Practice Notes

Pension Committee practice note covering topics related to the implementation of the spot rate approach to determining benefit obligations, service cost, and interest cost under accounting standards and other granular approaches. (September 24, 2018)
Pension Committee exposure draft of practice note on current and emerging practices in the development of liabilities and cost estimates for pension plans with benefits paid as a lump sum. The comment deadline for this exposure draft is November 15, 2018.  (September 21, 2018)
Committee on Property & Liability Financial Reporting practice note on retained risk.
(April 24, 2018)
Group Long-Term Disability Practice Note Work Group on some of the current practices used by health actuaries in the United States for determining actuarial reserves and liabilities for Group Long-Term Disability Income business. (March 12, 2018)
Credit for Reinsurance Subgroup practice note, Credit for Life Reinsurance in U.S. Statutory Financial Statements. (February 2, 2018)
Life Illustration’s Work Group practice note assists actuaries in performing professional services in compliance with ASOP No. 24 and provides information to actuaries on current or emerging practices. 
(January 26, 2018)
Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note.
(December 19, 2017)
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)
Credit for Reinsurance Subgroup exposure draft of a new practice note, Credit for Life Reinsurance in U.S. Statutory Financial Statements. (May 5, 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)
Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (December 27, 2016)
Risk Exposures Subgroup practice note on quantifying risk Exposures for Own Risk and Solvency Assessment (ORSA) reports. (June 27, 2016)
Pension Committee exposure draft of practice note on current and emerging practices in the selection of investment return assumptions based on anticipated future experience. The comment deadline for this practice note is June 27, 2016. (April 26, 2016)
Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (December 22, 2015)
Pension Committee exposure draft of practice note for measuring obligations of defined benefit pension plans that include variable annuity benefits. (December 11, 2015)
Premium Review Work Group practice note on Actuarial Practices Relating to Preparing, Reviewing, and Commenting on Rate Filings Prepared in Accordance with the Affordable Care Act, providing information on general rate filing requirements and considerations related to the URRT adn actuarial memorandum. (December 3, 2015)
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)
Pension Committee's practice note, “Selecting and Documenting Mortality Assumptions for Pensions,” revised to reflect a new mortality improvement scale (BB) published by the Retirement Plans Experience Committee (RPEC) of the Society of Actuaries in 2012, mortality table RP-2014, and mortality improvement scale MP-2014 published by the Society of Actuaries in 2014.  (June 15, 2015)
Profits Followed by Losses Subgroup practice note on accounting for profits followed by losses in long-duration contracts. (June 10, 2015)
Committee on Property and Liability Financial Reporting 2014 Practice Note on Statements of Actuarial Opinion on P/C Loss Reserves. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (December 30, 2014)
Exposure draft of a new practice note related to rate filings, review, and disclosure under the Affordable Care Act for calendar year 2015 and beyond. Comments on the exposure draft should be submitted by Oct. 27. (October 26, 2014)
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 by the Minimum Value Practice Note Work Group on the calculation of minimum value and actuarial value under the Affordable Care Act (ACA), which includes a discussion of plan designs not accommodated by the calculators. (April 24, 2014)
Committee on Property and Liability Financial Reporting 2013 practice note on statements of actuarial opinion on P&C loss reserves. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (December 23, 2013)
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)
Update of the Large Group Medical Business Practice Note by the Large Group Medical Business Practice Note Work Group. (August 7, 2013)
Enterprise Risk Management Committee’s practice note, “Insurance Enterprise Risk Management Practice,” which discusses ERM practices within the insurance industry and concepts such as risk culture, risk organization, and risk governance. (July 25, 2013)
Exposure draft of an addendum to the October 2012 practice note, Actuarial Practices Relating to Preparing, Reviewing, and Commenting on Rate Filings Prepared in Accordance with the Affordable Care Act. Comments on the addendum, which highlights changes to the rate review and disclosure requirements since the initial practice note was finalized, are due by June 3. (April 26, 2013)
Exposure draft update of the Large Group Medical Business Practice Note by the Large Group Medical Business Practice Note Work Group. (January 24, 2013)
Committee on Property and Liability Financial Reporting's 2012 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (December 17, 2012)
Update by the Long-Term Care Practice Note Work Group of the 2003 Long-Term Care Practice Note relating to long-term care rate stability. (October 23, 2012)
Practice note by the Rate Review Practice Note Work Group on the preparation, review, and disclosure of rate filings under the Affordable Care Act. (October 9, 2012)
Committee on Property and Liability Financial Reporting's 2011 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (December 16, 2011)
Life Financial Reporting Committee practice note Optional Retrospective Application of ASU 2010-26 Acquisition Costs. (October 1, 2011)
Pension Committee's practice note, revised October 2011, Selecting and Documenting Mortality Assumptions for Pensions to reflect changes to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations that went into effect in June 2011. PLEASE NOTE: This practice note was superseded by the 2015 practice note on Selecting and Documenting Mortality Assumptions for Pensions. (October 1, 2011)
Pension Accounting Committee practice note with information for actuaries on current practices relevant to the audit of pension plan financial information that is subject to US generally accepted accounting principles (US GAAP). (May 24, 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)
Health Practice Financial Reporting Committee practice note on the Revised Actuarial Statement of Opinion Instructions of the NAIC Health Annual Statement that went into effect Dec. 31, 2010. This practice note is intended to help actuaries both understand and comply with new requirements issued by the NAIC regarding health annual statement filings. (January 1, 2011)
Committee on Property and Liability Financial Reporting's 2010 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (December 3, 2010)
COPLFR cross-practice area subgroup's Model Audit Rule practice note, intended to assist actuaries when supporting management's assertions per the Model Audit Rule, as applied to the evaluation and testing of key controls for the actuarial balances, including loss reserves for the financial reporting process. (November 12, 2010)
Health Practice Financial Reporting Committee practice note on practices for preparing health contract reserves. (September 30, 2010)
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)
Committee on Property and Liability Financial Reporting's 2009 practice note on Statements of Actuarial Opinion on P&C Loss Reserves. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (January 4, 2010)
Health Practice Financial Reporting Committee practice note on actuarial certification of restrictions relating to premium rates in the small group market.  (December 31, 2009)
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)