Life News

Senior Life Fellow Nancy Bennett and Tom Campbell, chairperson of the Life Valuation Committee’s AG 43/C3 Phase II Work Group, presented to the Federal Reserve Board Insurance Industry Work Group on regulatory capital requirements for life insurers. (July 11, 2017)
The VM-31 Subgroup submitted comments to the NAIC's Life Actuarial Task Force (LATF) on an amendment to eliminate the summary of methods and assumptions that covers multiple product groups in the executive summary. (July 10, 2017)
The newest issue of PBA Perspectives includes items on the PBR Review (EX) Working Group’s pilot project; the Life Practice Council’s PBR Boot Camp in Orlando in May; and the PBR Model Governance Practice Note Work Group’s new practice note. (June 30, 2017)
The Non-Guaranteed Elements Work Group submitted comments to the New York Department of Financial Services on re-proposed 11NYCRR 48 (insurance regulation 210) on life insurance and annuity non-guaranteed elements.
(June 22, 2017)
The Government Mandates Work Group published a new issue brief providing information on the impact of laws and regulations on consumer cost and consumer choice for annuity and life insurance benefits. (June 15, 2017)
The C1 Work Group submitted comments to the NAIC with revised recommendations on corporate bond risk-based capital (RBC) factors based on changes to the representative portfolio. (June 8, 2017)
The PBR Governance Work Group submitted comments to the Actuarial Standards Board (ASB) on the exposure draft for a new ASOP, Principle-Based Reserves for Life Products. (May 31, 2017)
The Operational Risk Work Group submitted comments to the NAIC on the Life Risk-Based Capital (RBC) operational risk factor. (May 25, 2017)
The Life Principle-Based Approach Practice Note Work Group released the final practice noteLife Principle-Based Reserves Under VM-20, to assist actuaries with the implementation of the principle-based life reserve valuation approach adopted by the NAIC as detailed in the Requirements for Principle-Based Reserves for Life Products—VM-20.
(May 18, 2017)
The Life Reserves Work Group submitted an amendment proposal form to the National Association of Insurance Commissioners Life Actuarial Task Force regarding the VM-20 wording on modeling of policy loans and separate account assets.
(May 12, 2017)
The Life Reserves Work Group submitted comments on two National Association of Insurance Commissioners' (NAIC) Life Actuarial Task Force proposed amendments to VM-20 – one comment letter related to additional definitions and the other comment letter related to proposed changes to Section 2G.
(May 2, 2017)
The Principle-Based Reserve (PBR) Model Governance Practice Note Work Group released a new practice note to provide additional information for practicing life actuaries seeking to better understand models, model risks, model governance, and related issues, as these actuaries implement PBR.
(April 20, 2017)
Tricia Matson, chairperson of the Longevity Risk Task Force, presented an update on efforts to develop a methodology for recognizing longevity risk in statutory reserves and risk-based capital (RBC) to the NAIC's Life RBC Working Group. (April 8, 2017)
Mary Bahna-Nolan, chairperson of the joint committee of the Academy’s Life Experience Committee and SOA Preferred Mortality Oversight Group, presented updates on its work to the Life Actuarial Task Force (LATF) on guaranteed issue and preneed mortality tables, and simplified issue and accelerated underwriting mortality under VM-20. (April 6, 2017)
The Life Experience Committee gave a report to the NAIC Life Actuarial Task Force (LATF) on 2017 guaranteed issue mortality tables, including spreadsheets with a blended mortality table, a male mortality table, and a female mortality table. (April 6, 2017)
The Life Operational Risk Work Group submitted comments to the NAIC's Operational Risk (E) Subgroup on a draft report on operational life risk-based capital. (March 17, 2017)
The SVL Interest Rate Modernization Work Group submitted comments to the NAIC's VM-22 (A) Subgroup on the VM-22 Maximum Valuation Interest Rates for Income Annuities draft report. (March 14, 2017)
The SVL Interest Rate Modernization Work Group submitted comments on a revised weighting methodology proposal to the NAIC's VM-22 (A) Subgroup. (February 17, 2017)
The AG 43/C-3 Phase II Work Group submitted comments to the NAIC’s Variable Annuities Issues (E) Working Group on version 1 of the draft specifications for the second quantitative impact study. (February 3, 2017)
The Standard Valuation Law Interest Rate Modernization Work Group submitted comments to the NAIC’s Life Actuarial Task Force (LATF) on its “VM-22: Maximum Valuation Interest Rates for Income Annuities” exposure draft. (January 25, 2017)