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July 25, 2002 at 08:00 PM
NU Online News Service, July 25, 1:52 p.m. – Members of the National Association of Insurance Commissioners, Kansas City, Mo., have made two significant changes to the draft of a model regulation that creates a framework for implementing the new Commissioners Standard Ordinary Tables.
Regulators removed one provision that would have required insurers using the 2001 CSO Tables to contribute data to future mortality table studies conducted by the Society of Actuaries, Schaumburg, Ill.
Regulators also decided to adopt a proposed provision that would require insurers documenting reserve and nonforfeiture calculations to include the “gender-blended tables,” or tables that provide mortality figures for both sexes, from the American Academy of Actuaries, Washington, rather than simply including a note referring readers to the gender-blended tables.
The decisions affect the draft of the NAIC’s 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits Model Regulation
Representatives from the American Academy of Actuaries used data from the Society of Actuaries to present a final version of the new 2001 CSO Tables to regulators during the NAIC’s recent summer meeting.
Most states need to adopt regulations to put the new tables into effect, and most are likely to base their regulations on the NAIC model.
