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What If Life Applicants Decline to Choose a Gender?

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Some people now try to avoid identifying themselves as male or female. In some cases, those people prefer to describe themselves as being “nonbinary.”

An actuary on the staff at the National Association of Insurance of Commissioners (NAIC) is wondering whether, and how, the existence of nonbinary people  might affect the world of life insurance.

(Related: Insurer Favors ‘Sex’ Over ‘Gender’ in Life Policy Overviews)

Reggie Mazyck, an NAIC life actuary who serves as a contact person for the NAIC’s Life Actuarial Task Force, is looking into the matter, according to a copy of the draft minutes for an in-person task force session held in early August, in New York, at the NAIC’s summer national meeting.

Mazyck has started his research by sending an email to the Life Regulatory Actuarial email list.

Mazyck has asked for “information on any regulatory responses related to insurance policy applicants identifying themselves as nonbinary and choosing not to make a gender selection when applying for insurance coverage,” according to the draft minutes. “He asked any company willing to share its company policy or practice on the issue to contact him.”

— Read LGBTQ2 Millennials Pessimistic About Financial Stability, on ThinkAdvisor.

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