Life News

Two Academy representatives addressed state officials at the National Conference of Insurance Legislators (NCOIL) Summer Meeting. Shawna Ackerman, vice president for casualty, presented on price optimization during a special Property-Casualty Committee meeting. Academy Senior Life Fellow Nancy Bennett discussed principle-based reserving (PBR) at a Life Insurance & Financial Planning Committee panel discussion at NCOIL’s meeting. (July 17, 2015)
The Academy released its new PBA Perspectives, a quarterly update on regulatory, legislative, and Academy activities surrounding the implementation of the Principle-Based Approach (PBA) for life insurance. (July 2, 2015)
The Annuity Reserves Work Group submitted a report to the NAIC's VM-22 (A) Subgroup outlining the potential uses of the representative scenarios method (RSM) in calculating annuity reserves. (June 23, 2015)
Two Academy members participated in the NAIC Center for Insurance Policy and Research (CIPR) Symposium on retirement issues earlier this week. Lifetime Income Risk Joint Task Force member Mark Shemtob presented on lifetime income insurance products and related issues. Warren Jones, chairperson of the LTC Terminations Work Group, was a panelist on a discussion about the future of long-term care support and services. (June 16, 2015)
The Deposit Fund Subgroup submitted a letter to the NAIC Life Actuarial (A) Task Force recommending edits to model regulation 695 concerning synthetic guaranteed investment contracts (GICs). (June 15, 2015)
Members of the Life Practice Council and Academy Senior Life Fellow Nancy Bennett gave a presentation to the Treasury Department's Office of Financial Research (OFR) on stress testing of U.S. life insurers. The open-ended dialogue provided OFR staff an overview of how U.S. life insurers and regulators use stress testing, including how insurer stress testing differs from bank stress testing. (June 12, 2015)
The Nonforfeiture Modernization Work Group submitted a comment letter to the NAIC Life Actuarial (A) Task Force on exposed edits to the standard nonforfeiture law for annuities regarding requirements for contingent deferred annuities (CDA). (May 13, 2015)
The Deposit Fund Subgroup sent a comment letter to the NAIC Life Actuarial (A) Task Force on exposed edits to the model regulation for synthetic guaranteed investment conracts (GIC). (April 22, 2015)
The Life Illustrations Work Group sent a comment letter to the NAIC’s Life Actuarial (A) Task Force on the proposed actuarial guideline for indexed universal life illustrations. (April 14, 2015)
The Nonforfeiture Modernization Work Group presented an update on the group’s activities to the NAIC Life Actuarial (A) Task Force at the NAIC Spring 2015 National Meeting. (March 27, 2015)
The American Academy of Actuaries and Society of Actuaries Joint Project Oversight Group gave a presentation to the NAIC Life Actuarial (A) Task Force on the development of the 2014 VBT tables, 2017 CSO tables, and PBR margins. (March 26, 2015)
The Life Capital Adequacy Committee (LCAC) submitted comments to the NAIC Life Risk-Based Capital (E) Working Group regarding the latest exposure drafts related to the XXX/AXXX reinsurance framework.
(March 20, 2015)
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force on an exposed actuarial guideline for indexed universal life illustrations.
(March 11, 2015)
The PBR Strategy Subgroup and Life Reinsurance Work Group sent a comment letter to the NAIC PBR Implementation (EX) Task Force regarding the XXX/AXXX reinsurance supplemental proposal.
(February 23, 2015)
The Stress Testing Work Group submitted a comment letter to the NAIC Stress Testing (E) Subgroup regarding their stress testing proposal as an outline for field testing of life insurance reserves.
(January 30, 2015)
The Life Capital Adequacy Committee (LCAC) sent a comment letter to the NAIC Life Risk-Based Capital (E) Working Group regarding exposure drafts related to the XXX/AXXX reinsurance framework.
(January 29, 2015)
The Life Illustrations Work Group sent a letter to the NAIC Life Actuarial (A) Task Force regarding principles for a sound actuarial guideline on illustrations of life insurance products.
(January 8, 2015)
Life Capital Adequacy Committee, Property and Casualty Risk-Based Capital Committee, and Health Solvency Work Group comments to the National Association of Insurance Commissioners (NAIC) on operational risk issues. (January 7, 2015)
The Academy published its winter PBA Perspectives, a quarterly update on regulatory, legislative, and Academy activities surrounding the implementation of the Principle-Based Approach (PBA) for life insurance. (December 15, 2014)
The Life Practice Council (LPC) submitted comments to the Actuarial Standards Board regarding an exposed Actuarial Standard of Practice (ASOP) on Principle-Based Reserves for Life Products.
(December 15, 2014)