Weekly Tips


Filing Your CSO Mortality Table Updates with the IIPRC


This week's weekly tip provides more time-saving information to help expedite your filing process. Did you hear that at its meeting on April 6th, the National Association of Insurance Commission (NAIC) adopted the Valuation Manual amendments approving the 2017 Commissioners' Standard Ordinary (CSO) mortality table? We have heard from companies already making plans for rolling out new products or updating previously approved products in anticipation of these tables being available for policies issued on or after January 1, 2017 and required for policies issued after January 1, 2020.  The IIPRC Office is issuing Filing Information Notice 2016-1: Filing Process to Effectuate the 2017 Commissioners Standard Ordinary (CSO) Mortality Table to provide filing guidance for product filings submissions that include the 2017 Commissioners' Standard Ordinary (CSO) mortality table.

Companies planning state-specific filings to implement the 2017 CSO Mortality Tables should think twice. Is yet another round of 44-plus state flings the most efficient and cost-effective choice? Don't pass this opportunity to move your state-approved legacy products into the IIPRC and realize the savings associated with one product filing submission and the long-term benefits which will be experienced after you receive your product approval. 

For companies working on new products, filing through the IIPRC is an excellent opportunity to leverage speed-to-market and uniformity for up to 44 Compacting States or states with 75% of the premium volume nationwide. Companies prepare one filing submission under one set of easy-to-follow Uniform Standards and receive one review and approval allowing one uniform product to be programmed, tested, deployed, and administered. The IIPRC works with filers to meet reasonable and realistic  implementation dates.

Companies with products already approved by the IIPRC will reap tremendous benefits in the easy-to-follow, one-stop process to updating their products for these new mortality tables. The IIPRC makes updating for mortality table changes seamless through a variety of options:

  • New Specification Pages
  • Updated Statement of Variability
  • Replacement pages and/or
  • Endorsement.  

An updated Actuarial Memorandum is expected to be submitted under each of these options. The IIPRC will not accept CSO mortality table updates to state-approved products but will accept new product submissions under the Uniform Standards for companies that want to use the opportunity to refile products previously approved by the individual states.

Please review the attached Filing Information Notice 2016-1: Filing Process to Effectuate the 2017 Commissioners Standard Ordinary (CSO) Mortality Table.  The IIPRC provides useful information on its website for making a product filing submission to  the IIPRC including the adopted Uniform Standards & Associated Checklists,  Best Practices Checklist, Pre-Filing Communication form, and SERFF Filing Access (which provides immediate access to approved products). The IIPRC Office encourages filers to take advantage of these tools and contact us both before and during a product filing review to maximize the submission of compliant forms and minimize the regulatory review and company response turnaround. Helping you bring your products to market promptly and in full compliance with our Uniform Standards is a value added service of the IIPRC.

This FIN will be made available on the IIPRC website, specifically on the Filing Information Notices page.  If you have any questions regarding the Weekly Tip or the FIN attached, please contact the IIPRC Office.