Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 400 - Life, Annuities and Health
Chapter 1 - Life Insurance and Annuity Standards
Section 20 CSR 400-1.110 - Alternative Mortality Tables for Minimum Nonforfeiture Standards

Universal Citation: 20 MO Code of State Regs 400-1.110

Current through Register Vol. 49, No. 6, March 15, 2024

PURPOSE: This rule permits individual life insurance policies to provide the same cash surrender values and paid-up nonforfeiture benefits to both men and women. No change in minimum valuation standards is implied by this rule.

PUBLISHER'S NOTE: The secretary of state has determined that the publication of the entire text of the material which is incorporated by reference as a portion of this rule would be unduly cumbersome or expensive. Therefore, the material which is so incorporated is on file with the agency who filed this rule, and with the Office of the Secretary of State. Any interested person may view this material at either agency's headquarters or the same will be made available at the Office of the Secretary of State at a cost not to exceed actual cost of copy reproduction. The entire text of the rule is printed here. This note refers only to the incorporated by reference material.

(1) Definitions.

(A) 1980 Commissioners Standard Ordinary Mortality Table (SO), with or without Ten (10)-Year Select Mortality Factors means that mortality table, consisting of separate rates of mortality for male and female lives, developed by the Society of Actuaries Committee to Recommend New Mortality Tables for Valuation of Standard Individual Ordinary Life Insurance, incorporated in the 1980 National Association of Insurance Commissioners (NAIC) Amendments to the Model Standard Valuation Law and Standard Nonforfeiture Law for Life Insurance, and referred to in those models as the Commissioners 1980 Standard Ordinary Mortality Table, with or without Ten (10)-Year Select Mortality Factors.

(B) 1980 SO Table (M), with or without Ten (10)-Year Select Mortality Factors means the mortality table consisting of the rates of mortality for male lives from the 1980 SO Table, with or without Ten (10)-Year Select Mortality Factors.

(C) 1980 Commissioners Expended Term Table (CET) means that mortality table consisting of separate rates of mortality for male and female lives, developed by the Society of Actuaries Committee to Recommend New Mortality Tables for Valuation of Standard Individual Ordinary Life Insurance, incorporated in the 1980 NAIC Amendments to the Model Standard Valuation Law and Standard Nonforfeiture Law for Life Insurance, and referred to in those models as the Commissioners 1980 Extended Term Insurance Table.

(D) 1980 CET Table (M) means that mortality table consisting of the rates of mortality for male lives from the 1980 CET Table.

(E) 1980 CET Table (F), as used in this rule, means that mortality table consisting of the rates of mortality for female lives from the 1980 CET Table.

(2) For any policy of insurance on the life of either male or female insured, delivered or issued for delivery in this state on or after January 1, 1989 which is the operative date of section 376.670, RSMo-

(A) A mortality table which is a blend of the 1980 SO Table (M) and the SO Table (F), with or without Ten (10)-Year Select Mortality Factors, at the option of the company may be substituted for the 1980 SO Table, with or without Ten (10)-Year Select Mortality Factors;

(B) A mortality table which is of the same blend as used in subsection (2)(A) but applied to form a blend of the 1980 CET Table (M) for use in determining minimum cash surrender values and amounts of paid-up nonforfeiture benefits; and

(C) Acceptable tables are the 1980 CSO (A)-(G) and 1980 CET (A)-(G) Tables. These tables are located in NAIC Proceedings 1984, Volume I, pages 396-400 and follow this rule.

(3) Unfair Discrimination. It shall not be a violation of section 375.930, RSMo that is to say, for an insurer to issue the same kind of policy of life insurance on both a sex distinct and sex neutral basis.

(4) Separability. If any provision of this rule or the application of this rule to any person or circumstance is for any reason held to be invalid, the remainder of the rule and the application of that provision to other persons or circumstances shall not be affected by it.

*Original authority: 374.045, RSMo 1967 and 376.380, RSMo 1939, amended 1943, 1947, 1959, 1961, 1965, 1971, 1975, 1979, 1982.

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