Minnesota Administrative Rules

2752.0010 DEFINITIONS.

Subpart 1.

Terms.

For purposes of this chapter, the terms in this part have the meanings given them.

Subp. 2.

1983 Table "a."

"1983 Table 'a'" means the mortality table developed by the Society of Actuaries Committee to Recommend a New Mortality Basis for Individual Annuity Valuation, adopted as a recognized mortality table for annuities in June 1982 by the National Association of Insurance Commissioners, and published on page 454, NAIC Proceedings, Volume II, 1982.

Subp. 3.

1983 GAM Table.

"1983 GAM Table" means the mortality table developed by the Society of Actuaries Committee on Annuities, adopted as a recognized mortality table for annuities in December 1983 by the National Association of Insurance Commissioners, and published on pages 414-415, NAIC Proceedings, Volume I, 1984.

Subp. 4.

1994 GAR Table.

"1994 GAR Table" means the mortality table developed by the Society of Actuaries Group Annuity Valuation Table Task Force, adopted as a recognized mortality table for annuities in December 1996 by the National Association of Insurance Commissioners, and published on pages 866-867, Transactions of the Society of Actuaries, Volume XLVII, 1995.

Subp. 5.

Annuity 2000 Mortality Table.

"Annuity 2000 Mortality Table" means the mortality table developed by the Society of Actuaries Committee on Life Insurance Research, adopted as a recognized mortality table for annuities in December 1996 by the National Association of Insurance Commissioners, and published on page 240, Transactions of the Society of Actuaries, Volume XLVII, 1995.

Subp. 6.

Generational Mortality Table.

"Generational Mortality Table" means a mortality table containing a set of mortality rates that decrease for a given age from one year to the next based on a combination of a Period Table and a projection scale containing rates of mortality improvement.

Subp. 7.

Period Table.

"Period Table" means a table of mortality rates applicable to a given calendar year (the Period).

Subp. 8.

2012 Individual Annuity Reserving (IAR) Table.

"2012 Individual Annuity Reserving (IAR) Table" means the Generational Mortality Table developed by the Society of Actuaries Committee on Life Insurance Research, adopted as a recognized mortality table for annuities in December 2012 by the National Association of Insurance Commissioners, and containing rates, q_x²⁰¹²⁺ⁿ, derived from a combination of the 2012 IAM Period Table and Projection Scale G2, using the methodology stated in part 2752.0025.

Subp. 9.

2012 Individual Annuity Mortality Period Life (2012 IAM Period) Table.

"2012 Individual Annuity Mortality Period Life (2012 IAM Period) Table" means the Period Table containing loaded mortality rates for calendar year 2012. This table contains rates, q_x²⁰¹², developed by the Society of Actuaries Committee on Life Insurance Research, was adopted as a recognized mortality table for annuities in December 2012 by the National Association of Insurance Commissioners, and is shown in parts 2752.0011 and 2752.0012, Tables 1 and 2.

Subp. 10.

Projection Scale G2 (Scale G2).

"Projection Scale G2 (Scale G2)" is a table of annual rates, G2_x, of mortality improvement by age for projecting future mortality rates beyond calendar year 2012. This table was developed by the Society of Actuaries Committee on Life Insurance Research, was adopted as a recognized table of mortality improvement rates for annuities in December 2012 by the National Association of Insurance Commissioners, and is shown in parts 2752.0013 and 2752.0014, Tables 3 and 4.

Statutory Authority:

MS s 45.023; 61A.25

History:

23 SR 806; 39 SR 418

Published Electronically:

October 6, 2014