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Ohio Laws and Rules
(A) Purpose
The purpose of this rule is to recognize new annuity mortality tables for use in determining the minimum standard of valuation for annuity and pure endowment contracts.
(B) Authority
This rule is issued pursuant to section 3901.041 and section 3903.72 of the Revised Code.
(C) Definitions
(1) The "1983 table 'A'" means the 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 (NAIC). (see appendix A).
(2) The "1983 GAM table" means the mortality table developed by the society of actuaries committee on annuities and adopted as a recognized mortality table for annuities in December 1983 by the NAIC. (see appendix B).
(3) The "1994 GAR table" means the mortality table developed by the society of actuaries group annuity valuation task force and adopted as a recognized mortality table for annuities in December 1996 by the NAIC. (See appendix C for males and appendix D for females).
(4) The "Annuity 2000 Mortality Table" means the mortality table developed by the society of actuaries committee on life insurance research and adopted as a recognized mortality table for annuities in December 1996 by the NAIC. (See appendix E).
(D) Individual annuity or pure endowment contracts
(1) Except as provided in paragraph (D)(2) of this rule, the 1983 table "A" and the annuity 2000 mortality table are recognized and approved as individual annuity mortality tables for valuation, and, at the option of the company, may be used for purposes of determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 1979.
(2) Except as provided in paragraph (D)(3) of this rule, the annuity 2000 mortality table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 1999.
(3) The 1983 table "A" without projection is to be used for determining the minimum standards of valuation for an individual annuity of pure endowment contract issued on or after January 1, 1999, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from:
(a) Settlements of various forms of claims pertaining to court settlements or out of court settlements from tort actions;
(b) Settlements involving similar actions such as worker's compensation claims; or
(c) Settlements of long term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.
(E) Group annuity or pure endowment contracts
(1) The 1983 GAM table, the 1983 table "A" and the 1994 GAR table are recognized and approved as group annuity mortality tables for valuation, and, at the option of the company, any one of these tables may be used for purposes of valuation for any annuity of pure endowment purchased on or after January 1, 1979 under a group annuity or pure endowment contract.
(2) The 1994 GAR table shall be used for determining the minimum standard of valuation for any annuity or pure endowment purchased on or after January 1, 1999 under a group annuity or pure endowment contract.
(F) Application of the 1994 GAR table
In using the 1994 GAR table, the mortality rate for a person age X in year (1994 + N) is calculated as follows:
qx1994 + n= qx1994(1 - AAx)n
Where the Q x1994S and the AAxS are as specified in the 1994 GAR table.
