SIXTH SCHEDULE
Regulation 2(1)
Table 1 — Investment Grade Credit Ratings
First column
 
Second column
Third column
Credit rating agency
 
Rating of entity or security (where applicable)
Rating of money market debt security
(1) Moody’s Investor Services
 
Baa3
P3
(2) Standard and Poor’s Corporation
 
BBB —
A3
(3) Fitch, Inc
 
BBB —
F3
(4) A. M. Best Company, Inc
 
bbb–/B+
AMB-3.
1.  A registered insurer may calculate its total risk requirement using ratings from one or more of the rating agencies listed in this Table.
2.  For any particular rating agency used by the insurer, all publicly available ratings from that agency shall be used by the insurer in calculating the total risk requirement.
3.  Where more than one rating agency is used by the insurer and more than one rating is available on a particular security or entity, the second best rating of the security or entity shall apply in calculating the total risk requirement.
4.  Where the particular security or entity is not rated by any of the rating agencies used by the insurer, the security or entity shall be treated as not investment grade.
 
 
 
Regulation 2(1)
 
 
 
 
 
TABLE 2 — RECOGNISED MULTILATERAL AGENCIES
NAME OF MULTILATERAL AGENCY
(1)  The African Development Bank
(2)  The Asian Development Bank
(3)  The Bank for International Settlements
(4)  The European Bank for Reconstruction and Development
(5)  The European Economic Community
(6)  The European Investment Bank
(7)  The Inter-American Development Bank
(8)  The International Bank for Reconstruction and Development (The World Bank)
(9)  The International Finance Corporation
(10)  The International Monetary Fund.
 
 
 
Regulation 3(a)
 
 
 
 
 
TABLE 3 — TYPES OF BUSINESS QUALIFYING FOR REDUCED CAPITAL REQUIREMENT
TYPES OF INSURANCE BUSINESS
1.  Business concerned with investment-linked policies only.
2.  Business concerned with short-term accident and health policies only.
 
 
 
 
Paragraph 3 of Third Schedule
 
 
 
 
 
TABLE 4 — PREMIUM LIABILITY RISK FACTOR AND
CLAIM LIABILITY RISK FACTOR
First column
 
Second column
 
Third column
Volatility Category
 
Premium liability risk factor
 
Claim liability risk factor
(1) Low
 
124%
 
120%
(2) Medium
 
130%
 
125%
(3) High
 
136%
 
130%.
 
 
 
 
Paragraph 3 of Third Schedule
 
 
 
 
 
TABLE 5 — VOLATILITY CATEGORY
First column
 
Second column
 
Third column
Volatility category
 
Business lines — Singapore insurance fund
 
Business lines — Offshore insurance fund
(1) Low
 
(a) Personal accident
 
 
 
 
(b) Health
 
 
 
 
(c) Fire
 
 
 
 
 
 
 
(2) Medium
 
(a) Marine and aviation — cargo
 
(a) Marine and aviation — cargo
 
 
(b) Motor
 
(b) Property
 
 
(c) Workmen’s compensation
 
 
 
 
(d) Bonds
 
 
 
 
(e) Engineering Construction All Risk/Erection All Risk
 
 
 
 
(f) Credit or political risk
 
 
 
 
(g) Others — non- liability class
 
 
 
 
 
 
 
(3) High
 
(a) Marine and aviation — hull
 
(a) Marine and aviation — hull and liability
 
 
(b) Professional indemnity
 
(b) Casualty and others.
 
 
(c) Public liability
 
 
 
 
(d) Others — liability class
 
 
 
 
Paragraph 4 of Third Schedule
 
 
 
TABLE 6 — ADJUSTMENTS TO LIABILITY VALUATION
REQUIRED IN THE CALCULATION OF
C1 REQUIREMENT
For the purpose of the Third Schedule, the adjustments to liability valuation required in the calculation of the C1 requirement are set out in the table below.
First column
 
Second column
Parameter
 
Assumption used
(1) Mortality rate for a policy other than a policy which provides for the payment of an annuity —
 
 
(a) during the period where premium rate payable by the policy owner is guaranteed; and
 
125% of the rate set out in Table 15
(b) during the period where premium rate payable by the policy owner is not guaranteed
 
