1. (1) Except as provided in Paragraphs (2) and (3) of this Rule, 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 30, 1979.
2. (2) Except as provided in Paragraph (3) of this Rule, either the 1983 Table "a" or the Annuity 2000 Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 1987.
3. (3) Except as provided in Paragraph (4) of this Rule, the Annuity 2000 Mortality Table shall be used for determining the minimum standard of valuation for any individual annuity or pure endowment contract issued on or after January 1, 1999.
4. (4) Except as provided in paragraph (5) of this rule, the 2012 IAR Mortality Table shall 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 amended regulation).

5. (5) The 1983 Table "a" without projection is to be used for determining the minimum standards of valuation for an individual annuity or pure endowment contract issued on or after January 1, 1999, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from any of the following:

   1. (a) Settlements of various forms of claims pertaining to court settlements or out of court settlements from tort actions.
   2. (b) Settlements involving similar actions such as worker’s compensation claims.
   3. (c) Settlements of long term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.

Author: Reyn Norman, Associate Counsel

Statutory Authority: Code of Ala. 1975, §§27-2-17; 27-36A-1 - 27-36A-20 .

History: New Rule: December 6, 1985; effective December 16, 1985. Revised: October 23, 1998; effective January 1, 1999. Filed for codification in the Alabama Administrative Code by the Department of Insurance on January 17, 2003, pursuant to the Code of Ala. 1975, §27-7-43. Amended: Filed August 6, 2014; effective January 1, 2015. Filed with LRS August 6, 2014. Rule is not subject to the Alabama Administrative Procedure Act. Amended: Published June 28, 2024; effective July 1, 2024. Published with LSA June 28, 2024. This rule is not subject to the Alabama Administrative Procedure Act.