Florida Regulations 69O-162.104: Individual Annuity or Pure Endowment Contracts
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(1) 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 July 1, 1998 and on or before December 31, 2014.
(2) The 2012 IAR 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, 2015, for valuation dates on or after September 30, 2015.
(3) The 1983 Table “”a”” without projection is to be used for determining the minimum standard of valuation for an individual annuity or pure endowment contract issued on or after July 1, 1998, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from:
(a) Settlements of various forms of claims pertaining to court settlements or out of court settlements for tort actions;
(b) Settlements involving similar actions such as workers compensation claims; or
I Settlements of long term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.
Rulemaking Authority 624.308, 625.121(5)(k) FS. Law Implemented 624.307(1), 625.121 FS. History-New 12-23-98, Formerly 4-162.104, Amended 7-28-15.
Terms Used In Florida Regulations 69O-162.104
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(3) The 1983 Table “”a”” without projection is to be used for determining the minimum standard of valuation for an individual annuity or pure endowment contract issued on or after July 1, 1998, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from:
(a) Settlements of various forms of claims pertaining to court settlements or out of court settlements for tort actions;
(b) Settlements involving similar actions such as workers compensation claims; or
I Settlements of long term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.
Rulemaking Authority 624.308, 625.121(5)(k) FS. Law Implemented 624.307(1), 625.121 FS. History-New 12-23-98, Formerly 4-162.104, Amended 7-28-15.