(G) If any paragraph, term or provision of this rule is adjudged invalid for any reason, such judgment shall not affect, impair or invalidate any other paragraph, term or provision of this rule, and the remaining paragraphs, terms and provisions shall be and shall continue in full force and effect.
Appendix A
1983 "A" ----- 1,000 Qx
AGEMALEFEMALEAGEMALEFEMALEAGEMALEFEMALE
5 0.3770.194 45 2.3991.122 85 90.98765.518
6 0.3500.160 46 2.6931.231 86 99.12273.493
7 0.3330.134 47 3.0091.356 87 107.57782.318
8 0.3520.134 48 3.3431.499 88 116.31692.017
9 0.3680.136 49 3.6941.657 89 125.394102.491
10 0.3820.141 50 4.0571.830 90 134.887113.605
11 0.3940.147 51 4.4312.016 91 144.873125.227
12 0.4050.155 52 4.8122.215 92 155.429137.222
13 0.4150.165 53 5.1982.426 93 166.629149.462
14 0.4250.175 54 5.5912.650 94 178.537161.834
15 0.4350.188 55 5.9942.891 95 191.214174.228
16 0.4460.201 56 6.4093.151 96 204.721186.535
17 0.4580.214 57 6.8393.432 97 219.120198.646
18 0.4720.229 58 7.2903.739 98 234.735211.102
19 0.4880.244 59 7.7824.081 99 251.889224.445
20 0.5050.260 60 8.3384.467 100 270.906239.215
21 0.5250.276 61 8.9834.908 101 292.111255.953
22 0.5460.293 62 9.7405.413 102 315.826275.201
23 0.5700.311 63 10.6305.990 103 342.377297.500
24 0.5960.330 64 11.6646.633 104 372.086323.390
25 0.6220.349 65 12.8517.336 105 405.278353.414
26 0.6500.368 66 14.1998.090 106 442.277388.111
27 0.6770.387 67 15.7178.888 107 483.406428.023
28 0.7040.405 68 17.4149.731 108 528.989473.692
29 0.7310.423 69 19.29610.653 109 579.351525.658
30 0.7590.441 70 21.37111.697 110 634.814584.462
31 0.7860.460 71 23.64712.905 111 695.704650.646
32 0.8140.479 72 26.13114.319 112 762.343724.750
33 0.8430.499 73 28.83515.980 113 835.056807.316
34 0.8760.521 74 31.79417.909 114 914.167898.885
35 0.9170.545 75 35.04620.127 115 1000.0001000.000
36 0.9680.574 76 38.63122.654
37 1.0320.607 77 42.58725.509
38 1.1140.646 78 46.95128.717
39 1.2160.691 79 51.75532.328
40 1.3410.742 80 57.02636.395
41 1.4920.801 81 62.79140.975
42 1.6730.867 82 69.08146.121
43 1.8860.942 83 75.90851.889
44 2.1291.026 84 83.23058.336
Appendix B
1983 GAM ----- 1,000 Qx
AGEMALEFEMALEAGEMALEFEMALEAGEMALEFEMALE
5 0.3420.171 45 2.1831.010 85 114.83669.918
6 0.3180.140 46 2.4711.117 86 124.17076.570
7 0.3020.118 47 2.7901.237 87 133.87083.870
8 0.2940.104 48 3.1381.366 88 144.07391.935
9 0.2920.097 49 3.5131.505 89 154.859101.354
10 0.2930.096 50 3.9091.647 90 166.307111.750
11 0.2980.104 51 4.3241.793 91 178.214123.076
12 0.3040.113 52 4.7551.949 92 190.460135.630
13 0.3100.122 53 5.2002.120 93 203.007149.577
14 0.3170.131 54 5.6602.315 94 217.904165.103
15 0.3250.140 55 6.1312.541 95 234.086182.419
16 0.3330.149 56 6.6182.803 96 248.436201.757
17 0.3430.159 57 7.1393.103 97 263.954222.044
18 0.3530.168 58 7.7193.443 98 280.803243.899
19 0.3650.179 59 8.3843.821 99 299.154268.185
20 0.3770.189 60 9.1584.241 100 319.185295.187
21 0.3920.201 61 10.0644.703 101 341.086325.225
22 0.4080.212 62 11.1335.210 102 365.052358.897
23 0.4240.225 63 12.3915.769 103 393.102395.843
24 0.4440.239 64 13.8686.386 104 427.255438.360
25 0.4640.253 65 15.5927.064 105 469.531487.816
26 0.4880.268 66 17.5797.817 106 521.945545.886