112.5% of the insurer’s best estimate of its future experience
(2) Mortality rate for a policy which provides for the payment of an annuity
 
100% of the rate set out in Table 16 with a 5-year Setback
(3) Incidence rate of total and permanent disability —
 
 
(a) during the period where premium payable by the policy owner is guaranteed for the full duration of the policy; and
 
125% of the insurer’s best estimate of its future experience
(b) during the period where premium payable by the policy owner is not guaranteed for the full duration of the policy
 
112.5% of the insurer’s best estimate of its future experience
(4) Incidence rate of dread disease —
 
 
(a) during the period where premium payable by the policy owner is guaranteed for the full duration of the policy; and
 
140% of the insurer’s best estimate of its future experience
(b) during the period where premium payable by the policy owner is not guaranteed for the full duration of the policy
 
120% of the insurer’s best estimate of its future experience
(5) Maintenance expense
 
110% of the insurer’s best estimate of its future experience
(6) Voluntary discontinuance rate
 
(i) 75% of the insurer’s best estimate of its future experience; or
 
 
(ii) 125% of the insurer’s best estimate of its future experience,
 
 
whichever produces a higher liability value
(7) Conversion rate for options provided to the policy owner
 
(i) 90% of the insurer’s best estimate of its future experience; or
 
 
(ii) 110% of the insurer’s best estimate of its future experience,
 
 
whichever produces a higher liability value
(8) Other insured events during the period —
 
 
(a) where premium payable by the policy owner is guaranteed for the full duration of the policy; and
 
140% of the insurer’s best estimate of its future experience
(b) where premium payable by the policy owner is not guaranteed for the full duration of the policy
 
120% of the insurer’s best estimate of its future experience.
 
 
 
Paragraph 3 of Fourth Schedule
 
 
 
 
 
TABLE 7 — DEBT SPECIFIC RISK FACTORS
Government Debt Securities
 
Qualifying Debt Securities Maturity
 
Other Debt Securities
 
Not more than 6 months
More than 6 months but not more than 24 months
More than 24 months
 
0.00%
0.25%
1.00%
1.60%
8.00%.
1.  In this Table, “qualifying debt security” means a debt security which —
(a)is issued or fully guaranteed by a central government or central bank of a country or territory which does not have a sovereign rating of investment grade, is denominated in the national currency of that country, and has a residual maturity of more than one year;
(b)is issued or fully guaranteed by a statutory board in Singapore;
(c)is issued or fully guaranteed by a recognised multilateral agency; or
(d)has a rating of investment grade.
2.  In determining the rating of a debt security which is unsecured and unsubordinated, the credit rating of the issuer of the debt security may be used in lieu of the credit rating of the debt security itself.
 
 
 
 
Paragraph 3 of Fourth Schedule
 
 
 
 
 
 
 
TABLE 8 — DEBT GENERAL RISK FACTORS FOR SIMPLIFIED METHOD AND MATURITY METHOD
Maturity band Coupon/interest rate per annum
 
Zone
 
Debt General Risk Factor (%)
More than 3%
 
Not more than 3%
 
 
 
 
(1) 1 month or less
 
1 month or less
 
1
 
0.00
(2) More than 1 month but not more than 3 months
 
More than 1 month but not more than 3 months
 
1
 
0.20
(3) More than 3 months but not more than 6 months
 
More than 3 months but not more than 6 months
 
1
 
0.40
(4) More than 6 months but not more than 12 months
 
More than 6 months but not more than 12 months
 
1
 
0.70
(5) More than one year butnot more than 2 years
 
More than one year but not more than 1.9 years
 
2
 
1.25
(6) More than 2 years but not more than 3 years
 
More than 1.9 years but not more than 2.8 years
 
2
 
1.75
(7) More than 3 years but not more than 4 years
 
More than 2.8 years but not more than 3.6 years
 
2
 
2.25
(8) More than 4 years but not more than 5 years
 
More than 3.6 years but not more than 4.3 years
 
3
 
2.75
(9) More than 5 years but not more than 7 years
 
More than 4.3 years but not more than 5.7 years
 
3
 
3.25
(10) More than 7 years but not more than 10 years
 
More than 5.7 years but not more than 7.3 years
 
3
 
3.75
(11) More than 10 years but not more than 15 years
 
More than 7.3 years but not more than 9.3 years
 
3
 
4.50
(12) More than 15 years but not more than 20 years
 
More than 9.3 years but not more than 10.6 years
 
3
 
5.25
(13) More than 20 years
 
More than 10.6 years but not more than 12.0 years
 
3
 
6.00
(14) —
 
More than 12.0 years but not more than 20 years
 
3
 
8.00
(15) —
 
More than 20 years
 
3
 
12.50.
 
