Insurance regulators want to hear from actuaries before deciding whether to split the existing mortality table into preferred and non-preferred mortality categories.
Members of the Life & Health Actuarial Task Force at the National Association of Insurance Commissioners, Kansas City, Mo., have postponed voting on the proposed mortality table split until teams at the Society of Actuaries, Schaumburg, Ill., and the American Academy of Actuaries, Washington, weigh in.
The American Council of Life Insurers, Washington, says regulators should split the 2001 Commissioners Standard Ordinary Table as a temporary measure, to provide a new preferred mortality table while the life insurance industry is moving toward a more flexible, principles-based approach to reserving.
Insurers want the PBA project to move quickly through the NAIC so that the PBA approach will be in place by April 1, 2007.
Actuarial Guideline 38, which addresses reserving for universal life policies with secondary guarantees, sunsets at that time.