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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 14. Insurance |
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Agency 5. State Corporation Commission, Bureau of Insurance |
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Chapter 321. Use of the 2001 CSO Mortality Table in Determining Reserve Liabilities Andnonforfeiture Benefits |
Section 30. 2001 CSO Mortality Table
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A. At the election of the insurer for any one or more specified plans of insurance and subject to the conditions stated in this chapter, the 2001 CSO Mortality Table may be used as the minimum standard for policies issued on or after January 1, 2004, and before the date specified in subsection B of this section to which subdivision 1 of § 38.2-1369 and § 38.2-3209 of the Code of Virginia are applicable. If the insurer elects to use the 2001 CSO Mortality Table, it shall do so for both valuation and nonforfeiture purposes.
B. Subject to the conditions stated in this chapter, the 2001 CSO Mortality Table shall be used in determining minimum standards for policies issued on and after January 1, 2009, to which subdivision 1 of § 38.2-1369 and § 38.2-3209 of the Code of Virginia are applicable.
C. A table from the 2001 CSO Preferred Class Structure Mortality Table used in place of a 2001 CSO Mortality Table, pursuant to the requirements of 14VAC5-322, will be treated as part of the 2001 CSO Mortality Table only for purposes of reserve valuation pursuant to the requirements of this chapter.
Historical Notes
Derived from Volume 20, Issue 16, eff. July 1, 2004; amended, Virginia Register Volume 23, Issue 10, eff. January 1, 2007; Volume 26, Issue 09, eff. December 31, 2009; Volume 31, Issue 09, eff. January 1, 2015.