Pursuant to Chapter 30A and the authority granted to the Commissioner of Insurance under Chapter 175, § 9 of the Massachusetts General Laws, a hearing will be held at the Division of Insurance, One South Station, Boston, MA 02110-2208 on January 5, 2010 at 11:00 a.m.
The purpose of this hearing is to afford all interested persons an opportunity to provide oral and written comments regarding the proposed amendment of regulation 211 CMR 29.00 Proposed (Clean) , Proposed (Redlined) , Valuation of Life Insurance Policies. 211 CMR § 29.00 provides life insurers with tables of select mortality factors and rules for their use, sets forth rules concerning a minimum standard for the valuation of plans with nonlevel premiums or benefits and sets forth rules concerning a minimum standard for the valuation of plans with secondary guarantees.
The proposed amendments to 211 CMR § 29.00 remove the restriction on mortality adjustment factors in the deficiency reserve calculation. This calculation allows companies to adjust the valuation mortality to mortality that approximates the expected mortality. Additionally, the proposed amendments will require the appointed actuary to disclose any impact the adjustment may cause.
The proceedings concerning the proposed amendments to 211 CMR 29.00 shall be designated as Docket # G-2009-10. Any person who wishes to provide oral comment concerning this proposed regulation must file a Notice of Intent to Comment with the Docket Clerk no later than January 4, 2010. Persons wishing to submit written comments may do so until the record of the hearing is closed. All submissions must be sent to the Docket Clerk, Hearings and Appeals, Division of Insurance, One South Station, Boston, MA 02110-2208 and must refer to Docket # G2009-10. Persons who do not file such a Notice will be heard after those who do notify the Division. Copies of the proposed regulation are available from the Division of Insurance.
Joseph G. Murphy
|Dated: December 10, 2009||Acting Commissioner of Insurance|