Members of the Life & Health Actuarial Task Force have voted to let the public see a draft of actuarial guidance relating to use of new preferred mortality tables.
The LHATF, an arm of the National Association of Insurance Commissioners, Kansas City, Mo., is exposing a draft of Actuarial Guideline TAB, which provides advice concerning the selection of mortality rates for insurance companies that use the 2001 Commissioners Standard Ordinary Preferred Class Structure Mortality Table.
If the LHATF approves the guideline, the next step would be for the NAIC’s Life Insurance and Annuities Committee to consider the guideline.
LHATF members also are talking about ways to strengthen the nonforfeiture provisions in insurance contracts.
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The American Academy of Actuaries, Washington, is working on a nonforfeiture benefits project.
LHATF members were asked about their views on nonforfeiture benefits. Most agreed that nonforfeiture should be addressed now and that insurers should be required to provide nonforfeiture benefits for holders of prefunded contracts.