February 13, 2023 - The Financial Market Commission (CMF) published for consultation today complementary regulations and instructions necessary for the implementation process of the new mortality tables that will be in force between 2023 and 2029. This is in accordance with the provisions of Decree Law No. 3,500 of 1980 and Decree with Force of Law No. 251 of 1931.
After a public consultation process between September 6 and November 7, 2022, the new mortality tables (TM-2020) used to calculate programmed withdrawal pensions and technical reserves for life annuities are about to be issued. The complementary regulations and adjustments necessary to implement the new tables are as follows:
- A General Rule to update General Rule No. 318, which deals with instructions on the application of IFRS standards for technical reserves for life annuity policies, and disability and survival insurance (Decree Law No. 3,500).
- A Circular Letter with instructions to apply mortality tables CB-H-2020 and MI-H-2020 for men; and RV-M-2020, B-M-2020, and MI-M-2020 for women.
Interested parties can access the Draft Rules and Norms section of the CMF website until February 20, 2023 to check the regulatory proposals in detail and submit their feedback. The Commission also makes available a Regulatory Report with their core elements.
