Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 340 - MORTALITY TABLES FOR DETERMINING MINIMUM RESERVES AND NONFORFEITURE BENEFITS
Article III - Procedure for Use of Same Minimum Nonforfeiture Standards for Men and Women Insured Under 1980 CSO and 1980 CET Mortality Tables
Section 031-340-III-4 - Rule
Current through 2024-38, September 18, 2024
For any policy of insurance on the life of either a male or female insured delivered or issued for delivery in this state after the operative date of Title 24-A M.R.S.A. Section2532-A for that policy form, (i) a mortality table which is a blend as defined below, of the 1980 CSO Table (M) and the 1980 CSO Table (F) with or without Ten-Year Select Mortality Factors may at the option of the company be substituted for the 1980 CSO Table, with or without Ten-Year Select Mortality Factors, and (ii) a mortality table which is of the same blend as used in (i) but applied to form a blend of the 1980 CET Table (M) and the 1980 CET Table (F) may at the option of the company be substituted for the 1980 CET Table for use in determining minimum cash surrender values and amounts of paid-up nonforfeiture benefits.
The following blends, as adopted by the National Association of Insurance Commissioners in December, 1983, and later corrected, will be acceptable:
A. 100% Male 0% for tables to be designated as the "1980 CSO-A" and "1980 CET-A" tables.
B. 80% Male 20% Female for tables to be designated as the "1980 CSO-B" and "1980 CET-B" tables.
C. 60% Male 40% Female for tables to be designated as the "1980 CSO-C" and "1980 CET-C" tables.
D. 50% Male 50% Female for tables to be designated as the "1980 CSO-D" and "1980 CET-D" tables.
E. 40% Male 60% Female for tables to be designated as the "1980 CSO-E" and "1980 CET-E" tables.
F. 20% Male 80% Female for tables to be designated as the "1980 CSO-F" and "1980 CET-F" tables.
G. 0% Male 100% Female for tables to be designated as the "1980 CSO-G" and "1980 CET-G" tables.
Tables A and G are not to be used with respect to policies issued on or after January 1, 1985 except where the proportion of persons insured is anticipated to be 90 percent or more of one sex or the other or except for certain policies converted from group insurance. Such group conversions issued on or after January 1, 1986 must use Mortality Tables based on the blend of lives by sex expected for such policies if such group conversions are considered as extensions of the Norris decision. This consideration has not been clearly defined by court or legislative action in all jurisdictions.
