Life News

Several Academy members presented at the National Conference of Insurance Legislators’ summer meeting in Boston, July 9-13. Mike Angelina, vice president of the Casualty Practice Council, presented on the evolving role of the private market in providing flood insurance, and Senior Life Fellow Nancy Bennett offered an update on principle-based reserving (PBR) implementation that included a legislation-in-brief document and FAQs. Ellen Kleinstuber, vice-chairperson of the Pension Committee, discussed NCOIL’s proposed Pension De-Risking Model Act in the wake of the Pension Committee sending a letter to NCOIL on the proposal last week. (July 12, 2014)
The Tax Work Group sent a comment letter to the NAIC Health Actuarial Task Force on the tax implications of the 2013 Individual Disability Income Valuation Tables.
(June 26, 2014)
The Life Practice Council sent a comment letter to the NAIC Principle-based Reserving Implementation (EX) Task Force on its June 4 exposure of the Rector Report.
(June 25, 2014)
The Academy published PBA Perspectives to provide quarterly updates on activities surrounding the implementation of the Principle-based Approach (PBA) for life insurance.  The newsletter includes reports on legislative, regulatory, and Academy activity relating to PBA.  PBA Perspectives will also provide updates on state legislative adoption of the new principle-based methodology. (June 20, 2014)
The Stress Testing Work Group sent a comment letter to the NAIC Life Risk-Based Capital Working Group on its recent stress testing proposal.
(June 18, 2014)
Academy Senior Life Fellow Nancy Bennett gave a presentation on regulatory capital requirements for U.S. life insurers to the Financial Stability Oversight Council Insurance Industry Work Group.
(June 17, 2014)
The C-3 Work Group submitted a report on a recommended approach for updating regulatory Risk-Based Capital requirements for interest rate risk for fixed annuities and single premium life insurance
(June 12, 2014)
The Separate Account Product Work Group submitted a comment letter to the NAIC Separate Account Risk Working Group on its revised recommendations for separate accounts that was exposed May 7, 2014.
(June 5, 2014)
The Reinsurance Work Group submitted a comment letter to the NAIC Emerging Actuarial Issues Working Group on the exposed Reinsurance Ceded Interpretation Question.
(June 2, 2014)
The C-3 Work Group made a recommendation to NAIC’s Life-Based Capital Working Group on an approach for updating regulatory risk-based capital requirements for interest rate risk for fixed annuities and single premium life insurance. (May 27, 2014)
The Life Practice Council sent a comment letter to the Life Actuarial Task Force on the ACLI’s proposed small company exemption to VM-20.
(May 15, 2014)
The AG 43/C-3 Phase II Work Group sent a comment letter to the NAIC on ACLI proposals for modification of reserve and capital requirements for contingent deferred annuities. (May 8, 2014)
The Separate Account Products Work Group made additional comments on the Potential Actions/Recommendations (Document 2) exposed for comment in November 2013 by the NAIC Separate Account Risk (E) Working Group. 
(May 5, 2014)
The Principle-based Reserve Strategy Subgroup (PBRSS) submitted a comment letter to the NAIC suggesting topics to be discussed at a potential interim meeting of the PBR Implementation (EX) Task Force.
(April 23, 2014)
The Life Practice Council presented a webinar reviewing the NAIC Spring 2014 National Meeting and activities, including a rundown of the most recent Life Actuarial (A) Task Force meeting, a discussion of activities at the Life Risk-Based Capital (E) Working Group meeting, an update on VM-22 development, and a review of the recently exposed practice note Life Principle-Based Reserves Under VM-20.       
(April 22, 2014)
The Life Capital Adequacy Subgroup submitted comments on the NAIC Operational Risk Subgroup’s March 20 exposure of a revised proposal that suggests a new “C-5” factor in the NAIC Life Risk-Based Capital formula to provide for operational risk.
(April 15, 2014)
The Principle-based Reserves Strategy Subgroup submitted comments clarifying the suggestion to eliminate the net premium reserve (NPR) component of VM-20 in previous comments on Feb. 17 Report of Rector & Associates to the Principle-Based Reserving Implementation (EX) Task Force.
(April 11, 2014)
The Life Financial Reporting Committee completed its draft of its  Practice Note detailing practices on the purchase method of accounting on VOBA, goodwill and other intangible assets under Generally Accepted Accounting Principles commonly referred to as Purchase GAAP and is exposed for comment until June 2. 
(April 4, 2014)
The C-1 Work Group gave a presentation at the NAIC Spring National Meeting to the Investment Risk-Based Capital Working Group on C-1 Factors for Corporate Bonds in the Life Risk-Based Capital Instructions. 
(March 29, 2014)
The Academy released two new Essential Elements papers on principle-based reserving (PBR) and the National Flood Insurance Program (NFIP) adding to its series designed to make actuarial analyses of public policy issues more accessible to widespread audiences. Visit the Essential Elements webpage to read these and other papers in the series. (March 28, 2014)