Actuaries would like to start getting public comments on a draft of a new individual disability insurance valuation table in January.
If adopted, the draft table could help insurers make more use of information about smoking, policy benefit periods and other variables when designing individual disability policies, establishing reserves and setting prices.
The Individual Disability Table Work Group has prepared a written presentation on the table effort for the Health Actuarial Task Force at the National Association of Insurance Commissioners (NAIC).
Actuaries at the American Academy of Actuaries and the Society of Actuaries formed the work group in February this year, at the request of the Health Actuarial Task Force.
The task force wants the work group to help it replace two tables based on data collected in the 1970s: The 1985 Commissioners’ Individual Disability A Table (1985 CIDA) and the Commissioners’ Individual Disability C Table (1985 CIDC).
The new draft table is based on data collected from 1990 to 2007.