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 after July 1, 1980, and before January 1, 1987.

B. Except as provided in §§C and D of this regulation, the 1983 GAM Tables are to be used by insurers in valuing reserve liabilities in accordance with the provisions of Insurance Article, §5-305(f), Annotated Code of Maryland, for annuities and pure endowments purchased on and after January 1, 1987, under group annuity and pure endowment contracts.

C. Except as provided in §D of this regulation, either the 1983 GAM Table or the 1994 GAR Table shall be used for determining the minimum standard of valuation for any annuity or pure endowment purchased on or after July 1, 2004 under a group annuity or pure endowment contract.

D. The 1994 GAR Table shall be used for determining the minimum standard of valuation for any annuity or pure endowment purchased on or after July 1, 2005 under a group annuity or pure endowment contract.