Grand Canyon State officials are helping insurers in the state offer lower rates to the healthiest life insurance applicants.
The Arizona Department of Insurance has issued a bulleting permitting life insurers in the state to use the 2001 Commissioners’ Standard Ordinary Preferred Class Structure Mortality Table to set minimum valuation standards for ordinary life insurance policies and contracts issued to preferred individuals.
The Arizona department still has to go through a formal process to adopt the preferred mortality table model regulations recently issued by the National Association of Insurance Commissioners, Kansas City, Mo., as a standard, but the department will refer to the regulations when dealing with use of the 2001 tables, Arizona Insurance Director Christina Urias writes in Arizona Regulatory Bulletin 2006-10.
The Arizona department also has reapproved use of the 2001 Commissioners’ Standard Ordinary Mortality Table for use in determining the minimum valuation standard and the minimum nonforfeiture standard for ordinary life insurance policies issued on a standard basis.
A copy of the bulletin is on the Web at Document Link