 
Paragraph 3 of Fourth Schedule
 
 
 
TABLE 9 — MATCHING FACTORS FOR MATURITY METHODS
Item
 
Matching Factor
(1) Maturity Band Matching Factor
 
10%
(2) Zone Matching Factor (Zone 1)
 
40%
(3) Zone Matching Factor (Zone 2)
 
30%
(4) Zone Matching Factor (Zone 3)
 
30%
(5) Adjacent Zone Matching Factor
 
40%.
 
 
Paragraph 4 of Fourth Schedule
 
 
 
TABLE 10 — LIABILITY ADJUSTMENT REQUIREMENT — REQUIRED ADJUSTMENT TO INTEREST RATE
Length of time between the valuation date and the time of the cash flow
 
Adjustment (%)
(1) 1 month or less
 
1.00
(2) More than 1 month but not more than 3 months
 
1.00
(3) More than 3 months but not more than 6 months
 
1.00
(4) More than 6 months but not more than 12 months
 
1.00
(5) More than 1 year but not more than 1.9 years
 
0.90
(6) More than 1.9 years but not more than 2.8 years
 
0.80
(7) More than 2.8 years but not more than 3.6 years
 
0.75
(8) More than 3.6 years but not more than 4.3 years
 
0.75
(9) More than 4.3 years but not more than 5.7 years
 
0.70
(10) More than 5.7 years but not more than 7.3 years
 
0.65
(11) More than 7.3 years but not more than 9.3 years
 
0.60
(12) More than 9.3 years but not more than 10.6 years
 
0.60
(13) More than 10.6 years but not more than 12.0 years
 
0.60
(14) More than 12.0 years but not more than 20 years
 
0.60
(15) More than 20 years
 
0.60.
 
 
 
 
Paragraphs 5 and 8 of Fourth Schedule and Table 13 of this Schedule
 
 
 
 
 
TABLE 11 — COUNTERPARTY RISK FACTOR
 
 
Counterparty
Counterparty risk factor
 
Counterparty which is the government of a country
 
Any counterparty other than a counterparty which is the government of a country
(1) 0%
 
Counterparty Risk Class A
 
Not applicable
(2) 20%
 
Counterparty Risk Class B
 
Counterparty Risk Class A
(3) 50%
 
Counterparty Risk Class C
 
Counterparty Risk Class B
(4) 100%
 
Counterparty Risk Class D
 
Counterparty Risk Class C and Counterparty Risk Class D
(5) 150%
 
Counterparty Risk Class E
 
Counterparty Risk Class E.
In this Table, “Counterparty Risk Class” shall have the same meaning as that set out in Table 17 of this Schedule.
 
 
Paragraph 8 of Fourth Schedule
 
 
 
TABLE 12 — CREDIT EXPOSURE FACTORS
For the purposes of the Fourth Schedule, “credit exposure factor” is as specified in the table below, after making the following adjustments:
(a)in the case of contracts with multiple exchanges of principals, the factors are multiplied by the number of remaining payments in the contract; and
(b)the credit exposure factor of a single currency floating or floating interest rate swap is zero.
First column
 
Second column
 
Third column
Type of transaction
 
Residual maturity of contract
 
Credit exposure factor
(1) Physical commodity contracts
 
(a) 12 months or less
 
10%
 
 
(b) more than one year but not more than 5 years
 
12%
 
 
(c) more than 5 years
 
15%
(2) Equity contracts
 
(a) 12 months or less
 
6%
 
 
(b) more than one year but not more than 5 years
 
8%
 
 
(c) more than 5 years
 
10%
(3) Foreign exchange contracts (other than leveraged foreign exchange contracts which are subject to margin requirements) or gold contracts
 
(a) a contract with original maturity of 14 calendar days or less
 
0%
 
 
(b) 12 months or less, except a contract with original maturity of 14 calendar days or less
 
1%
 
 
(c) more than one year but not more than 5 years
 
5%
 
 
(d) more than 5 years
 
7.5%
(4) Interest rate contracts
 
(a) 12 months or less
 
0%
 
 
(b) more than one year but not more than 5 years
 
0.5%
 
 
(c) more than 5 years
 
1.5%.
 
