Code of Maryland Regulations
Title 31 - MARYLAND INSURANCE ADMINISTRATION
Subtitle 05 - ASSETS, LIABILITIES, RESERVES, AND INVESTMENTS OF INSURERS
Chapter 31.05.03 - Valuation of Life Insurance Policies
Section 31.05.03.05 - Application of Mortality Tables

(1) At the election of an insurer for any one or more specified plans of insurance, an insurer may use the 1980 CSO valuation table or the 2001 CSO Mortality Table as the minimum standard for a policy issued before January 1, 2009.

(2) If an insurer elects to use the 2001 CSO Mortality Table as the minimum standard, the insurer shall do so for both valuation and nonforfeiture purposes.

(1) For a preneed insurance contract issued on or after January 1, 2009, and before January 1, 2012, an insurer may elect to use either the ultimate form of the 1980 CSO valuation tables or the 2001 CSO Mortality Table as the minimum standard for valuation and nonforfeiture purposes.

(2) If an insurer elects to use the 2001 CSO Mortality Table as the minimum standard for a preneed insurance contract issued on or after January 1, 2009, the insurer shall provide, as a part of the actuarial opinion memorandum submitted in support of the company's asset adequacy testing, an annual written notification to the domiciliary commissioner.

(3) The notification required by §C(2) of this regulation shall include:

(4) For the purposes of the certification required in §C(3)(b) of this regulation, the preneed insurance contracts using the 2001 CSO Mortality Table as the minimum standard may not be aggregated with any other policies.

(5) For a preneed insurance contract issued on or after January 1, 2012, an insurer shall use the ultimate form of the 1980 CSO valuation tables as the minimum standard for valuation and nonforfeiture purposes.

(6) The status of a policy or contract as a preneed insurance contract is determined at the time of issue in accordance with the policy form filing.