What Life Insurers Are Telling the SEC About the 2017 CSO Shift
September 3, 2019 by Allison Bell
U.S. life insurers are talking about the big new life insurance mortality table shift in some of the reports they file for life insurance policies and annuities that are classified as securities.
The National Association of Insurance Commissioners (NAIC) approved the new 2017 Commissioners’ Standard Ordinary (CSO) Mortality Tables — which help life insurers keep life insurance coverage in place past age 100 — two years ago,
In February 2018, the Internal Revenue Service agreed to let life insurers move to use of the 2017 tables, from the old 2001 tables.
Members of the NAIC’s Life Actuarial Task Force have been looking into letting issuers of guaranteed issue business keep using the 2001 tables in calculations of “minimum nonforfeiture standard values,” or calculations of what some consumers get if they drop their coverage.