Life
The Academy’s Life Practice Council (LPC) is dedicated to providing policymakers and regulators with unbiased technical expertise.
From crafting principle-based regulatory frameworks to optimizing risk-based capital strategies, the LPC is at the forefront of innovation in the life insurance industry.
Capital
Life and annuity capital adequacy and recommendations to improve life Risk-Based Capital (RBC) requirements.
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Financial Reporting
Life insurance and annuity topics that involve financial reporting, with an emphasis on GAAP and international issues.
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Life Resources
Comment / Letter
Possible Structure Exposure Comment Letter
Leadership from RBC-related Academy committees provided some priority considerations in response to an NAIC RBC Model Governance (EX) Task Force exposure on proposed RBC oversight structures.
Practice Note
Annuity Principle-Based Reserves Under VM 22 Practice Note
This practice note provides practical guidance for actuaries on implementing principle-based reserve valuation for non-variable annuity products under the VM-22 framework, as adopted by the NAIC. It…
Comment / Letter
Request for Comments on the Draft Buyers Guide on Deferred Annuities
The American Academy of Actuaries Annuity Products Subcommittee submitted comments on the NAIC Draft Buyer’s Guide for Deferred Annuities, recommending clarifications, consolidation of redundant…
Comment / Letter
LPC Comments to LATF Request to Review VM Spreads & Defaults
The Life Practice Council commented to the NAIC Life Actuarial (A) Task Force’s (LATF) request regarding VM prescribed spreads and default costs.
Practice Note
US GAAP Fair Value Measurement & Fair Value Option Practice Note
The U.S. GAAP Fair Value Measurement & Fair Value Option practice note, developed by the Life Generally Accepted Accounting Principles (GAAP) Committee, explains ASC Topic 820 and related…
Resource
7702, Valuation Rate, and Applicable Federal Interest Calculator
The IRC Section 7702 Rate Calculator The Valuation Rate (Val Rate) and Applicable Federal Interest Rate (AFIR) Calculator (Updated Sept. 1, 2026) These spreadsheets are associated with…Date Published: 09/01/2026
Comment / Letter
C3 Field Test Specifications
The C-3 Subcommittee presented C-3 Field Test Specification revisions to the NAIC Life RBC Work Group.
Comment / Letter
NAIC LATF Request to Review VM Prescribed Spreads & Defaults
The Academy’s Life Reserves Committee responded to the NAIC LATF’s request to review the Valuation Manual prescribed default and spread methodology used in VM-20, VM-21, and VM-22, and either…
Presentation
LPC update to LATF at Summer National Meeting
Academy Senior Staff Actuary Seong-Min Eom updated the NAIC’s Life Actuarial (A) Task Force (LATF) on Life Practice Council (LPC) activity at NAIC’s Summer National Meeting in Columbus.
Comment / Letter