15554646, 69O-162.102 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 15554646

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

ANNUITY CONTRACTS

Overview

RULE:

69O-162.102	Purpose
69O-162.103	Definitions
69O-162.104	Individual Annuity or Pure Endowment Contracts
69O-162.106	Application of 1994 GAR Table and the 2012 IAR Mortality Table
69O-162.108	Tables

PURPOSE:

The change adopts annuity mortality tables for use in financial reporting of annuity reserves as set forth in Section 625.121 Florida Statutes. The added new mortality table, recently adopted by the NAIC, is based upon recent annuitant mortality of insurers. Adoption will create uniformity among states following NAIC model regulation.

SUMMARY:

The amended rules incorporate the 2012 IAR Mortality Table and the Projection Scale G2 (Scale G2) into the current rules regulating Annuity Contracts. The rule amendments also provide definitions and the process for applying the new annuity tables.

RULEMAKING AUTHORITY:

624.308, 625.121(5)(i), FS.

LAW:

624.307(1), 625.121, FS

PRINT PUBLISH DATE:

1/16/2015 Vol. 41/11

COMMENTS:

From 1/16/2015 To 2/6/2015 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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