 
Paragraph 9 of Fourth Schedule and Table 14 of this Schedule
 
 
 
TABLE 13 — MISCELLANEOUS RISK FACTORS
First column
 
Second column
Type of assets
 
Risk factor
(1) A deposit with a bank or deposit-taking institution which has a rating of at least investment grade, and —
 
 
(a) can be unconditionally withdrawn within 6 months from the date of computation of the total risk requirement
 
0.25%
(b) cannot be unconditionally withdrawn within 6 months from the date of computation of the total risk requirement, but can be unconditionally withdrawn within 2 years
 
1%
(c) cannot be unconditionally withdrawn within 2 years from the date of computation of the total risk requirement
 
1.6%
(2) Any reinsurance recoverables due from a registered insurer or from a foreign insurer carrying on insurance business under a foreign insurer scheme established and maintained under section 35B of the Act in respect of any transaction related to a contract of reinsurance —
 
 
(a) owing for 12 months or less
 
8% of the appropriate counterparty risk factor set out in Table 11 of this Schedule
(b) owing for more than 1 year but not more than 2 years
 
25% of the appropriate counterparty risk factor set out in Table 11 of this Schedule
(c) owing for more than 2 years
 
100% of the appropriate counterparty risk factor set out in Table 11 of this Schedule, subject to a maximum counterparty risk factor of 100%
(3) Any reinsurance recoverables from an authorised reinsurer, a related corporation of the insurer (where the reinsurance arrangement between the related corporation and the insurer is one which is exempted from the application of section 56A of the Act under regulation 12(b) of the Insurance (Authorised Reinsurers) Regulations 2003 (G.N. No. S 680/2003)) or where the insurer is incorporated outside Singapore, its head office or a branch of its head office, in respect of any transaction related to a contract of reinsurance —
 
 
(a) owing for 12 months or less
 
12% of the appropriate counterparty risk factor set out in Table 11 of this Schedule
(b) owing for more than 1 year but not more than 2 years
 
37.5% of the appropriate counterparty risk factor set out in Table 11 of this Schedule
(c) owing for more than 2 years
 
100% of the appropriate counterparty risk factor set out in Table 11 of this Schedule, subject to a maximum counterparty risk factor of 100%
(4) Any reinsurance recoverables due from an insurer other than a registered insurer, an authorised reinsurer, a related corporation of the insurer (where the reinsurance arrangement between the related corporation and the insurer is one which is exempted from the application of section 56A of the Act under regulation 12(b) of the Insurance (Authorised Reinsurers) Regulations 2003 (G.N. No. S 680/2003)) or where the insurer is incorporated outside Singapore, its head office or a branch of its head office, or from a foreign insurer carrying on insurance business under a foreign insurer scheme established and maintained under section 35B of the Act, in respect of any transaction related to a contract of reinsurance —
 
 
(a) owing for 12 months or less
 
16% of the appropriate counterparty risk factor set out in Table 11 of this Schedule
(b) owing for more than 1 year but not more than 2 years
 
50% of the appropriate counterparty risk factor set out in Table 11 of this Schedule
(c) owing for more than 2 years
 
100% of the appropriate counterparty risk factor set out in Table 11 of this Schedule, subject to a maximum counterparty risk factor of 100%
(5) Intra-group balances arising from any transaction which is not related to a contract of insurance or balances due from other insurance funds, shareholders fund, head office, overseas branches or related corporations —
 
 
(a) outstanding for 90 days or less
 
8%
(b) outstanding for more than 90 days
 
100%
(6) Outstanding premiums, agents’ balances, and any other receivables due from any person other than an insurer —
 
 
(a) owing for 90 days or less;
 
8%
(b) owing for more than 90 days but not more than 180 days;
 
25%
(c) owing for more than 180 days but not more than 1 year;
 
50%
(d) owing for more than 1 year;
 
