012 IAM Period Table and Projection Scale G2, using the methodology stated in Section5.
H. As used in this regulation, "2012 Individual Annuity Mortality Period Life (2012 IAM Period) Table" means the Period table containing loaded mortality rates for calendar year 2012. This table contains rates, qx2012, developed by the Society of Actuaries Committee on Life Insurance Research and is shown in Appendices 1-2.
I. As used in this regulation, "Projection Scale G2 (Scale G2)" is a table of annual rates, G2x, of mortality improvement by age for projecting future mortality rates beyond calendar year 2012. This table was developed by the Society of Actuaries Committee on Life Insurance Research and is shown in Appendices 3-4.

S.C. Code Regs. § 69-37.3

Amended by State Register Volume 38, Issue No. 6, eff 6/27/2014.