27 0.5130.284 67 19.8048.681 107 586.518614.309
28 0.5420.302 68 22.2299.702 108 665.268694.885
29 0.5720.320 69 24.81710.922 109 760.215789.474
30 0.6070.342 70 27.53012.385 110 1000.0001000.000
31 0.6450.364 71 30.35414.128
32 0.6870.388 72 33.37016.160
33 0.7340.414 73 36.68018.481
34 0.7850.443 74 40.38821.092
35 0.8600.476 75 44.59723.992
36 0.9070.502 76 49.38827.185
37 0.9660.536 77 54.75830.672
38 1.0390.573 78 60.67834.459
39 1.1280.617 79 67.12538.549
40 1.2380.665 80 74.07042.945
41 1.3700.716 81 81.48447.655
42 1.5270.775 82 89.32052.691
43 1.7150.842 83 97.52558.071
44 1.9320.919 84 106.04763.807
Appendix C
1994 GAR Table - Males
AGE1000Q x1994AAxAGE1000Qx1994AAxAGE1000Qx1994AAx
1 0.5920.020 41 1.1560.009 81 68.6150.009
2 0.4000.020 42 1.2520.010 82 75.5320.008
3 0.3320.020 43 1.3520.011 83 82.5100.008
4 0.2590.020 44 1.4580.012 84 89.6130.007
5 0.2370.020 45 1.5780.013 85 97.2400.007
6 0.2270.020 46 1.7220.014 86 105.7920.007
7 0.2170.020 47 1.8990.015 87 115.6710.006
8 0.2010.020 48 2.1020.016 88 126.9800.005
9 0.1940.020 49 2.3260.017 89 139.4520.005
10 0.1970.020 50 2.5790.018 90 152.9310.004
11 0.2080.020 51 2.8720.019 91 167.2600.004
12 0.2260.020 52 3.2130.020 92 182.2810.003
13 0.2550.020 53 3.5840.020 93 198.3920.003
14 0.2970.019 54 3.9790.020 94 215.7000.003
15 0.3450.019 55 4.4250.019 95 233.6060.002
16 0.3910.019 56 4.9490.018 96 251.5100.002
17 0.4300.019 57 5.5810.017 97 268.8150.002
18 0.4600.019 58 6.3000.016 98 285.2770.001
19 0.4840.019 59 7.0900.016 99 301.2980.001
20 0.5070.019 60 7.9760.016 100 317.2380.001
21 0.5300.018 61 8.9860.015 101 333.4610.000
22 0.5560.017 62 10.1470.015 102 350.3300.000
23 0.5890.015 63 11.4710.014 103 368.5420.000
24 0.6240.013 64 12.9400.014 104 387.8550.000
25 0.6610.010 65 14.5350.014 105 407.2240.000
26 0.6960.006 66 16.2390.013 106 425.5990.000
27 0.7270.005 67 18.0340.013 107 441.9350.000
28 0.7540.005 68 19.8590.014 108 457.5530.000
29 0.7790.005 69 21.7290.014 109 473.1500.000
30 0.8010.005 70 23.7300.015 110 486.7450.000
31 0.8210.005 71 25.9510.015 111 496.3560.000
32 0.8390.005 72 28.4810.015 112 500.0000.000
33 0.8480.005 73 31.2010.015 113 500.0000.000
34 0.8490.005 74 34.0510.015 114 500.0000.000
35 0.8510.005 75 37.2110.014 115 500.0000.000
36 0.8620.005 76 40.8580.014 116 500.0000.000
37 0.8910.005 77 45.1710.013 117 500.0000.000
38 0.9390.006 78 50.2110.012 118 500.0000.000
39 0.9990.007 79 55.8610.011 119 500.0000.000
40 1.0720.008 80 62.0270.010 120 1000.0000.000
Appendix D
1994 GAR Table - Females
AGE1000Q x1994AAxAGE1000Qx1994AAxAGE1000Qx1994AAx
1 0.5310.020 41 0.7680.015 81 43.9520.007
2 0.3460.020 42 0.8250.015 82 49.1530.007
3 0.2580.020 43 0.8770.015 83 54.8570.007
4 0.1940.020 44 0.9230.015 84 60.9790.007
5 0.1750.020 45 0.9730.016 85 67.7380.006
6 0.1630.020 46 1.0330.017 86 75.3470.005
7 0.1530.020 47 1.1120.018 87 84.0230.004
8 0.1370.020 48 1.2060.018 88 93.8200.004
9 0.1300.020 49 1.3100.018 89 104.5940.003
10 0.1310.020 50 1.4280.017 90 116.2650.003
11 0.1380.020 51 1.5680.016 91 128.7510.003
12 0.1480.020 52 1.7340.014 92 141.9730.003
13 0.1640.020 53 1.9070.012 93 155.9310.002
14 0.1890.018 54 2.0840.010 94 170.6770.002
