Title 18 Insurance
1200 Life Insurance & Annuities
1208 New Annuity Mortality Table for Use in Determining Reserve Liabilities for Annuities [Formerly Regulation 53]
1.0 Authority
This rule is promulgated by the Commissioner of Insurance pursuant to 18 Del.C. ยง1113 and 29 Del.C. Ch. 101 (Administrative Procedures Act).
2.0 Purpose
The purpose of this regulation is to recognize new mortality tables, 1983 Table "a" and 1983 GAM Table, for use in determining the minimum standard of valuation for annuity and pure endowment contracts.
3.0 Definitions
3.1 As used in this regulation:
"1983 GAM Table" means that mortality table developed by the Society of Actuaries Committee on Annuities and adopted as recognized mortality table for annuities in December 1983 by the National Association of Insurance Commissioners.
"1983 Table 'A' " means that mortality table developed by the Society of Actuaries Committee to Recommend a New Mortality Basis for Individual Annuity Valuation and adopted as a recognized mortality table for annuities in June 1982 by the National Association of Insurance Commissioners.
4.0 Individual Annuity or Pure Endowment Contracts
4.1 The 1983 Table "A" is recognized and approved as an individual annuity mortality table for valuation and, at the option of the company, may be used for purposes of determining the minimum standard for valuation for any individual annuity or pure endowment contract issued on or after July 8,1980.
4.2 The 1983 Table "A" is to be used for determining the minimum standard valuation for any individual annuity or pure endowment contract issued on or after January 1, 1987.
5.0 Group Annuity or Pure Endowment Contracts
5.1 The 1.983 GAM Table and the 1983 Table "a" are recognized and approved as group annuity mortality tables for valuation and, at the option of the company, either table may be used for purposes of valuation for any annuity or pure endowment purchased on or after July 8, 1980 under a group annuity or pure endowment contract.
5.2 The 1983 GAM Table is to be used for determining the minimum standard of valuation for any annuity or pure endowment purchased on or after January 1, 1987 under a group annuity or pure endowment contract.
6.0 Separability
If any provision of this Regulation or the application thereof to any person or circumstances is for any reason held to be invalid, the remainder of the regulation and the application of such provision to other persons or circumstances shall not be affected thereby.
7.0 Effective Date
The effective date of this Regulation is December 31, 1985.
