Life Bureau Filing Guidance Note

Guidance Date: May 2, 2017

Filing Requirements for Using the 2017 CSO Mortality Table

Pursuant to Regulations 147 and 179, insurers and fraternal benefit societies may elect to use the 2017 CSO Table as the minimum mortality standard for reserve and nonforfeiture calculations for policies issued on or after January 1, 2017 and must use the 2017 CSO Table as the minimum mortality standard for policies issued on or after January 1, 2020.  The Department will accept submissions of policy forms referencing the 2017 CSO Table beginning on May 17, 2017, the effective date of the amendments to the regulations.  Such policy form submissions must comply with all of the usual procedural and substantive requirements set forth in the product outline applicable to the type of product being submitted.  Companies seeking expedited policy form approval may use the Circular Letter No. 6 (2004) certified process, subject to the usual requirements in the product outlines and other guidance related to that process.

Change to the 2017 CSO Table - Where Table Referenced in Policy Form

If a previously approved policy form references the 2001 CSO Table for reserve and/or nonforfeiture benefits, a change in the mortality basis to the 2017 CSO Table cannot be done without filing a new version of the policy form for approval.  Such change in the table may not be retroactive.  The new version of the policy form will need a unique form number. Previously approved forms that do not reference the table (e.g. application) may be used with the new version of the policy form without the need to refile those other forms.  As with any form filing, the filing description should identify those previously approved forms that will be used with the policy form being submitted for approval.

The policy form submission should be sent to the attention of Peter Dumar, Chief Insurance Attorney, at the address below or via SERFF. 

Change to the 2017 CSO Table - Where Table Not Referenced in Policy Form

If the 2001 CSO Table is not mentioned in the policy form (i.e. term life insurance with no cash value) and the company wishes to change the mortality basis, the company must send a letter and supporting material to the Department stating the company’s intentions to revise the table, and, if applicable, must indicate whether or not the change is retroactive for all policies issued in 2017.  The subject line of the letter should state "Election of 2017 CSO".

Note the following:

  • The reserve and nonforfeiture mortality basis must be the same. A certification of nonforfeiture compliance must be included with the election letter.
  • If the 2001 CSO Table was mentioned only in an actuarial memorandum accompanying the original policy form filing, then an updated actuarial memorandum should accompany the letter.
  • To elect the retroactive change in mortality basis for year-end 2017, the letter must be received by the Department by December 31, 2017.
  • The 2017 CSO Table may be used only for policies issued on or after January 1, 2017 and only if the company files an actuarial opinion in the annual statement based on an asset adequacy analysis as specified in section 95.8 of Regulation 126. See Section 100.5(d) of Regulation 179 for more details.

The election letter and supporting materials should be sent to William Carmello, Chief Actuary, at the address below or via SERFF.  If submitted via SERFF, the "Other" filing mode should be selected with an Explanation of "Election of 2017 CSO".

Address for Submissions:
New York State Department of Financial Services
Life Bureau - 19th Floor
One Commerce Plaza
Albany, New York 12257