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 100.7 - 2001 cso gender-blended mortality tables and 2017 CSO gender-blended mortality tables

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For any
				  ordinary life insurance policy delivered or issued for delivery in this State
				  on and after January 1, 2004 and prior to January 1, 2020, that utilizes the
				  same premium rates and charges for male and female lives or is issued in
				  circumstances where applicable law does not permit distinctions on the basis of
				  gender, a mortality table that is a blend of the 2001 CSO Mortality Table (M)
				  and the 2001 CSO Mortality Table (F) may, at the option of the insurer for each
				  plan of insurance, be substituted for the 2001 CSO Mortality Table for use in
				  determining minimum cash surrender values and amounts of paid-up nonforfeiture
				  benefits. No change in minimum valuation standards is implied by this
				  subdivision.
(b) In applying
				  subdivision (a) of this section, the insurer may choose from among the blended
				  tables developed by the American Academy of Actuaries CSO Task Force and
				  adopted by the NAIC in December 2002. Gender- blended tables are included in
				  Appendix 25 of this Title as tables 25-84.
(c) For any ordinary life insurance policy
				  delivered or issued for delivery in this state on and after January 1, 2017,
				  that utilizes the same premium rates and charges for male and female lives or
				  is issued in circumstances where applicable law does not permit distinct ions
				  on the basis of gender, a mortality table that is a blend of the 2017 CSO
				  Mortality Table (M) and the 2017 CSO Mortality Table (F) may, at the option of
				  the insurer for each plan of insurance, be substituted for the 2017 CSO
				  Mortality Table for use in determining minimum cash surrender values and
				  amounts of paid-up nonforfeiture benefits. No change in minimum valuation
				  standards is implied by this subdivision.
(d) In applying subdivision (c) of this
				  section, th e insurer may choose from among the blended tables developed by the
				  CSO Subgroup of the Joint American Academy of Actuaries Life Experience
				  Committee and Society of Actuaries Preferred Mortality Oversight Group, and
				  adopted by the NAIC in April 2016. Gender- blended tables are included in
				  Appendix 25C as tables 25-84.
(e)
				  For any guaranteed issue life insurance policy delivered or issued for delivery
				  in this state on or after January 1, 2020 that utilizes the same premium rates
				  and charges for male and female lives or is issued in circumstances where
				  applicable law does not permit distinctions on the basis of gender, a mortality
				  table that is a blend of the ultimate form of the 2001 CSO Mortality Table (M)
				  and the ultimate form of the 2001 CSO Mortality Table (F) may, at the option of
				  the insurer for each plan of insurance, be substituted for the ultimate form of
				  the 2001 CSO Mortality Table for use in determining minimum cash surrender
				  values and amounts of paid-up nonforfeiture benefits. No change in minimum
				  valuation standards is implied by this subdivision.
(f) In applying subdivision (e) of this
				  section, the insurer may choose from among the blended tables developed by the
				  American Academy of Actuaries CSO Task Force and adopted by the NAIC in
				  December 2002. The ultimate gender-blended tables are included in Appendix 25
				  as tables 55-84.
(g) It shall not,
				  in and of itself, be a violation of article 24, article 26, or any other
				  provision of the Insurance Law for an insurer to issue the same kind of policy
				  of life insurance on both a sex- distinct and sex-neutral basis.