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Not all companies will act on the new tables Day 1.
The effect for each company depends on the path it chooses to take – when to implement the 2017 CSO, how many products to apply the new tables to, etc.
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.
Mary Bahna-Nolan co-chaired the joint task force responsible for overseeing the 2017 CSO development.
The impact of the new tables is company- and product-dependent.Companies will need to evaluate their capacity to navigate the disruption and competitive landscape throughout the implementation period against any reserve and capital considerations.We expect to see an increase in reinsurance activity as well.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.
Companies need to look at implementation holistically as so many areas are affected.