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31.05.05.00.htm 31.05.05.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 05 ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS Chapter 05 Valuation Standards for Group Annuity and Pure Endowment Contracts Authority: Insurance Article, §2-109 and Title 5, Subtitle 3, Annotated Code of Maryland
31.05.05.01.htm 31.05.05.01. 01 Purpose.. The purpose of this chapter is to approve the use of new mortality tables adopted by the National Association of Insurance Commissioners after 1980 as a basis for determining the minimum standards of valuation of annuities and pure endowments purchased under group annuity and pure endowment contracts.
31.05.05.02.htm 31.05.05.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) "1983 GAM Tables" means the mortality tables:. a) Developed by the Society of Actuaries Committee on Annuities;. b) Adopted as a recognized mortality table for annuities in December 1983 by the National Association of Insurance Commissioners; andc) Set out in Regulation .03 of this chapter.. 2) "1983 Table \a' " means the mortality table:. a) Developed by the Socie
31.05.05.03.htm 31.05.05.03. 03 1983 GAM Tables.. A. 1983 GAM TABLE―MALES.. 1983 GAM TABLE―MALES. Age. q. 5. 000342. 6. 000318. 7. 000302. 8. 000294. 9. 000292. 10. 000293. 11. 000298. 12. 000304. 13. 000310. 14. 000317. 15. 000325. 16. 000333. 17. 000343. 18. 000353. 000365. 20. 000377. 21. 000392. 22. 000408. 23. 000424. 24. 000444. 25. 000464. 26. 000488. 27. 000513. 28. 000542. 29. 000572. 30. 000607. 000645. 32. 000687. 33. 000734. 34. 000785. 35. 000860. 36. 000907. 37. 000966. B. 1983 GAM TABLE―FEMALES.
31.05.05.04.htm 31.05.05.04. 04 1994 GAR Table.. Male. Female. Age (x). qx1994. AAx. 1. 0.000592. 0.020. 0.000531. 2. 0.000400. 0.000346. 0.000332. 0.000258. 4. 0.000259. 0.000194. 5. 0.000237. 0.000175. 6. 0.000227. 0.000163. 7. 0.000217. 0.000153. 8. 0.000201. 0.000137. 9. 0.000130. 10. 0.000197. 0.000131. 11. 0.000208. 0.000138. 12. 0.000226. 0.000148. 13. 0.000255. 0.000164. 14. 0.000297. 0.019. 0.000189. 0.018. 15. 0.000345. 0.000216. 0.016. 16. 0.000391. 0.000242. 0.015. 17. 0.000430. 0.000262. 1.000000.
31.05.05.05.htm 31.05.05.05. 05 Valuation Standards.. A. In valuing the reserve liabilities for annuities and pure endowments purchased under group annuity and pure endowment contracts in accordance with the provisions of Insurance Article, §5-305(f) Annotated Code of Maryland, insurers may use either the 1971 Group Annuity Mortality Table, the 1983 GAM Tables shown in Regulation .03 of this chapter, or the 1983 Table "a" shown in COMAR 31.05.04.03 for annuities and pure endowments purchased on or a
31.05.05.06.htm 31.05.05.06. 06 Application of the 1994 GAR Table.. In using the 1994 GAR Table, the mortality rate for a person age X in year (1994 + n) is calculated as follows:qx1994+n = qx1994(1-AAx)n. where the qx1994 and AAs are as specified in the 1994 GAR Table..
31.05.05.9999.htm 31.05.05.9999. Administrative History Effective date: December 31, 1985 (12:26 Md. R. 2545) ―. Chapter recodified from COMAR 09.30.69 to COMAR 31.05.05 effective September 7, 1998 (25:18 Md. R. 1439) ―Chapter revised effective May 24, 2004 (31:10 Md. R. 796).
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