The following words and terms, when used in this subchapter,
have the following meanings unless the context clearly indicates otherwise.
(1) 2001 CSO Mortality Table--Mortality tables, consisting
of separate rates of mortality for male and female lives, developed
by the American Academy of Actuaries CSO Task Force from the Valuation
Basic Mortality Table developed by the Society of Actuaries Individual
Life Insurance Valuation Mortality Task Force, and adopted by the
NAIC in December 2002. The 2001 CSO Mortality Table is included in
the 2nd Quarter 2002 Proceedings of the NAIC. Unless
the context indicates otherwise, the 2001 CSO Mortality Table includes
both the ultimate form of that table and the select and ultimate form
of that table and includes both the smoker and nonsmoker mortality
tables and the composite mortality tables. It also includes both the
age-nearest-birthday and age-last-birthday bases of the mortality
tables.
(2) Department--The Texas Department of Insurance.
(3) NAIC--National Association of Insurance Commissioners.
(4) Prepaid funeral benefits--As defined in Finance
Code §154.002(9), concerning Definitions.
(5) Prepaid funeral benefits contract--A contract or
agreement for prepaid funeral benefits subject to the requirements
of Finance Code Chapter 154, concerning Prepaid Funeral Services.
(6) Preneed life insurance--A life insurance policy
or certificate that is approved by the department, issued by an insurance
company licensed by the department, issued in conjunction with an
insurance-funded prepaid funeral benefits contract, and that, whether
by assignment or otherwise, has the purpose of funding prepaid funeral
benefits to be provided at the time of, or immediately following,
the death of the insured. For purposes of this subchapter, the definition
of preneed life insurance does not include an annuity contract or
policy.
(7) Ultimate 1980 CSO--The Commissioners 1980 Standard
Ordinary Mortality Table without 10-year selection factors, incorporated
into the 1980 amendments to the NAIC Standard Valuation Law approved
in December 1983.
|
| Source Note: The provisions of this §4.2832 adopted to be effective December 29, 2008, 33 TexReg 10441; transferred effective September 1, 2023, as published in the July 28, 2023, issue of the Texas Register, 48 TexReg 4127; amended to be effective January 24, 2024, 49 TexReg 250 |