100%
(7) Outstanding premiums, agents’ balances and any other receivables due from any insurer
 
8%
(8) Any other assets
 
8%
(9) Any general guarantee of indebtedness (including a standby letter of credit serving as a financial guarantee for loans and securities) and acceptance (including an endorsement with the character of acceptance) originating from the insurer, other than any guarantee or acceptance that has been accounted for as a liability in respect of policies
 
8%
(10) Any contingent liability relating to any specific transaction (including a performance bond, a warranty, and a standby letter of credit relating to a specific transaction) to the insurer, other than any guarantee or acceptance that has been accounted for as a liability in respect of policies
 
4%.
 
 
Paragraph 1 of Fifth Schedule
 
 
 
TABLE 14 — CONCENTRATION LIMITS
First column
 
Second column
Description of limit
 
As % of total assets
(1) Counterparty exposure limit to a counterparty or a group of related counterparties (except any transaction related to a contract of insurance):
 
 
(a) where the counterparty is the Government, any central government or central bank of a country or territory which has a sovereign rating of investment grade or higher, any company wholly owned by the Government, or any statutory board in Singapore
 
100%
(b) where the counterparty is an approved financial institution
 
20%
(c) where the counterparty is not an entity specified in sub-paragraph (a) or any approved financial institution, and is listed on any securities exchange
 
10%
(d) where the counterparty is not an entity specified in sub-paragraph (a) or any approved financial institution, and is not listed on any securities exchange
 
5%
(2) Equity securities limit:
 
 
(a) exposure to any equity security (other than a collective investment scheme) that is listed on a securities exchange
 
5%
(b) exposure to any unlisted equity (other than any collective investment scheme)
 
2.5%
(c) exposure to unlisted equities (other than any collective investment scheme) in aggregate
 
10%
(d) where the equity security is a collective investment scheme
 
10%
(3) Unsecured loans limit:
 
 
(a) to a single counterparty
 
1%
(b) in aggregate
 
2.5%
(4) Property exposure limit
 
35%
(5) Foreign currency risk exposure calculated under regulation 7(3) of the Fourth Schedule
 
40%
(6) Limit on the aggregate value of assets to which the miscellaneous risk factor set out in sub-paragraph (8) of Table 13 of this Schedule applies
 
2.5%
Description of limit
 
In absolute terms
(7) For an insurance fund established and maintained by an insurer under the Act in respect of general business and relating to Singapore policies, limit on aggregate value of assets that are not liquid assets
 
