211 CMR 57.05 - Conditions
Current through Register 1466, April 1, 2022
(1) For each plan
of insurance with separate rates for smokers and nonsmokers an insurer may use:
(a) Composite mortality tables to determine
minimum reserve liabilities and minimum cash surrender values and amounts of
paid-up non-forfeiture benefits;
(b) Smoker and nonsmoker mortality tables to
determine the valuation net premiums and additional minimum reserves, if any,
required by M.G.L. c. 175, ยง 9, subdivision 6 and use composite mortality
tables to determine the basic minimum reserves, minimum cash surrender values
and amounts of paid-up non-forfeiture benefits; or
(c) Smoker and nonsmoker mortality to
determine minimum reserve liabilities and minimum cash surrender values and
amounts of paid-up non-forfeiture benefits.
(2) For plans of insurance without separate
rates for smokers and nonsmokers the composite mortality tables shall be
used.
(3) For the purpose of
determining minimum reserve liabilities and minimum cash surrender values and
amounts of paid-up non-forfeiture benefits, the 2001 CSO Mortality Table may,
at the option of the company for each plan of insurance, be used in its
ultimate or select and ultimate form, subject to the restrictions of
211
CMR 57.06 and
211 CMR 29.00 relative to use
of the select and ultimate form.
(4) When the 2001 CSO Mortality Table is the
minimum reserve standard for any plan for a company, the actuarial opinion in
the annual statement filed with the Commissioner shall be based on an asset
adequacy analysis as specified in
211 CMR
132.05(1). The Commissioner
may exempt a company from
211 CMR 132.05(1)
if it does business only in this
Commonwealth and in no other state.
Notes
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