6.6.5303    INDIVIDUAL ANNUITY AND PURE ENDOWMENT CONTRACTS

(1) Except as provided in (2), 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 January 1, 2017.

(2) The 1983 Table "a" without projection shall be used for determining the minimum standards of valuation for an individual annuity or pure endowment contract issued on or after January 1, 2017, 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 from tort actions;

(b) settlements involving similar actions such as workers' compensation claims; or

(c) settlements of long term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.

History: 33-1-313, 33-2-418, MCA; IMP, 33-2-410, MCA; NEW, 2016 MAR p. 2328, Eff. 1/1/17.