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April 23, 2006 at 04:00 PM
Regulators are asking actuaries to evaluate a plan to split the 2001 Commissioners’ Standard Ordinary mortality tables to incorporate preferred and non-preferred mortality rates.
Insurers use the mortality tables to establish reserves for life insurance products.
The American Council of Life Insurers, Washington, would like to see regulators adopt the split tables for life insurance products as a temporary measure, to tide insurers over while regulators are developing a permanent, principles-based reserving system.
Tillinghast, Stamford, Conn., developed the split tables included in the ACLI proposal.
The Life & Health Actuarial Task Force of the National Association of Insurance Commissioners, Kansas City, Mo., is the group that put out the formal call for actuarial review of the ACLI proposal.