Total assets of the insurance fund less 30% of claim liabilities of the fund.
1.  In this Table —
“approved financial institution” means any bank or finance company licensed by the Authority or merchant bank approved by the Authority or any other commercial bank licensed in a foreign country;
“liquid assets” means any security issued by the Government and public authorities of Singapore, any cash and deposit in Singapore dollars in approved financial institutions, or any bill of exchange in Singapore dollars accepted or endorsed by a bank licensed under the Banking Act (Cap. 19) which arises from a bona fide commercial transaction and which is payable within 3 months;
“property corporation” means any body corporate where —
(a)more than 50% of the total turnover of the body corporate is derived from property-related activities; or
(b)more than 50% of the total assets of the body corporate comprise interests in or rights over immovable property situated in Singapore, other than such immovable property or any part thereof which is used —
(i)as premises for the conduct of any business carried on by body corporate;
(ii)for the business of a hotel or hostel; or
(iii)for community, charity or educational purposes;
“property-related activities” means —
(a)the construction of or the causing of the construction of any building on, over or under any land in Singapore for the purpose of sale by the person carrying out or causing such construction, of any right or interest in the land which would be appurtenant to such building, other than a building or part thereof constructed for use —
(i)for the business of a hotel or hostel; or
(ii)for community, charity or educational purposes;
(b)the acquisition or holding of any interest in or right over immovable property situated in Singapore for the purposes of rental, or for the purposes of securing a profit from its sale, other than such immovable property or part thereof used or to be used —
(i)by the person acquiring or holding the immovable property for occupation by himself or members of his family or as premises for any business carried on by him;
(ii)for the business of a hotel or hostel; or
(iii)for community, charity or educational purposes;
(c)the financing of any activity referred to in paragraph (a) or (b);
(d)the making of loans to any property corporation;
(e)the acquisition or holding as beneficial owner of shares or debentures issued by any property corporation; and
(f)the acquisition or holding as beneficial owner of debentures the payment of principal or interest of which is contingent, directly or indirectly, on the turnover, profits or cash flow from any activity under paragraph (a), (b), (c), (d) or (e);
“property exposure” means the aggregate of —
(a)value of immovable property held, excluding such portion of the value as may be attributable to any interest in or right over immovable property or any part thereof used for the purpose of conducting the business of the insurer in Singapore or housing or providing amenities for its officers;
(b)amounts of shares and debentures beneficially held by the insurer and issued by any property corporation;
(c)amounts of debentures beneficially held by the insurer and issued by any person other than a property corporation, where the payment of principal or interest is contingent, whether in whole or in part, on the turnover, profits or cash flow from any property-related activity;
(d)amounts outstanding, or will potentially be outstanding, to the insurer under any form of lending or guarantees (except in the case of a debenture) to any property corporation or to any related corporation of a property corporation for use by the property corporation; and
(e)amounts outstanding, or will potentially be outstanding, to the insurer under any form of lending or guarantees (except in the case of a debenture) to any person other than a property corporation —
(i)in a case where such person is a corporation, for the purpose of financing or facilitating the property-related activities of that person or any of its related corporations; and
(ii)in any other case, for the purpose of financing or facilitating the property-related activities of that person, but does not include any amounts in respect of —
(A)credit facilities granted by the registered insurer to the Government or to any statutory board; or
(B)any instrument or transaction described in sub-paragraphs (a) to (e) to the extent that the insurer would be indemnified or otherwise protected from losses that may be incurred by it under that instrument or transaction pursuant to a guarantee issued by any bank or any credit derivative entered into by the insurer with any person other than a property corporation.
2.  For each limit stated in this Table, where the amount of assets falling within the limit is calculated to be less than $5 million, a limit of $5 million shall apply.
 
 
 
 
Table 6 of this Schedule
 
 
 
 
 
TABLE 15 — PRESCRIBED MORTALITY TABLE
First column
 
Second column
 
Third column
Age (rounded to the nearest year)
 
