New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 100 - Recognition of The 2001 Cso Mortality Table and the 2017 Cso Mortality Table for Use in Determining Minimum Reserve Liabilities And Nonforfeiture Benefits and Recognition and Application of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 100.6 - Applicability of the 2001 CSO Mortality Table and the 2017 CSO Mortality Table to Part 98 of this Title (Insurance Regulation 147)

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The 2001 CSO Mortality Table may be used
				  in applying Part 98 of this Title in the following manner, subject to the
				  transition dates for use of the 2001 CSO Mortality Table in section
				  100.4 
				  of this Part:
(1) Section
				  98.4(a)(1)(i) 
				  of this Title: The valuation mortality table used in determining the tabular
				  cost of insurance shall be the ultimate mortality rates in the 2001 CSO
				  Mortality Table.
(2) Section
				  98.4(a)(3) 
				  of this Title: The 2001 CSO Mortality Table is the minimum mortality standard
				  for basic reserves. For varying premium term life insurance issued on or after
				  January 1, 2015 and prior to January 1, 2017, or on or after January 1, 2015
				  and prior to January 1, 2020 if optionally elected under section
				  100.11(b) 
				  of this Part, recognition of mortality improvement, as specified in section
				  100.11 
				  of this Part, may also be applied. For universal life policies that guarantee
				  that coverage will remain in force as long as the accumulation of premiums paid
				  satisfies the secondary guarantee requirement, issued on or after January 1,
				  2015 and prior to January 1, 2017, or on or after January 1, 2015 and prior to
				  January 1, 2020 if optionally elected under section
				  100.12(b) 
				  of this Part, recognition of mortality improvement, as specified in section
				  100.12 
				  of this Part, may also be applied.
(3) Section
				  98.4(b)(5) 
				  of this Title: The 2001 CSO Mortality Table is the minimum mortality standard
				  for deficiency reserves. For varying premium term life insurance issued on or
				  after January 1, 2015 and prior to January 1, 2017, or on or after January 1,
				  2015 and prior to January 1, 2020 if optionally elected under section
				  100.11(b) 
				  of this Part, recognition of mortality improvement, as specified in section
				  100.11 
				  of this Part, may also be applied. For universal life policies that guarantee
				  that coverage will remain in force as long as the accumulation of premiums paid
				  satisfies the secondary guarantee requirement, issued on or after January 1,
				  2015 and prior to January 1, 2017, or on or after January 1, 2015 and prior to
				  January 1, 2020 if optionally elected under section
				  100.12(b) 
				  of this Part, recognition of mortality improvement, as specified in section
				  100.12 
				  of this Part, may also be applied. If select mortality rates are used, they may
				  be multiplied by X percent for durations in the first segment, subject to the
				  conditions specified in section
				  98.4(b)(5)(i)
				  - (vii)  of this Title. In demonstrating
				  compliance with those conditions, the demonstrations shall not combine the
				  results of tests across different mortality tables (e.g. the results of tests
				  that utilize the 1980 CSO Mortality Table shall not be combined with the
				  results of tests that utilize the 2001 CSO Mortality Table), unless the
				  combination is explicitly required by regulation or necessary to be in
				  compliance with relevant Actuarial Standards of Practice.
(4) Section
				  98.4(f)(2)(i) 
				  of this Title: The calculations specified in section
				  98.4(f)(2) 
				  of this Title shall use the ultimate mortality rates in the 2001 CSO Mortality
				  Table.
(5) Section
				  98.4(j)(2) 
				  of this Title: The calculations specified in section
				  98.4(j) 
				  of this Title shall use the ultimate mortality rates in the 2001 CSO Mortality
				  Table.
(6) Section
				  98.5 
				  of this Title: All calculations are made using the 2001 CSO Mortality rate,
				  and, if elected, the optional minimum mortality standard for deficiency
				  reserves stipulated in paragraph (4) of this subdivision. The value of
				  "qx+k+t-1" is the valuation mortality rate for deficiency reserves in policy
				  year kkt, but using the unmodified select mortality rates if modified select
				  mortality rates are used in the computation of deficiency reserves.
(7) Section
				  98.6(a)(4) 
				  of this Title: The select and ultimate mortality rates in the 2001 CSO
				  Mortality Table may only be used for the first segment. Ultimate mortality
				  rates in the 2001 CSO Mortality Table shall be used for the second and later
				  segments. For varying premium term life insurance issued on or after January 1,
				  2015 and prior to January 1, 2017, or on or after January 1, 2015 and prior to
				  January 1, 2020 if optionally elected under section
				  100.11(b) 
				  of this Part, recognition of mortality improvement, as specified in section
				  100.11 
				  of this Part, may also be applied. For universal life policies that guarantee
				  that coverage will remain in force as long as the accumulation of premiums paid
				  satisfies the secondary guarantee requirement, issued on or after January 1,
				  2015 and prior to January 1, 2017, or on or after January 1, 2015 and prior to
				  January 1, 2020 if optionally elected under section
				  100.12(b) 
				  of this Part, recognition of mortality improvement, as specified in section
				  100.12,
				  may also be applied.
(8) Section
				  98.6(b)(4) 
				  of this Title: The select and ultimate mortality rates in the 2001 CSO
				  Mortality Table may only be used for the first segment. Ultimate mortality
				  rates in the 2001 CSO Mortality Table shall be used for the second and later
				  segments. For varying premium term life insurance issued on or after January 1,
				  2015 and prior to January 1, 2017, or on or after January 1, 2015 and prior to
				  January 1, 2020 if optionally elected under section
				  100.11(b) 
				  of this Part, recognition of mortality improvement, as specified in section
				  100.11 
				  of this Part, may also be applied. For universal life policies that guarantee
				  that coverage will remain in force as long as the accumulation of premiums paid
				  satisfies the secondary guarantee requirement, issued on or after January 1,
				  2015 and prior to January 1, 2017, or on or after January 1, 2015 and prior to
				  January 1, 2020 if optionally elected under section
				  100.12(b) 
				  of this Part, recognition of mortality improvement, as specified in section
				  100.12,
				  may also be applied.
(9) Section
				  98.6(e)(2) 
				  of this Title: The calculations specified in section
				  98.6(e) 
				  of this Title shall use the ultimate mortality rates in the 2001 CSO Mortality
				  Table.
(10) Section
				  98.7(b)(1)(vii)(b) 
				  of this Title: The net level reserve premium is based on the ultimate mortality
				  rates in the 2001 CSO Mortality Table.
(11) Section
				  98.7(b)(2)(i) 
				  of this Title: The one-year valuation premium shall be calculated using the
				  ultimate mortality rates in the 2001 CSO Mortality Table.
Nothing in this section shall be construed to expand the
					 applicability of Part 98 of this Title to include life insurance policies
					 exempted under sections
					 98.2(b),
					 (c), and
					 98.7(b)(1)(vii) 
					 of this Title.