15 0.2160.016 55 2.2940.008 95 186.2130.002
16 0.2420.015 56 2.5630.006 96 202.5380.002
17 0.2620.014 57 2.9190.005 97 219.6550.001
18 0.2730.014 58 3.3590.005 98 237.7130.001
19 0.2800.015 59 3.8630.005 99 256.7120.001
20 0.2840.016 60 4.4390.005 100 276.4270.001
21 0.2860.017 61 5.0930.005 101 296.6290.000
22 0.2890.017 62 5.8320.005 102 317.0930.000
23 0.2920.016 63 6.6770.005 103 338.5050.000
24 0.2910.015 64 7.6210.005 104 361.0160.000
25 0.2910.014 65 8.6360.005 105 383.5970.000
26 0.2940.012 66 9.6940.005 106 405.2170.000
27 0.3020.012 67 10.7640.005 107 424.8460.000
28 0.3140.012 68 11.7630.005 108 444.3680.000
29 0.3310.012 69 12.7090.005 109 464.4690.000
30 0.3510.010 70 13.7300.005 110 482.3250.000
31 0.3730.008 71 14.9530.006 111 495.1100.000
32 0.3970.008 72 16.5060.006 112 500.0000.000
33 0.4220.009 73 18.3440.007 113 500.0000.000
34 0.4490.010 74 20.3810.007 114 500.0000.000
35 0.4780.011 75 22.6860.008 115 500.0000.000
36 0.5120.012 76 25.3250.008 116 500.0000.000
37 0.5510.013 77 28.3660.007 117 500.0000.000
38 0.5980.014 78 31.7270.007 118 500.0000.000
39 0.6520.015 79 35.3620.007 119 500.0000.000
40 0.7090.015 80 39.3960.007 120 1000.0000.000
Appendix E
Annuity 2000 Mortality Table ------ 1,000 Qx
AGEMALEFEMALEAGEMALEFEMALEAGEMALEFEMALE
5 0.2910.171 45 1.7520.939 85 73.27557.913
6 0.2700.141 46 1.9741.035 86 80.07665.119
7 0.2570.118 47 2.2111.141 87 87.37073.136
8 0.2940.118 48 2.4601.261 88 95.16981.991
9 0.3250.121 49 2.7211.393 89 103.45591.577
10 0.3500.126 50 2.9941.538 90 112.208101.758
11 0.3710.133 51 3.2791.695 91 121.402112.395
12 0.3880.142 52 3.5761.864 92 131.017123.349
13 0.4020.152 53 3.8842.047 93 141.030134.486
14 0.4140.164 54 4.2032.244 94 151.422145.689
15 0.4250.177 55 4.5342.457 95 162.179156.846
16 0.4370.190 56 4.8762.689 96 173.279167.841
17 0.4490.204 57 5.2282.942 97 184.706178.563
18 0.4630.219 58 5.5933.218 98 196.946189.604
19 0.4800.234 59 5.9883.523 99 210.484201.557
20 0.4990.250 60 6.4283.863 100 225.806215.013
21 0.5190.265 61 6.9334.242 101 243.398230.565
22 0.5420.281 62 7.5204.668 102 263.745248.805
23 0.5660.298 63 8.2075.144 103 287.334270.326
24 0.5920.314 64 9.0085.671 104 314.649295.719
25 0.6160.331 65 9.9406.250 105 346.177325.576
26 0.6390.347 66 11.0166.878 106 382.403360.491
27 0.6590.362 67 12.2517.555 107 423.813401.054
28 0.6750.376 68 13.6578.287 108 470.893447.860
29 0.6870.389 69 15.2339.102 109 524.128501.498
30 0.6940.402 70 16.97910.034 110 584.004562.563
31 0.6990.414 71 18.89111.117 111 651.007631.645
32 0.7000.425 72 20.96712.386 112 725.622709.338
33 0.7010.436 73 23.20913.871 113 808.336796.233
34 0.7020.449 74 25.64415.592 114 899.633892.923
35 0.7040.463 75 28.30417.564 115 1000.0001000.000
36 0.7190.481 76 31.22019.805
37 0.7490.504 77 34.42522.328
38 0.7960.532 78 37.94825.158
39 0.8640.567 79 41.81228.341
40 0.9530.609 80 46.03731.933
41 1.0650.658 81 50.64335.985
42 1.2010.715 82 55.65140.552
43 1.3620.781 83 61.08045.690
44 1.5470.855 84 66.94851.456
R.C.
119.032 review dates:
09/02/2010 and
08/31/2015
Promulgated
Under: 119.03
Statutory
Authority:
3901.041,
3903.72
Rule
Amplifies:
3903.72
Prior
Effective Dates: 5/1/1998, 4/13/2006