Mich. Admin. Code R. 500.1224 - Substitutions for the 1980 CSO table, with or without 10-year select mortality factors, and the 1980 CET table

Rule 4.

(1) For any policy of life insurance delivered or issued for delivery after August 1, 1983, both of the following provisions apply:

(a) A mortality table which is an acceptable blend of the 1980 CSO table (M) and the 1980 CSO table (F), with or without 10-year select mortality factors, may be substituted for the 1980 CSO table, with or without 10-year select mortality factors for use in determining minimum cash surrender values and amounts of paid-up nonforfeiture benefits.

(b) A mortality table which is of the same blend as used in subdivision (a) of this subrule, but which is applied to form a blend of the 1980 CET table (M) and the 1980 CET table (F), shall be substituted for the 1980 CET table for use in determining minimum cash surrender values and amounts of paid-up nonforfeiture benefits for those policies of insurance in which the substitution in subdivision (a) of this subrule is made.

(2) If a company wishes to make a substitution as provided in subrule (1)(a) and (b), of this rule, it shall file a written notice of its election to use 1 of the acceptable tables.

(3) The 1980 CSO-A, 1980 CET-A, 1980 CSO-G and 1980 CET-G tables may be used with respect to policies issued on or after January 1, 1985 where the proportion of persons insured is anticipated to be 90% or more of one sex or for certain policies converted from group insurance. Such group conversions issued on or after January 1, 1986 shall use mortality tables based on the blend of lives by sex expected for such policies if such group conversions are considered as extensions of employer-employee benefits plans.

Notes

Mich. Admin. Code R. 500.1224

1984 AACS