Section 1.
Preamble and Authority
Section 2.
Purpose
Section 3.
Definitions
Section 4.
Individual Annuity or Pure Endowment Contracts
Section 5.
Group Annuity or Pure Endowment Contracts
Section 6.
Separability
Section 7.
Effective Date
Section 1. Preamble and Authority
I, George Dale, duly elected Commissioner of Insurance of the State of Mississippi, pursuant to the authority granted me in Section 83-7-23, Mississippi Code of 1972, as Amended, and in accordance with Sections 25-43-1 through 25-43-19, Mississippi Code of 1972, as Amended, known as the Mississippi Administrative Procedures Law do hereby promulgate the following rules and regulation with an effective date as herein set forth in Section 7 upon compliance with the applicable statutes.
Section 2. Purpose
The purpose of this Rule 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.
Section 3. Definitions
A. As used in this Rule "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.
B. As used in this Rule "1983 GAM Table" means that 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 National Association of Insurance Commissioners.
Section 4. Individual Annuity or Pure Endowment Contracts
A. 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 of valuation for any individual annuity or pure endowment contract issued on or after July 1, 1984.
B. The 1983 Table "a" is to be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after the effective date of this regulation.
Section 5. Group Annuity or Pure Endowment Contracts
A. The 1983 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 1, 1984 under a group annuity or pure endowment contract.
B. 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 the effective date of this regulation under a group annuity or pure endowment contract.
Section 6. Separability
If any provision of this Rule 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.
Section 7. Effective Date
The effective date of this Regulation shall be thirty (30) days from and after its adoption and filing with. the Secretary of State of the State of Mississippi.
PROMULGATED AND ADOPTED this the ____ day of ________, 1984.
GEORGE DALE
COMMISSIONER
OF INSURANCE
Age q Age q Age q
5
.000342
40
.001238
76
.049388
6
.000318
41
.001370
77
.054758
7
.000302
42
.001527
78
.060678
8
.000294
43
.001715
79
.067125
9
.000292
44
.001932
80
.074070
10
.000293
45
.002183
81
.081484
11
.000293
46
.002471
82
.089320
12
.000304
47
.002790
83
.097525
13
.000310
48
.003138
84
.106047
14
.000317
49
.003513
85
.114836
15
.000325
50
.003909
86
.124170
16
.000333
51
.004324
87
.133870
17
.000343
52
.004755
88
.144073
18
.000353
53
.005200
89
.154859
19
.000365
54
.005660
90
.166307
20
.000377
55
.006131
91
.178214
21
.000392
56
.006618
92
.190460
22
.000408
57
.007139
93
.203007
23
.000424
58
.007719
94
.217904
24
.000444
59
.008384
95
.234086
25
.000464
60
.009158
96
.248436
26
.000488
61
.010064
97
.263954
27
.000513
62
.011133
98
.280803
28
.000542
63
.012391
99
.299154
29
.000572
64
.013868
100
.319185
30
.000607
65
.015592
101
.341086
31
.000645
66
.017579
102
.365052
32
.000687
67
.019804
103
.393102
33
.000734
68
.022229
104
.427255
34
.000785
69
.024817
105
.469531
35
.000860
70
.027530
106
.521945
36
.000907
