Mich. Admin. Code R. 500.1283 - Utilization of the 1958 CSO and CET smoker and nonsmoker mortality tables

Rule 3.

(1) In determining minimum cash surrender values, minimum amounts and minimum periods of paid-up nonforfeiture benefits and minimum reserve liabilities, the 1958 CSO and CET smoker and nonsmoker mortality tables may only be used as set forth in this rule. The requirements of this rule shall apply to any policy of insurance delivered or issued for delivery in this state after the operative date of paragraphs 9 to 19 of section 4060(5) of Act No. 218 of the Public Acts of 1956, as amended, being S500.4060(5), paragraphs 9 to 19, of the Michigan Compiled Laws, for that policy form, and before January 1, 1989. The 1958 CSO smoker and nonsmoker mortality tables may be substituted for the 1980 CSO table, with or without 10-year select mortality factors, and the 1958 CET smoker and nonsmoker mortality tables may be substituted for the 1980 CET table.

(2) For any category of insurance issued on female lives with minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits determined using the 1958 CSO or 1958 CET smoker and nonsmoker mortality tables, such minimum values may be calculated according to an age not more than 6 years younger than the actual age of the insured.

(3) The 1958 CSO and CET smoker and nonsmoker mortality tables shall be utilized only if they are applicable to every insurance policy corresponding to the policy form for which the insurer has elected to use these tables.

Notes

Mich. Admin. Code R. 500.1283

1986 AACS