New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 47 - Use Of Gender-blended Mortality Tables For Individual Life Insurance Policies By Life Insurers
Section 47.2 - Construction of gender-blended tables for use in the determination of minimum nonforfeiture benefits and minimum reserves

Universal Citation: 11 NY Comp Codes Rules and Regs § 47.2

Current through Register Vol. 46, No. 39, September 25, 2024

(a) For policies of life insurance delivered or issued for delivery in this State after May 24, 1982 a life insurer which has elected or which elects an operative date under section 4221(k)(2) of the New York Insurance Law may file with the department for use as part of the policy form, gender-blended mortality tables or a description thereof to determine minimum cash surrender values and minimum amounts and minimum periods of paid-up nonforfeiture benefits. These tables may be arrived at as follows:

(1) a mortality table which is a blend of the 1980 CSO table (M) and the 1980 CSO table (F), with or without 10-year select mortality factors;

(2) a mortality table which is obtained by applying the 1980 CET loading formula to the respective gender-blended 1980 CSO mortality table; and

(3) gender-blended tables with 10-year select mortality factors may be derived by applying select factors to gender-blended tables without select factors where the select factors are derived by using the following formula:

ZF tT = ((Z)F tM + .6(l - z) F tF/Z + .6(l - z))

where

ZF tTis the gender-blended delect factor for year t

F tMis the male select factor for year t

F tFis the female select factor for year t

Zis the ratio of male lives to the total lives at the pivotal age

(b) The following blendings will be considered as the basis for acceptable gender blended tables. However, other blendings shall also be acceptable:

(1) 100 percent Male 0 percent Female, for tables to be designated as the "1980 CSO-A" and "1980 CET-A" tables;

(2) 80 percent Male 20 percent Female, for tables to be designated as the "1980 CSO-B" and "1980 CET-B" tables;

(3) 60 percent Male 40 percent Female, for tables to be designated as the "1980 CSO-C" and "1980 CET-C" tables;

(4) 50 percent Male and 50 percent Female, for tables to be designated as the "1980 CSO- D" and "1980 CET-D" tables;

(5) 40 percent Male 60 percent Female, for tables to be designated as the "1980 CSO-E" and "1980 CET-E" tables;

(6) 20 percent Male 80 percent Female, for tables to be designated as the "1980 CSO-F" and "1980 CET-F" tables; and

(7) 0 percent Male 100 percent Female, for tables to be designated as the "1980 CSO-G" and the "1980 CET-G" tables.

The actual tables as described in paragraphs (1) through (7) of this subdivision are contained in Appendix 20 of this Part. The tables set forth in Appendix 20 are not intended to be exclusive; other blendings of the tables referred to in paragraphs (a)(1) and (2) of this section are also acceptable.

(c) The tables which appear in paragraphs (b)(1) and (7) of this section shall not be used with respect to policies issued on or after January 1, 1986 except where the proportion of persons insured is anticipated to be 90 percent or more or one sex or the other and in case of employer- employee benefit plans it is recommended that the insurer remind the employer that it is the employer's obligation to determine that the use of such tables complies with applicable State and Federal laws.

(d) After the operative date of section 4221(k)(2), at the option of the insurer, the determination of minimum reserves may be based on either the tables in section 47.1(a) and (d) of this Part, or the same tables as permitted in subdivisions (a) and (b) of this section and used in calculating the minimum nonforfeiture benefits. However, if the insurer opts to use the tables in section 47.1(a) and (d) of this Part, then it must also ascertain that aggregate reserves meet the requirements of section 4217 (c)(7) of the Insurance Law using the mortality table or tables used in calculating nonforfeiture benefits.

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