§ 84.3. 1983 Table ‘‘a,’’ Annuity 2000 Mortality Table, 1983 GAM Table, 1994 GAR Table and 2012 IAR Mortality Table.
(a) The 1983 Table ‘‘a,’’ the Annuity 2000 Mortality Table excluding mortality rates independent of sex, the 1983 GAM Table, the 1994 GAR Table and the 2012 IAR Mortality Table are approved by the Commissioner as annuity mortality tables for valuation.
(b) At the option of the company, the 1983 Table ‘‘a’’ may be used in determining the minimum standard of valuation for an individual annuity or pure endowment contract issued prior to January 1, 1986, and for an annuity or pure endowment purchased prior to January 1, 1986, under a group annuity or pure endowment contract.
(c) The 1983 Table ‘‘a,’’ or the Annuity 2000 Mortality Table excluding mortality rates independent of sex shall be used in determining the minimum standard of valuation for an individual annuity or pure endowment contract issued on or after January 1, 1986, and prior to June 26, 1999.
(d) The Annuity 2000 Mortality Table excluding mortality rates independent of sex shall be used, except as provided by subsections (e) and (f), in determining the minimum standard of valuation for an individual annuity or pure endowment contract issued on or after June 26, 1999.
(e) Except as provided in subsection (f), the 2012 IAR Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after August 8, 2016.
(f) The 1983 Table ‘‘a’’ shall be used in determining the minimum standard of valuation for an individual annuity or pure endowment contract issued on or after June 26, 1999, when the contract is based on life contingencies and is issued to fund periodic benefits arising from:
(1) Settlements of claims pertaining to court settlements or out of court settlements from tort actions.
(2) Settlements of claims, such as worker’s compensation claims.
(3) Settlements of long term disability claims when a temporary or life annuity has been used instead of continuing disability payments.
(g) At the option of the company, the 1983 GAM Table or the 1994 GAR Table may be used in determining the minimum standard of valuation for an annuity or pure endowment purchased prior to January 1, 1986, under a group annuity or pure endowment contract.
(h) The 1983 GAM Table or the 1994 GAR Table shall be used in determining the minimum standard of valuation for an annuity or pure endowment purchased on or after January 1, 1986, and prior to June 26, 1999, under a group annuity or pure endowment contract.
(i) 1994 GAR Table.
(1) The 1994 GAR Table shall be used in determining the minimum standard of valuation for an annuity or pure endowment purchased on or after June 26, 1999, under a group annuity or pure endowment contract.
(2) In using the 1994 GAR Table, the mortality rate for a person age x in year (1994 + n) shall be calculated as follows:
qx1994+n = qx1994 (1-AAx)n where the values of qx1994 and AAx are as specified in the 1994 GAR Table.
Authority The provisions of this § 84.3 amended under sections 206, 506, 1501 and 1502 of The Administrative Code of 1929 (71 P.S. § § 66, 186, 411 and 412); sections 301 and 303 of The Insurance Department Act of 1921 (40 P.S. § § 71 and 73); and section 410A of The Insurance Company Law of 1921 (40 P.S. § 510.1).
Source The provisions of this § 84.3 amended June 25, 1999, effective June 26, 1999, 29 Pa.B. 3208; amended July 8, 2016, effective August 8, 2016, 46 Pa.B. 3645. Immediately preceding text appears at serial pages (256924) to (256925).
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