WSR 16-19-030

PREPROPOSAL STATEMENT OF INQUIRY

[Insurance Commissioner Matter No. R 2016-24—Filed September 13, 2016, 12:10 p.m.]

Subject of Possible Rule Making: Adoption of the 2017 commissioner's standard ordinary (CSO) mortality tables.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060, 48.74.030, 48.76.050.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The 2017 CSO mortality tables are a new series of mortality tables developed jointly, at the request of NAIC, by the American Academy of Actuaries Life Experience Committee and the Society of Actuaries Preferred Mortality Oversight Group; they reflect changes in mortality since the development of the 2001 CSO tables. The 2001 CSO tables are the current mortality table set; the 2017 tables would provide a new minimum valuation standard of mortality for life insurance products. The new table series includes tables for male/female, smoker/nonsmoker and age-nearest birthday/age-last birthday. The commissioner is proposing that the 2017 CSO mortality tables be adopted.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: No other federal or state agency regulates this subject.

Process for Developing New Rule: Submit written comments by November 4, 2016, to rulescoordinator@oic.wa.gov, fax (360) 586-3109.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Jim Keogh, P.O. Box 40260, Olympia, WA 98504-0260, rulescoordinator@oic.wa.gov.

September 13, 2016

Mike Kreidler

Insurance Commissioner