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NALC
What's New... Read the latest NALC publications: In the News Upcoming Meetings Register Now!
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Preneed Mortality Table Adoption ProjectSee the links above for supporting information. Following a five-year effort by preneed insurers and the Society of Actuaries, the NAIC has now approved a new Model regulation for minimum standards of determining reserve liabilities and nonforfeiture values for preneed life insurance. This was felt necessary due to the concerns about the inadequacies of using the 2001 CSO table for preneed business. Now the preneed insurers are working with state insurance departments in an all-out scramble to get the new model adopted in the majority of states prior to the end of this year. At that time, the use of the 2001 table will otherwise be mandated. An ad hoc industry group has formed to foster adoption activities in the various states and progress is being made. The progress table (Who, What, When) indicates WHO the contact person is within each department for the project. The table also indicates WHAT known action the states are taking toward adoption. Finally, the table, when available, includes information of WHEN these actions are expected. The states are color-coded to indicate OPTIMISM (green), PESSIMISM (red), and UNCERTAINTY (yellow) about likely adoption by the end of 2008. The table is updated regularly by the ad hoc industry coordinator. The new model was adopted unanimously by the NAIC in March of 2008 with the full support of LHATF and NAIC leadership. Current NAIC Secretary, Iowa Insurance Commissioner Susan Voss , South Carolina Insurance Director Scott Richardson and the National Alliance of Life Companies wrote to each of the state insurance commissioners to encourage them to take prompt action toward adoption. Industry members and/or state insurance departments can network about any adoption activities by contacting the ad hoc industry coordinator, Gerry Kraus, Homesteaders Life Company (515-440-7705) gkraus@homesteaderslife.com. |
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