Life News

The American Academy of Actuaries will host a June 27 Capitol Hill briefing that will examine the financial risks of increased lifespans, and the need for retirees to secure lifetime income. The Academy’s Lifetime Income Initiative is part of its continuing effort to provide objective, unbiased information to serve the public and the United States actuarial profession. (June 20, 2013)
The Academy’s Lifetime Income Risk Joint Task Force, composed of actuaries from the life and pension practice areas, has released its discussion paper, Risky Business: Living Longer Without Income for Life. The discussion paper focuses on the issue of ensuring retirees secure income that lasts their entire lifetime and discusses potential solutions through changes in education, plan design, and federal retirement policy. Read the news release. (June 19, 2013)
The PBR Strategy Subgroup submitted an additional comment letter to the NAIC Principle-Based Reserving Implementation (EX) Task Force on the May 9 drafts of the PBR legislative and educational briefs.   
(June 11, 2013)
Life Practice Council members presented a practical application of PBR Valuation on life insurance products to regulators attending the NAIC Financial Summit. (May 30, 2013)
The PBR Strategy Subgroup submitted an additional comment letter to the NAIC Principle-Based Reserving Implementation (EX) Task Force regarding the potential impact of PBR in its draft legislative brief.
(May 6, 2013)
The Life Practice Council submitted a comment letter to the NAIC Principle-Based Reserving Implementation (EX) Task Force praising additional language in the April 3 NAIC PBR Draft Implementation Plan and offering assistance with evaluating and updating the PBR methodology.    (May 6, 2013)
The Life Practice Council presented a webinar reviewing the NAIC Spring 2013 National Meeting and progress on the principle-based approach (PBA) to life reserves. The December 23 webinar included updates on the activities of the NAIC’s Life Actuarial Task Force, PBR Implementation (EX) Task Force, Joint Qualified Actuary (A/B/C) Subgroup, and the Emerging Actuarial Issues (E) Working Group.  In addition the webinar covered Academy PBR efforts as well as a information on current professionalism issues.
(April 23, 2013)
The PBR Strategy Subgroup submitted a comment letter to the NAIC Principle-Based Reserves (EX) Task Force on legislative brief outlining the ramifications of the Standard Valuation Law for state legislatures.  
(April 22, 2013)
Join the Academy and the Society of Actuaries on June 4 to gain a better understanding of regulator perspectives on a variety of topics, including how actuaries can adapt to the new risk-focused exams, whether principle-based reserving (PBR) makes sense for small companies, and how the Own Risk and Solvency Assessment (ORSA) will evolve and help small companies. (April 19, 2013)
The C1 Work Group gave a presentation to the NAIC Risk-Based Capital Working Group on the development of factors for corporate bonds in the RBC formula.   (April 6, 2013)
Subgroups of the Life Practice Council gave presentations to the NAIC’s Life Actuarial Task Force regarding development of an aggregate margin and mortality studies, submitted reports on nonforfeiture modernization and, synthetic guaranteed investment contracts and proposed amendments to VM-20 regarding policy loans, deterministic reserve and pre-tax investment maintenance reserve. (April 4, 2013)
The Casualty, Health, Life, and Professionalism Councils sent comments to the NAIC’s Joint Qualified Actuary (A/B/C) Subgroup in response to its request for comments to a list of nine questions in anticipation of the Subgroup’s meeting at the NAIC Spring National Meeting on April 5, 2013. (March 28, 2013)
The Separate Account Products Work Group (SAWG) commented on the December 20, 2012 document, “Review of Non-Variable, Insulated Products/Product Characteristics with Proposed Recommendations” that was exposed on January 9 by the NAIC Separate Account Risk (E) Working Group. (March 25, 2013)
The Annuity Illustration Work Group submitted comments to the Iowa Insurance Division on its March 18 draft memorandum, Annuity Illustrations; 191 Iowa Administrative Code rules 15.61-.69, based upon the new NAIC Annuity Disclosure Model Regulation.
(March 22, 2013)
The Life Reserve Work Group (LRWG) submitted an amendment proposal to the Life Actuarial Task Force (LATF) of the NAIC that clarifies the VM-20 approach to model policy loan cash flows in the deterministic reserve and stochastic reserve calculations. (March 14, 2013)
Senior Life Fellow Nancy Bennett presented to state legislators at the National Conference of Insurance Legislators Spring Meeting regarding the implementation and review process for Principle-based Reserves. (March 8, 2013)
The Contingent Annuity Work Group commented on the NAIC Contingent Deferred Annuity (A) Working Group's February draft recommendation to the Life Insurance and Annuities (A) Committee. (February 20, 2013)
The C1 Work Group provided comments on the NAIC Securities Valuation Office Staff Calibration Project. (February 13, 2013)
The Casualty, Life, Health, and Professionalism councils submitted comments to the NAIC's Joint Qualified Actuary (A/B/C) Subgroup on the subgroup's two new charges related to defining a "qualified actuary" and recommending a process to address "unprofessional" actuarial work. (February 11, 2013)
The Life & Health Valuation Law Manual is now available. The manual is designed to help appointed actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation. (January 25, 2013)