Life Practice Notes

Life Principle-Based Approach Practice Note Work Group practice note to assist actuaries with the implementation of the principle-based life reserve valuation approach adopted by the NAIC as detailed in the Requirements for Principle-Based Reserves for Life ProductsVM-20. (May 18, 2017)
Principle-Based Reserve (PBR) Model Governance Practice Note Work Group practice note, Model Governance, providing additional information for practicing life actuaries seeking to better understand models, model risks, model governance, and related issues, as these actuaries implement PBR.
(April 20, 2017)
Addendum to Illustrations Work Group’s 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)
Life Financial Reporting Committee 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)
Asset Adequacy Analysis Committee practice note exposure draft on current practices in asset adequacy analysis and testing. Exposed for comment until Oct.6. (August 21, 2014)
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.  Exposed for comment until June 2.
(April 4, 2014)
Update of the Practice Note for Actuarial Standard of Practice No. 24 on complying with the NAIC Life Insurance Illustrations Model Regulation.
(August 29, 2013)
Life Financial Reporting Committee practice note Optional Retrospective Application of ASU 2010-26 Acquisition Costs. (October 1, 2011)
Variable Annuity Practice Note Work Group practice note on the Application of C-3 Phase II and Actuarial Guideline XLIII. (April 6, 2011)
Life Financial Reporting Committee practice note regarding Market Consistent Embedded Values. (March 16, 2011)
Financial Reporting Committee practice note on Actuarial Practices Relating to Accounting for Insurance Pursuant to International Financial Reporting Standards. (March 1, 2011)
Modeling Efficiency Work Group practice note regarding scenario and cell model reduction. (September 22, 2010)
Life Financial Reporting Committee practice note to assist actuaries with application of FAS 133 with respect to variable annuities with guaranteed benefits. (February 2, 2010)
Life Practice Note Steering Committee's addendum to the July 2009 C-3 Phase II and Actuarial Guideline XLIII Practice Note, providing guidance relative to additional questions raised by actuaries dealing with the implementation of Actuarial Guideline XLIII since the practice note was first published. (December 1, 2009)
Life Reserves and Capital Practice Note Work Group practice note on applying principles of the September C3 Phase III report to the NAIC. (December 1, 2009)
Practice note prepared by a work group set up by the Life Practice Note Steering Committee of the American Academy of Actuaries (VA Practice Note Work Group), updating the September 2006 C-3 Phase II practice note and representing a description of practices believed by the VA Practice Note Work Group to be commonly employed by actuaries in the United States in 2009. (July 1, 2009)
Life Financial Reporting Committee practice note regarding compliance with Financial Accounting Standards (FAS) 157 and 159. (February 1, 2009)
Life Valuation Subcommittee practice note intended to provide information on common practices and approaches related to actuarial issues for which credibility theory or a related approach may be applied. (July 1, 2008)
Life Financial Reporting Committee practice note to assist actuaries working for life insurance companies with the calculation of embedded values. (May 1, 2008)
Life Financial Reporting Committee practice note describing some of the common practices that might be considered by actuaries in the United States in the application of the Financial Accounting Standards Board's (FASB) Derivatives Implementation Group Statement 133 Implementation Issue No. 36, Embedded Derivatives: Modified Coinsurance Arrangements and Debt Instruments That Incorporate Credit Risk Exposures That Are Unrelated or Only Partially Related to the Creditworthiness of the Obligor under Those Instruments (DIG B36). DIG B36 addresses the applicability of FAS 133 to many modified coinsurance (Modco) and similar insurance transactions. (February 29, 2008)