71
.030354
107
.586513
37
.000966
72
.033370
108
.665268
38
.001039
73
.036680
109
.760215
39
.001123
74
.040338
110
1.000000
75
.044597
5
.000171
40
.000665
76
.027184
6
.000140
41
.000716
77
.030672
7
.000113
42
.000775
78
.034459
8
.000104
43
.000841
79
.038549
9
.000097
44
.000919
80
.042945
10
.000096
45
.001010
81
.047655
11
.000104
46
.001117
82
.052691
12
.000113
47
.001237
83
.058071
13
.000121
48
.001366
84
.063807
14
.000131
49
.001505
85
.069918
15
.000140
50
.001647
86
.076570
16
.000149
51
.001793
87
.094459
17
.000159
52
.001948
88
.091935
18
.000163
53
.002119
89
.101354
19
.000179
54
.002315
90
.111750
20
.000139
55
.002541
91
.123076
21
.000201
56
.002803
92
.135630
22
.000212
57
.003103
93
.149577
23
.000225
58
.003442
94
.165103
24
.000238
59
.003821
95
.182419
25
.000253
60
.004241
96
.201757
26
.000268
61
.004702
97
.222043
27
.000293
62
.005210
98
.243899
28
.000301
63
.005769
99
.268185
29
.000320
64
.006385
100
.295187
30
.000342
65
.007064
101
.325225
31
.000364
66
.007817
102
.358897
32
.000388
67
.008681
103
.395842
33
.000414
68
.009702
104
.438360
34
.000443
69
.010921
105
.487816
35
.000476
70
.012335
106
.545886
36
.000502
71
.014128
107
.614309
37
.000535
72
.016159
108
.694834
38
.000573
73
.018481
109
.789474
39
.000617
74
.021091
110
1.000000
75
.023992
1983 Table "a" Appendix I
Age Males Females Age Males Females Age Males Females
5
0.377
0.194
45
2.399
1.122
85
90.987
65.513
6
0.350
0.160
46
2.693
1.231
86
99.122
73.493
7
0.333
0.134
47
3.009
1.356
87
107.577 82.313
8
0.352
0.134
48
3.343
1.499
88
116.316 92.017
9
0.368
0.136
49
3.694
1.657
89
125.394 102.491
10
0.382
0.141
50
4.057
1.830
90
134.887 113.605
11
0.394
0.147
51
4.431
2.016
91
144.873 125.227
12
0.405
0.155
52
4.812
2.215
92
155.429 137.222
13
0.415
0.165
53
5.198
2.426
93
166.629 149.462
14
0.425
0.175
54
5.591
2.650
94
178.537 161.834
15
0.435
0.188
55
5.994
2.891
95
191.214 174.228
16
0.446
0.201
56
6.409
3.151
96
204.721 186.535
17
0.458
0.214
57
6.839
3.432
97
219.120 198.046
18
0.472
0.229
58
7.290
3.739
98
234.735 211.102
19
0.483
0.244
59
7.782
4.081
99
251.889 224.445
20
0.505
0.260
60
8.338
4.467
100 270.906
239.215
21
0.525
0.276
61
8.983
4.908
101 292.111
255.953
22
0.546
0.293
62
9.740
5.413
102 315.826
275.201
23
0.570
0.311
63
10.630
5.990
103 342.377
297.500
24
0.596
0.330
64
11.664
6.633
104 372.086
323.390
25
0.622
0.349
65
12.851
7.336
105 405.278
353.414
26
0.650
0.368
66
14.199
8.090
106 442.277
388.111
27
0.677
0.387
67
15.717
8.888
107 483.406
423.023
28
0.704
0.405
68
17.414
9.731
108 528.989
473.692
29
0.731
0.423
69
19.296 10.653
109 579.351
525.658
30
0.759
0.441
70
21.371
11.697 110
634.814 584.462
31
0.786
0.460
71
23.647
12.905 111
695.704 650.646
32
0.814
0.479
72
26.131
14.319 112
762.343 724.750
33
0.843
0.499
73
28.835
15.980 113
835.056 807.316
34
0.876
0.521
74
31.794
17.909 114
914.167 898.885
35
0.917
0.545
75
35.046
20.127 115
1000.000 1000.000
36
0.968
0.574
76
38.631
22.654
37
1.032
0.607
77
42.587
25.509
38
1.114
0.646
78
46.951
28.717
39
1.216
0.691
79
51.755
32.323
40
1.341
0.742
80
57.026
36.395
41
1.492
0.801
81
62.791
40.975
42
1.673
0.867
82
69.031
46.121
43
1.886
0.942
83
75.908
51.889
44
2.129
1.026
84
83.230
58.336