§ 90f.16. Actuarial considerations.
Actuarial considerations for forms designed as a settlement of the life insurance proceeds based on a reduced life expectancy of the insured.
(1) The insurer files the current mortality and interest and the formula used to determine the settlement amount. The insurer also files sample settlement amounts per $1,000 insurance for representative ages and plans and a sample calculation in the format that the Insurance Department can reproduce the settlement amount.
(2) The insurer certifies in writing that it will file future changes on the basis of the calculation of the settlement amount. It will file changes in the mortality table or formula and changes in the interest rate of more than 1/2 of 1%.
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