31 Pa. Code § 84.2. Definitions.

§ 84.2. Definitions.

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

   Act—The Insurance Department Act of 1921 (40 P.S. § §  1—321).

   Annuity 2000 Mortality Table—The mortality table developed by the Society of Actuaries Committee on Life Insurance Research and shown on page 240 of Volume XLVII of the Transactions of the Society of Actuaries (1995) and adopted as a recognized mortality table for annuities in December 1996 by the NAIC.

   Commissioner—The Insurance Commissioner of the Commonwealth.

   Department—The Insurance Department of the Commonwealth.

   Generational mortality table—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.

   Law—The Insurance Company Law of 1921 (40 P.S. § §  341—991).

   NAIC—The National Association of Insurance Commissioners.

   Period table—A table of mortality rates applicable to a given calendar year.

   Projection Scale G2—The table, as shown in Appendices III and IV, of annual rates, G2_x, of mortality improvement by age for projecting future mortality rates beyond calendar year 2012 developed by the Society of Actuaries Committee on Life Insurance Research.

   1983 Table ‘‘a’’—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 NAIC.

   1983 GAM Table—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.

   1994 GAR Table—The mortality table developed by the Society of Actuaries Group Annuity Valuation Table Task Force and shown on pages 866—867 of volume XLVII of the Transactions of the Society of Actuaries (1995) and adopted as a recognized mortality table for annuities in December 1996 by the NAIC.

   2012 IAR Table—The generational mortality table developed by the Society of Actuaries Committee on Life Insurance Research containing rates, q_x²⁰¹²⁺ⁿ, derived from a combination of the 2012 IAM Period Table and Projection Scale G2, using the methodology in §  84.3a (relating to application of the 2012 IAR Mortality Table).

   2012 IAM Period Table—The period table, as shown in Appendices I and II, containing loaded mortality rates for calendar year 2012, q_x²⁰¹², developed by the Society of Actuaries Committee on Life Insurance Research.

Authority

   The provisions of this § 84.2 amended under sections 206, 506, 1501 and 1502 of The Administrative Code of 1929 (71 P.S. § § 66, 186, 411 and 412); sections 301 and 303 of The Insurance Department Act of 1921 (40 P.S. § §  71 and 73); and section 410A of The Insurance Company Law of 1921 (40 P.S. § 510.1).

Source

   The provisions of this § 84.2 amended June 25, 1999, effective June 26, 1999, 29 Pa.B. 3208; amended July 8, 2016, effective August 8, 2016, 46 Pa.B. 3645. Immediately preceding text appears at serial pages (256923) to (256924).

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