Anybody getting any news on their companies' responses to the required use of the 2017 CSO tables?. Are they coming out with new products or just repricing what they have? Effective dates? I think Columbian is changing their product line and are going to begin to roll them out in November..
2017 CSO Plan Changes
- Thread starter rousemark
- Start date
- 4,125
I think they have been making adjustments since last year. The death of Settlers, the discontinuation of Assurity's and FE, Lincoln Heritage even raised rates! I don't know who actively use them but equitable hold their product.
I spoke to the VP from American Amicable today and he said they are very comfortable with their products. Implied that claims and profitability are all in line with what they want.
I think the biggest changes we should expect in the next 90 days is the Transamerica E application, and if there's any major product changes that result from it.
I spoke to the VP from American Amicable today and he said they are very comfortable with their products. Implied that claims and profitability are all in line with what they want.
I think the biggest changes we should expect in the next 90 days is the Transamerica E application, and if there's any major product changes that result from it.
- Thread starter
- #3
It is not a question of them being profitable with their product unless they have already switched to the 2017 CSO... Effective 1/1/2020 all new policies have to be based on the new mortality tables which calculate to age 120. Supposedly t affect rates and non forfeiture benefits, not necessarily to the better.
- 4,125
If somethings matures at 100 or 110 how does that play out?
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- #5
It will not affect anything that is currently in force. As for new plans, I would assume you could still have plans with early maturity but I really don;t know..
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He is talking about the 2017 CSO, mortality tables.
- 1,206
I was told by one small carrier that their rates would go up about 3% across the board and they were revamping the product because they had to file in all the states anyway so now was the time.
I thought rates would go down as people are living longer. He said the real issue is the prolonged interest rates being so low is making it hard for them to make money.
I thought rates would go down as people are living longer. He said the real issue is the prolonged interest rates being so low is making it hard for them to make money.
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How small are they that they only have one VP level executive?
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AmAm has many VP level execs and they will place over 100 million of new life premium this year. They are owned by Industrial Alliance which is the 4th largest insurance company in Canada and has a market cap worth of something around 6 billion dollars.
Hardly a small company.
Resources
What Life Insurers Are Telling the SEC About the 2017 CSO Shift | ThinkAdvisor
The 2017 Commissioners Standard Ordinary Table (2017 CSO)
Coming soon: New mortality table and reserving requirements for life insurance
https://www.soa.org/globalassets/assets/Files/Research/Exp-Study/research-2017-cso-report.pdf
What Life Insurers Are Telling the SEC About the 2017 CSO Shift | ThinkAdvisor
The 2017 Commissioners Standard Ordinary Table (2017 CSO)
Coming soon: New mortality table and reserving requirements for life insurance
https://www.soa.org/globalassets/assets/Files/Research/Exp-Study/research-2017-cso-report.pdf
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