2016 cso issued policies 2016 backdating

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As data submissions move from a voluntary basis to mandatory with the adoption of the Valuation Manual, we expect future data submissions will be even more complete and allow for further mortality analytics for future CSO tables.

Throughout development of any new tables there is discussion and debate.

The 2017 CSO contained data from 51 contributing companies versus 21 in the 2001 CSO.

In addition to the overall increase in exposures, there was significant increase in the exposures for smoker/non-smoker distinct issues, business issued under a preferred risk program and female risks than what was underlying the 2001 table.

As far back as 2008, the group looked at the need for new CSO tables, but because principles-based reserving was coming, the industry and regulators decided to wait until PBR to update the CSO tables.

There was significant increase in the number of contributing companies and claims and policy exposures underlying the 2017 CSO over what was in the 2001 CSO.

The product development team, tax team, treasury, valuation, IT, financial reporting, compliance, contracting and others will be involved.

Mortality tables get out of sync over time as underlying experience changes.Over the past 20 years, we have also seen a sizeable increase in the average face amounts and more business issued at older ages.Lastly, early estimates of mortality improvement at older ages were too low.Mary Bahna-Nolan co-chaired the joint task force responsible for overseeing the 2017 CSO development.Mary also was actively involved in the development of the tables themselves.

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