Male mortality rate
 
Female mortality rate
15
 
0.0001662
 
0.0001535
16
 
0.0002038
 
0.0001570
17
 
0.0002503
 
0.0001658
18
 
0.0002974
 
0.0001767
19
 
0.0003804
 
0.0001861
20
 
0.0004692
 
0.0001876
21
 
0.0005402
 
0.0001885
22
 
0.0005344
 
0.0001894
23
 
0.0005058
 
0.0001904
24
 
0.0004891
 
0.0001919
25
 
0.0004725
 
0.0001939
26
 
0.0004559
 
0.0002046
27
 
0.0004394
 
0.0002171
28
 
0.0004230
 
0.0002317
29
 
0.0004067
 
0.0002488
30
 
0.0004066
 
0.0002678
31
 
0.0004011
 
0.0002892
32
 
0.0004060
 
0.0003103
33
 
0.0004201
 
0.0003318
34
 
0.0004456
 
0.0003544
35
 
0.0004843
 
0.0003787
36
 
0.0005373
 
0.0004054
37
 
0.0006020
 
0.0004350
38
 
0.0006743
 
0.0004684
39
 
0.0007505
 
0.0005061
40
 
0.0008269
 
0.0005487
41
 
0.0009007
 
0.0005970
42
 
0.0009741
 
0.0006515
43
 
0.0010504
 
0.0007130
44
 
0.0011330
 
0.0007821
45
 
0.0012251
 
0.0008594
46
 
0.0013300
 
0.0009456
47
 
0.0014511
 
0.0010413
48
 
0.0015916
 
0.0011472
49
 
0.0017549
 
0.0012640
50
 
0.0019443
 
0.0013923
51
 
0.0021588
 
0.0015327
52
 
0.0024098
 
0.0016859
53
 
0.0026968
 
0.0018525
54
 
0.0030230
 
0.0020333
55
 
0.0033917
 
0.0022288
56
 
0.0038063
 
0.0024398
57
 
0.0042701
 
0.0026668
58
 
0.0047864
 
0.0029105
59
 
0.0053584
 
0.0031716
60
 
0.0059895
 
0.0034507
61
 
0.0066878
 
0.0037484
62
 
0.0074809
 
0.0040655
63
 
0.0084011
 
0.0044026
64
 
0.0094809
 
0.0047700
65
 
0.0107515
 
0.0052189
66
 
0.0122409
 
0.0058119
67
 
0.0139616
 
0.0066195
68
 
0.0158862
 
0.0077127
69
 
0.0179177
 
0.0091330
70
 
0.0198969
 
0.0108417
71
 
0.0216888
 
0.0127053
72
 
0.0233060
 
0.0145726
73
 
0.0249440
 
0.0163981
74
 
0.0268669
 
0.0183032
75
 
0.0292517
 
0.0204436
76
 
0.0317079
 
0.0224868
77
 
0.0353640
 
0.0254772
78
 
0.0392543
 
0.0287284
79
 
0.0434614
 
0.0323121
80
 
0.0481079
 
0.0363345
81
 
0.0532372
 
0.0408469
82
 
0.0588964
 
0.0459062
83
 
0.0651361
 
0.0515751
84
 
0.0720112
 
0.0579226
85
 
0.0795806
 
0.0650241
86
 
0.0879073
 
0.0729621
87
 
0.0970583
 
0.0818261
88
 
0.1071048
 
0.0917125
89
 
0.1181215
 
0.1027252
90
 
0.1301866
 
0.1149746
91
 
0.1433807
 
0.1285771
92
 
0.1577866
 
0.1436543
93
 
0.1734879
 
0.1603311
94
 
0.1905676
 
0.1787339
95
 
0.2091062
 
0.1989876
96
 
0.2291799
 
0.2212118
97
 
0.2508578
 
0.2455165
98
 
0.2741985
 
0.2719965
99
 
0.2992470
 
0.3007207.
For an insured life that has been subjected to a medical examination, the mortality rate may be assumed to be 85% of that described in this Table.
 
 
 
 
Table 6 of this Schedule
 
 
 
 
 
TABLE 16 — ANNUITANT MORTALITY TABLE — a(90)
First column
 
Second column
 
Third column
Age (rounded to the nearest year)
 
