Actuaries are pushing ahead with efforts to update the creaky Cancer Claims Cost Tables.
Regulators approved the current U.S. cancer insurance claim tables in 1985 -- when Ronald Reagan was in the White House. Many issuers in the cancer insurance market and related markets have either given up on using the tables or are using homegrown table revisions, according to officials at the American Academy of Actuaries (AAA).
The tables mainly reflect information about the first occurrence of cancer and hospitalizations due to cancer, not more complicated information about matters such as the effects of cancer surgery and chemotherapy.
Brad Spenney, an actuary at Aflac, has led a Cancer Claims Cost Tables Work Group that the AAA formed with another actuarial organization, the Society of Actuaries (SOA). The work group plans to give the National Association of Insurance Commissioners (NAIC) an update on efforts to get and process the data needed to update the cancer claim tables later this month at the NAIC summer meeting in Louisville, KY.
The top producers of the life insurance industry will be gathering in Las Vegas on August 13-15 for networking, education and more! Click here to sign up!