§935.50. Group Annuity and Pure Endowment Contracts

a)         Except as provided in subsections (b) and (c), the 1983 GAM Table, the 1983 Table "a" and the 1994 GAR Table are recognized and approved as group annuity mortality tables for determining the minimum standards of valuation and, at the option of the company, any one of these tables may be used for purposes of valuation for any annuity or pure endowment purchased on or after September 8, 1977 and before January 1, 2017 under a group annuity or pure endowment contract.

 

b)         Except as provided in subsection (c), either the 1983 GAM Table or the 1994 GAR Table shall be used for determining the minimum standard of valuation for any annuity or pure endowment purchased on or after December 31, 1985 and before January 1, 2017 under a group annuity or pure endowment contract.

 

c)         The 1994 GAR Table shall be used for determining the minimum standard of valuation for any annuity or pure endowment purchased on or after January 1, 1999 and before January 1, 2017 under a group annuity or pure endowment contract.

 

(Source:  Amended at 42 Ill. Reg. 14216, effective July 12, 2018)