Life News

The Life Reserves Work Group submitted an amendment proposal to the NAIC regarding the definition and clarification of the term “modeled reserve” in the VM-20.  (October 21, 2015)
The Nonforfeiture Modernization Work Group submitted additional comments related to cancellation benefits on the Draft Contingent Deferred Annuity (CDA) Cancellation of Benefits Document to the NAIC CDA (A) Working Group. (October 20, 2015)
The AG 43/C-3 Phase II Work Group submitted comments on the "Variable Annuities Framework for Change" to the NAIC Variable Annuities Issues (E) Working Group. (October 16, 2015)
The Principle-Based Reserves Strategy Subgroup submitted comments to the Reinsuirance Task Force on the exposure draft, Non-Universal Life and Universal Life With Secondary Guarantees Credit for Reinsurance Model Regulation. (September 30, 2015)
The Life Illustrations Work Group (LIWG) submitted comments to the Life Insurance and Annuities (A) Committee regarding possible life insurance policy illustration issues that could be reviewed by the proposed Illustration Review (A) Working Group. (September 30, 2015)
The VM-22 drafting subgroup of the Annuity Reserve Work Group (ARWG) submitted comments to LATF’s VM-22 subgroup on draft sections of VM-22 that cover all non-variable annuities and deposit funds. (September 29, 2015)
The C1 Work Group (C1WG) provided comments on the ACLI’S proposal, Life Insurer C-1 Asset Risk-Based Capital Requirement – Real Estate,” which was exposed by the NAIC Investment Risk-Based Capital Working Group. (September 29, 2015)
The Life Practice Council (LPC) submitted comments to the NAIC’s Principle-Based Reserving Implementation (EX) Task Force on its “Substantially Similar Terms and Provisions” to Determine the Valuation Manual Operative Date exposure draft. (September 17, 2015)
The Illustrations Work Group (IWG) published an addendum to the practice note, Actuarial Standard of Practice No. 24: Compliance with the NAIC Life Insurance Illustrations Model Regulation, to reflect the recently adopted Actuarial Guideline 49. (August 28, 2015)
The C-1 Work Group prepared a report and made a presentation to the NAIC’s Investment Risk-Based Capital Working Group on C-1 factors for corporate bonds. (August 19, 2015)
Academy representatives Richard Daillak and Mary Bahna-Nolan addressed NAIC Life Actuarial (A) Task Force at the NAIC Summer 2015 National Meeting. Mr. Daillak, Chair of the Life Reinsurance Work Group, presented on Treatment of YRT reinsurance in Stochastic Exclusion Ratio Testing. Ms. Bahna-Nolan, Chair of the Life Practice Council, discussed the topic of accelerated underwriting. (August 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 2015 Summer Meeting. (August 14, 2015)
The Life Illustrations Work Group of the American Academy of Actuaries presented an educational paper describing various bonus structures and the illustration Disciplined Current Scale (DCS) supportability testing for life insurance products subject to the NAIC Life Insurance Illustrations Model Regulation. (August 14, 2015)
The Financial Reporting Committee, Pension Accounting Committee, Casualty Committee on Property and Liability Financial Reporting, Health Financial Reporting and Solvency Committee, and Life Financial Reporting Committee sent comments to the Public Company Accounting Oversight Board (PCAOB) on its “The Auditor's Use of the Work of Specialists” consultation paper. (July 31, 2015)
The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Council sent comments to the National Association of Insurance Commissioners (NAIC) on its Financial Condition (E) Committee questionnaire that examines the reasons for single-state solutions to help regulators develop a process for creating a uniform framework for state-based regulation. (July 27, 2015)
The Joint American Academy of Actuaries Life Experience Committee and Society of Actuaries Preferred Mortality Oversight Group submitted amendment proposals to the Life Actuarial Task Force on VM-02 Section 5A, VM-20 Sections 3 and 6, VM-M Section 1.H, and VM-A to the Valuation Manual regarding adoption of new CSO tables. (July 23, 2015)
The Lifetime Income Risk Task Force submitted comments to the Department of Labor regarding the proposed regulations defining fiduciaries and conflict of interest.
(July 20, 2015)
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)