Skip to Main Content
<< Back | Return to Main COMAR Search Page

10 records match your request.

FileAbstract
31.05.04.00.htm 31.05.04.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 05 ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS Chapter 04 Valuation Standards for Individual Annuity and Pure Endowment Contracts Authority: Insurance Article, §2-109 and Title 5, Subtitle 3, Annotated Code of Maryland
31.05.04.01.htm 31.05.04.01. 01 Purpose.. The purpose of this chapter is to approve the use of the following mortality tables adopted by the National Association of Insurance Commissioners after 1980 as a basis for determining the minimum standards of valuation for individual annuity and pure endowment contracts:A. The 1983 Table “a”. B. The Annuity 2000 Mortality Table; and. C. The 2012 Individual Annuity Reserving Table..
31.05.04.02.htm 31.05.04.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Annuity 2000 Mortality Table" means the mortality table:. a) Developed by the Society of Actuaries Committee on Life Insurance Research; and. b) Set out in Regulation .04 of this chapter.. 2) “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
31.05.04.03.htm 31.05.04.03. 03 Table "a". The 1983 Table "a" as shown below, is the mortality table designated by that name and adopted in June, 1982, by the National Association of Insurance Commissioners.1983 TABLE "a"1,000qx. Age. Males. Females. 5. 0.377. 0.194. 6. 0.350. 0.160. 7. 0.333. 0.134. 8. 0.352. 9. 0.368. 0.136. 10. 0.382. 0.141. 11. 0.394. 0.147. 12. 0.405. 0.155. 13. 0.415. 0.165. 14. 0.425. 0.175. 15. 0.435. 0.183. 16. 0.446. 0.201. 17. 0.458. 0.214. 18. 0.472. 0.229. 0.488. 0.244. 1000.000.
31.05.04.04.htm 31.05.04.04. 04 Annuity 2000 Mortality Table.. 1000q. Age Nearest Birthday (x). Male. Female*. 5. 0.291. 0.171. 6. 0.270. 0.141. 7. 0.257. 0.118. 8. 0.294. 9. 0.325. 0.121. 0.350. 0.126. 11. 0.371. 0.133. 12. 0.388. 0.142. 13. 0.402. 0.152. 14. 0.414. 0.164. 15. 0.425. 0.177. 16. 0.437. 0.190. 17. 0.449. 0.204. 18. 0.463. 0.219. 19. 0.480. 0.234. 20. 0.499. 0.250. 21. 0.519. 0.265. 22. 0.542. 0.281. 23. 0.566. 0.298. 24. 0.592. 0.314. 25. 8p1> *Based on 50% of Female Improvement Scale G. <8p1>.
31.05.04.05.htm 31.05.04.05. 05 Valuation Standards.. A. In valuing the reserve liabilities under individual annuity and pure endowment contracts in accordance with the provisions of Insurance Article, §5-305(c) and (d) Annotated Code of Maryland, insurers may use either the 1971 Individual Annuity Mortality Table or the 1983 Table "a" for contracts issued on or after July 1, 1980, and before January 1, 1987.B. Except as provided in §C, D, and E of this regulation, the 1983 Table “a” as shown in Regulation
31.05.04.06.htm 31.05.04.06. 06 2012 IAM Period Table.. The 2012 Individual Annuity Mortality Period Life Table, as shown below, is the mortality table designated by that name and developed by the Society of Actuaries Committee on Life Insurance Research.ᅠ. 1000 qx2012. Age Nearest Birthday. Male. Female. 1.605. 1.621. 0.401. 0.405. 2. 0.275. 0.259. 0.229. 0.179. 4. 0.174. 0.137. 5. 0.168. 0.125. 6. 0.165. 0.117. 7. 0.159. 0.110. 8. 0.143. 0.095. 9. 0.129. 0.088. 0.113. 0.085. 11. 0.111. 0.086. 12. 1000.000.
31.05.04.07.htm 31.05.04.07. 07 Projection Scale G2.. Projection Scale G2, as shown below, is a table containing annual rates, G2x , of mortality improvement by age for projecting future mortality rates beyond calendar year 2012 and was developed by the Society of Actuaries Committee on Life Insurance Research.ᅠ. G2x. Age Nearest Birthday. Male. Female. 0.010. 1. 2. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 32. 33. 34. 35. 36. 37. 38. 39. 40. 0.000.
31.05.04.08.htm 31.05.04.08. 08 Application of the 2012 IAR Table.. A. In using the 2012 IAR Table, the mortality rate for a person age x in year (2012 + n) is calculated as follows:qx2012+n = qx2012(1 - G2x)n.. B. The resulting qx2012+n, as calculated in §A of this regulation, shall be rounded to three decimal places per 1,000.C. The rounding described in §B of this regulation shall occur according to the formula in §A of this regulation, starting at the 2012 period table rate.
31.05.04.9999.htm 31.05.04.9999. Administrative History Effective date: December 31, 1985 (12:26 Md. R. 2545) ―. Chapter recodified from COMAR 09.30.68 to COMAR 31.05.04, July 1998 ―. Chapter revised effective May 24, 2004 (31:10 Md. R. 796). Regulation .01 amended effective November 10, 2014 (41:22 Md. R. 1320). Regulation .02B amended effective January 1, 2015 (41:22 Md. R. 1320). Regulation .05 amended effective January 1, 2015 (41:22 Md. R. 1320).
<< Back | Return to Main COMAR Search Page