211 CMR 32.05 - Rule for Gender-Blended Mortality Tables

Current through Register 1466, April 1, 2022

(1) For any policy of insurance on the life of either a male or female insured delivered or issued for delivery in the Commonwealth after the operative date of M.G.L. c. 175, § 144 (6A)(k) for that policy form,

(a) a mortality table which is a blend of the 1980 CSO Table (M) and 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

(b) a mortality table which is of the same blend as used in 211 CMR 32.05(1)(a) but applied to form a blend of the 1980 CET Table (M) and 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.

(2) The following tables will be considered as the basis for acceptable tables:

(a) 100% Male 0% Female 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.

(3)211 CMR 32.05(2)(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% 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 subject to the decision of the United States Supreme Court in Arizona Governing Committee for Tax Deferred Annuity and Deferred Compensation Plans v. Norris, 103 S. Ct. 3492 (1983).

Notes

211 CMR 32.05