Life News

The Life Products Committee(LPrC) submitted comments to the Actuarial Standards Board regarding an exposed Actuarial Standard of Practice (ASOP) on Life Insurance and Annuity Pricing.
(December 15, 2014)
The American Academy of Actuaries and Society of Actuaries Joint Project Oversight Group made a presentation to the NAIC Life Actuarial (A) Task Force on the development of the 2014 VBT and CSO tables.
(November 14, 2014)
The Deposit Fund Subgroup of the Annuity Reserves Work Group made a presentation to the NAIC Life Actuarial (A) Task Force on the subgroup’s proposal to modify regulations of synthetic guaranteed investment contracts (GIC). 
(November 14, 2014)
The Deposit Fund Subgroup of the Annuity Reserves Work Group submitted a supplemental proposal on reserving for synthetic guaranteed investment contracts (GIC) and proposed changes to the existing model regulation.  (November 14, 2014)
The Contingent Annuity Issues Work Group sent a comment letter to the NAIC Contingent Deferred Annuity (A) Working Group on regulatory guidance for issuers of CDAs.  (November 7, 2014)
The C-3 Work Group submitted to the NAIC Life Risk-Based Capital (RBC) Working Group an updated spreadsheet and instructions for calculating the CTE 90 RBC measure as part of the 2014 C-3 Phase 1 field test for large companies. (November 3, 2014)
The PBR Strategy Subgroup sent a comment letter to the NAIC PBR Implementation (EX) Task Force on an exposure draft of AG 48.
(October 30, 2014)
The Life Financial Reporting Committee released a practice note detailing practices on the treatment of value of business acquired (VOBA), goodwill, and other intangible assets under the purchase method of accounting of Generally Accepted Accounting Principles, or PGAAP.
(October 15, 2014)
The PBR Strategy Subgroup sent a comment letter to the NAIC's Life Actuarial Task Force regarding an updated version of the AG 48 exposure draft.
(October 2, 2014)
The Life Practice Council presented a webinar reviewing the National Association of Insurance Commissioners (NAIC) Summer 2014 National Meeting, including a rundown of the most recent Life Actuarial (A) Task Force meeting, a discussion of the activities at the Life Risk-Based Capital (E) Working group, an update on the Kansas Field Test, and XXX/AXXX captives developments. (September 25, 2014)
The Academy published its second PBA Perspectives, which provides a quarterly update on activities surrounding the implementation of the Principle-based Approach (PBA) for life insurance. The newsletter includes reports and updates on legislative, regulatory, and Academy activity relating to the new principle-based methodology. (September 23, 2014)
The PBR Strategy Subgroup sent a comment letter to the NAIC's Life Actuarial Task Force regarding the exposure draft of AG 48. (September 17, 2014)
The Contingent Annuity Work Group sent comments to the NAIC’s Contingent Deferred Annuity Working Group regarding regulatory guidelines for CDAs.
(September 12, 2014)
The Asset Adequacy Analysis Committee released for exposure a practice note on current practices in asset adequacy analysis and testing.  Comments are due by Oct. 6. (August 21, 2014)
The Nonforfeiture Modernization Work Group submitted a report to the NAIC’s Life Actuarial Task Force meeting in Louisville, Ky. (August 15, 2014)
The AG33 Non-Elective Task Force sent a letter to the NAIC’s Life Actuarial Task Force on AG XXXIII. (August 15, 2014)
The American Academy of Actuaries/Society of Actuaries Joint Project Oversight Group presented to the NAIC’s Life Actuarial Task Force on development of the 2014 VBT Primary Tables. (August 15, 2014)
The Principle-Based Reserves Strategy Subgroup sent a comment letter to the NAIC Life Actuarial Task Force on the Net Premium Reserve component of the Rector report. (August 12, 2014)
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)