Male mortality rate
 
Female mortality rate
20
 
0.000947
 
0.000340
21
 
0.000895
 
0.000329
22
 
0.000846
 
0.000323
23
 
0.000802
 
0.000328
24
 
0.000762
 
0.000342
25
 
0.000727
 
0.000361
26
 
0.000697
 
0.000376
27
 
0.000674
 
0.000389
28
 
0.000657
 
0.000397
29
 
0.000647
 
0.000401
30
 
0.000646
 
0.000409
31
 
0.000652
 
0.000424
32
 
0.000669
 
0.000446
33
 
0.000696
 
0.000475
34
 
0.000734
 
0.000513
35
 
0.000784
 
0.000561
36
 
0.000849
 
0.000619
37
 
0.000928
 
0.000689
38
 
0.001024
 
0.000771
39
 
0.001137
 
0.000865
40
 
0.001271
 
0.000972
41
 
0.001426
 
0.001092
42
 
0.001605
 
0.001224
43
 
0.001809
 
0.001367
44
 
0.002043
 
0.001521
45
 
0.002307
 
0.001686
46
 
0.002605
 
0.001859
47
 
0.002941
 
0.002042
48
 
0.003318
 
0.002233
49
 
0.003739
 
0.002434
50
 
0.004209
 
0.002645
51
 
0.004733
 
0.002868
52
 
0.005319
 
0.003105
53
 
0.005988
 
0.003358
54
 
0.006761
 
0.003629
55
 
0.007647
 
0.003929
56
 
0.008648
 
0.004270
57
 
0.009759
 
0.004667
58
 
0.010971
 
0.005132
59
 
0.012274
 
0.005674
60
 
0.013657
 
0.006301
61
 
0.015116
 
0.007014
62
 
0.016652
 
0.007813
63
 
0.018274
 
0.008697
64
 
0.019999
 
0.009669
65
 
0.021853
 
0.010737
66
 
0.023862
 
0.011915
67
 
0.026049
 
0.013220
68
 
0.028432
 
0.014665
69
 
0.031025
 
0.016265
70
 
0.033846
 
0.018037
71
 
0.036914
 
0.019998
72
 
0.040249
 
0.022167
73
 
0.043871
 
0.024566
74
 
0.047803
 
0.027217
75
 
0.052068
 
0.030145
76
 
0.056691
 
0.033377
77
 
0.061697
 
0.036943
78
 
0.067115
 
0.040874
79
 
0.072971
 
0.045203
80
 
0.079295
 
0.049967
81
 
0.086115
 
0.055204
82
 
0.093463
 
0.060955
83
 
0.101369
 
0.067262
84
 
0.109861
 
0.074170
85
 
0.118972
 
0.081726
86
 
0.128728
 
0.089976
87
 
0.139159
 
0.098970
88
 
0.150288
 
0.108755
89
 
0.162140
 
0.119379
90
 
0.174735
 
0.130889
91
 
0.188088
 
0.143328
92
 
0.202211
 
0.156736
93
 
0.217112
 
0.171147
94
 
0.232790
 
0.186591
95
 
0.249240
 
0.203086
96
 
0.266449
 
0.220644
97
 
0.284395
 
0.239265
98
 
0.303051
 
0.258935
99
 
0.322380
 
0.279627.
 
 
 
 
Table 11 of this Schedule
 
 
 
 
 
TABLE 17 — COUNTERPARTY RISK CLASS CLASSIFICATION BY CREDIT RATING
First column
 
Second column
 
Third column
Credit rating agency
 
Rating of entity
 
Rating of money market debt security
(1) Counterparty Risk Class A
 
 
 
 
(a) Moody’s Investor Services
 
Aa3 or better
 
P1
(b) Standard and Poor’s
Corporation
 
AA- or better
 
A1 or better
(c) Fitch, Inc
 
AA- or better
 
F1 or better
(d) A. M. Best Company, Inc
 
A+ or better
 
AMB-1 or better
 
 
 
 
 
(2) Counterparty Risk Class B
 
 
 
 
(a) Moody’s Investor Services
 
Worse than Aa3 but
not worse than A3
 
P2
(b) Standard and Poor’s Corporation
 
Worse than AA- but
not worse than A-
 
A2
(c) Fitch, Inc
 
Worse than AA- but
not worse than A-
 
F2
(d) A. M. Best Company, Inc
 
Worse than A+ but
not worse than A-
 
AMB-2
 
 
 
 
 
(3) Counterparty Risk Class C
 
 
 
 
(a) Moody’s Investor Services
 
Worse than A3 but
not worse than Baa3
 
P3
(b) Standard and Poor’s Corporation
 
Worse than A- but
not worse than BBB-
 
A3
(c) Fitch, Inc
 
Worse than A- but
not worse than BBB-
 
F3
(d) A. M. Best Company, Inc
 
Worse than A- but
not worse than B+
 
AMB–3
(4) Counterparty Risk Class D
 
 
 
 
(a) Moody’s Investor Services
 
Worse than Baa3 but
not worse than B3
 
NP
(b) Standard and Poor’s Corporation
 
Worse than BBB- but
not worse than B-
 
B
(c) Fitch, Inc
 
Worse than BBB- but
not worse than B-
 
B
(d) A. M. Best Company, Inc
 
Worse than B+ but
not worse than B-
 
AMB-4
 
 
 
 
 
(5) Counterparty Risk Class E
 
 
 
 
(a) Moody’s Investor Services
 
Worse than B3
 
Not applicable
(b) Standard and Poor’s Corporation
 
Worse than B-
 
C or worse
(c) Fitch, Inc
 
Worse than B-
 
C or worse
(d) A. M. Best Company, Inc
 
Worse than B–
 
D.
1.  A registered insurer may calculate its total risk requirement using ratings from one or more of the rating agencies listed in this Table.
2.  For any particular rating agency used by the insurer, all publicly available ratings from that agency shall be used by the insurer in calculating the total risk requirement.
3.  Where more than one rating agency is used by the insurer and more than one rating is available on a particular security or entity, the second best rating of the security or entity shall apply in calculating the total risk requirement.
4.  Where the particular security or entity is not rated by any of the rating agencies used by the insurer, the security or entity shall belong to Counterparty Risk Class D.