Nonforfeiture Modernization Work Group

The Nonforfeiture Modernization Work Group (formerly the Nonforfeiture Improvement Work Group) is studying the feasibility of a new nonforfeiture law for life insurance and annuities to replace the existing standards. The scope of the group's work includes a historical review of existing life and annuity nonforfeiture requirements, an analysis of their applicability to products in the current and potential future life and annuity marketplace, and the development of a set of recommendations for a revised approach to nonforfeiture, to be presented to the NAIC's Life Actuarial Task Force.

Staff liaison: Ian Trepanier

Chairperson:Thomas Berry
Noel Abkemeier
Susan Bartholf
Mary Borrelli
Armand De Palo
Barbara Gold
David Hippen
Trevor Huseman
Elizabeth Keith
Barbara Lautzenheiser
Brian Lessing
John MacBain
Donna Megregian
John Rose
Tomasz Serbinowski
Ryan Stowe
Wayne Stuenkel
P Andrew Ware

Related Publications

Nonforfeiture Modernization Work Group report to the NAIC's Life Actuarial Task Force (LATF) summarizing its activities, recommendations and conclusions, and items that have not yet been addressed.  (July 07, 2017)
Nonforfeiture Modernization Work Group comments to the NAIC's Life Actuarial Task Force (LATF) with regard to potentially updating standard nonforfeiture laws. (September 28, 2016)
Nonforfeiture Modernization Working Group (NMWG) presentation on gross premium nonforfeiture method to the Life Actuarial Task Force at the NAIC Fall 2015 National Meeting. (November 15, 2015)
Nonforfeiture Modernization Work Group comments related to cancellation benefits on contingent deferred annuities (CDAs) to the NAIC CDA (A) Working Group (CDAWG). (October 20, 2015)
Nonforfeiture Modernization Work Group comment letter to 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)
Nonforfeiture Modernization Work Group update to the NAIC Life Actuarial (A) Task Force at the NAIC Spring 2015 National Meeting. (March 27, 2015)
Nonforfeiture Modernization Work Group update to the NAIC Life Actuarial Task Force. (August 15, 2014)
Nonforfeiture Modernization Work Group update to the NAIC Life Actuarial Task Force on the Gross Premium Nonforfeiture Method.
(March 28, 2014)
Work Group Nonforfeiture Illustrations for GLWBs
Nonforfeiture Modernization Work Group spreadsheet for the NAIC Life Actuarial Task Force that illustrates potential nonforfeiture benefits for guaranteed lifetime withdrawal benefits contained in fixed deferred annuities based on the work group’s December proposal.
(January 30, 2014)
Nonforfeiture Modernization Work Group update to NAIC’s Life Actuarial Task Force on treatment of GLWBs in fixed deferred annuities under the proposed GPNM nonforfeiture approach. (December 13, 2013)

Nonforfeiture Modernization Work Group update to the Life Actuarial Task Force regarding nonforfeiture treatment of certain fixed deferred annuities under the proposed gross premium nonforfeiture method approach.

(August 22, 2013)
Nonforfeiture Modernization Work Group update to the Life Actuarial Task Force regarding regulator and consumer information. (April 04, 2013)
Nonforfeiture Modernization Work Group Guaranteed Nonforfeiture Basis Factor report to the Life Actuarial Task Force at the NAIC meeting in National Harbor, MD. (November 27, 2012)
Nonforfeiture Modernization Work Group Guaranteed Nonforfeiture Basis Factor presentation of its report to the Life Actuarial Task Force at the NAIC Fall 2012 National Meeting. (November 27, 2012)
Nonforfeiture Improvement Work Group's quarterly report to the NAIC's Life Actuarial Task Force at the NAIC's Spring National Meeting. (March 01, 2012)
Tax Work Group, in conjunction with the Nonforfeiture Improvement Work Group, follow-up comment letter to the Life Actuarial Task Force with suggested revisions to VM-20. (October 12, 2011)
Nonforfeiture Modernization Work Group's Nonforfeiture Improvement Report that makes certain recommendations with respect to life insurance and annuity nonforfeiture mandates and sets forth certain items for further discussion. (August 01, 2011)
Nonforfeiture Improvement Work Group summary of public policy issues associated with life and annuity nonforfeiture reform to the NAIC's Life Actuarial Task Force. (March 01, 2011)
Economic Scenario Implementation Work Group update on future plans for economic scenario generators with LHATF. (June 11, 2009)
Nonforfeiture Improvement Work Group update regarding a general revision of life and annuity standard nonforfeiture laws. (March 01, 2009)