10978380, 69O-162.203 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 10978380

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

ANNUITY CONTRACTS

Overview

RULE:

69O-162.203

Adoption of 2001 Commissioners Standard Ordinary (CSO) Preferred Mortality Tables for Determining Reserve Liabilities for Ordinary Life Insurance.

PURPOSE:

To adopt changes to the NAIC Model Regulation and explain the conditions for use of the preferred class structure mortality tables and to permit use of the mortality tables for policies issued prior to the adoption date of the original rule.

SUMMARY:

Section 625.121(5), F.S., provides that the Commission may adopt by rule the NAIC Model Regulations for valuation of life insurance policies. This rule does that. This rule is being amended due to changes made to the NAIC Model Regulation. The amendment explains the conditions for use of the preferred class structure mortality tables, and permits use of the mortality tables for policies issued prior to the adoption date of the original rule.

RULEMAKING AUTHORITY:

624.308(1), 625.121 FS.

LAW:

624.307 (1), 625.121 FS.

PRINT PUBLISH DATE:

2/3/2012 Vol. 38/05

COMMENTS:

From 2/3/2012 To 2/24/2012 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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