Life News

Work Group Comments on Most Recent Separate Account Recommendations

The Separate Account Product Work Group submitted a comment letter to the NAIC Separate Account Risk Working Group on its revised recommendations for separate accounts that was exposed May 7, 2014.
(June 5, 2014)

Work Group Comments on Reinsurance Ceded Interpretation

The Reinsurance Work Group submitted a comment letter to the NAIC Emerging Actuarial Issues Working Group on the exposed Reinsurance Ceded Interpretation Question.
(June 2, 2014)

Work Group Makes Recommendation to NAIC on Updating RBC Requirements for Interest Rate Risk

The C-3 Work Group made a recommendation to NAIC’s Life-Based Capital Working Group on an approach for updating regulatory risk-based capital requirements for interest rate risk for fixed annuities and single premium life insurance. (May 27, 2014)

LPC Submits Comments on Proposed Small Company Exemption to VM-20

The Life Practice Council sent a comment letter to the Life Actuarial Task Force on the ACLI’s proposed small company exemption to VM-20.
(May 15, 2014)

Work Group Comments on CDA Capital and Reserve Proposals

The AG 43/C-3 Phase II Work Group sent a comment letter to the NAIC on ACLI proposals for modification of reserve and capital requirements for contingent deferred annuities. (May 8, 2014)

Work Group Submits Additional Comments on Separate Account Recommendations

The Separate Account Products Work Group made additional comments on the Potential Actions/Recommendations (Document 2) exposed for comment in November 2013 by the NAIC Separate Account Risk (E) Working Group.
(May 5, 2014)

PBRSS Submits Comments on Possible Interim Captives Meeting

The Principle-based Reserve Strategy Subgroup (PBRSS) submitted a comment letter to the NAIC suggesting topics to be discussed at a potential interim meeting of the PBR Implementation (EX) Task Force.
(April 23, 2014)

LPC Hosts Post-NAIC Update/PBA Webinar

The Life Practice Council presented a webinar reviewing the NAIC Spring 2014 National Meeting and activities, including a rundown of the most recent Life Actuarial (A) Task Force meeting, a discussion of activities at the Life Risk-Based Capital (E) Working Group meeting, an update on VM-22 development, and a review of the recently exposed practice note Life Principle-Based Reserves Under VM-20.
(April 22, 2014)

LCAS Submits Comments on March 20 Operational Risk Proposal

The Life Capital Adequacy Subgroup submitted comments on the NAIC Operational Risk Subgroup’s March 20 exposure of a revised proposal that suggests a new “C-5” factor in the NAIC Life Risk-Based Capital formula to provide for operational risk.
(April 15, 2014)

PBRSS Submits Follow-up Comments on Feb. 17 Rector Report

The Principle-based Reserves Strategy Subgroup submitted comments clarifying the suggestion to eliminate the net premium reserve (NPR) component of VM-20 in previous comments on Feb. 17 Report of Rector & Associates to the Principle-Based Reserving Implementation (EX) Task Force.
(April 11, 2014)

Academy Exposes Practice Note on Treatment of Intangible Assets under PGAAP

The Life Financial Reporting Committee completed its draft of its 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 and is exposed for comment until June 2.
(April 4, 2014)

C-1 Work Group Gives Update on Factors for Corporate Bonds

The C-1 Work Group gave a presentation at the NAIC Spring National Meeting to the Investment Risk-Based Capital Working Group on C-1 Factors for Corporate Bonds in the Life Risk-Based Capital Instructions.
(March 29, 2014)

Academy Releases New Essential Elements Papers on PBR, NFIP

The Academy released two new Essential Elements papers on principle-based reserving (PBR) and the National Flood Insurance Program (NFIP) adding to its series designed to make actuarial analyses of public policy issues more accessible to widespread audiences. Visit the Essential Elements webpage to read these and other papers in the series. (March 28, 2014)

Non-Elective Incidence Work Group Presents Proposal for AG 33

The Actuarial Guideline 33 Non-elective Incidence Proposal Work Group presented the NAIC Life Actuarial Task Force with proposed language to AG 33 to address the non-elective incidence reserve issue.
(March 28, 2014)

Nonforfeiture Modernization Work Group Updates LATF

The Nonforfeiture Modernization Work Group updated the NAIC Life Actuarial Task Force on the Gross Premium Nonforfeiture Method.
(March 28, 2014)

Life Experience Subcommittee Updates LATF on Mortality Table Development

The Life Experience Subcommittee presented an update to the NAIC Life Actuarial Task Force on mortality development of the 2014 Commissioners Standard Ordinary table, the 2014 Valuation Basic Table, and margins under VM-20 for determination of Prudent Estimate Mortality.
(March 27, 2014)

LATF Adopts VM-20 Amendment Regarding Due Premiums

The NAIC Life Actuarial Task Force adopted a Life Reserves Work Group amendment proposal to VM-20 regarding treatment of due premiums in reserve calculation.
(March 27, 2014)

PBRSS Submits Comments on February 2014 Rector Report

The Principle-Based Reserve Strategy Subgroup submitted comments on the exposed Feb. 17, 2014, Report of Rector & Associates, Inc. to the Principle-Based Reserving Implementation (EX) Task Force.
(March 21, 2014)

CAIWG Responds to Questions from the NAIC on Contingent Annuities

The Contingent Annuity Issues Work Group responded to questions from the NAIC regarding the reserving and capital requirements for contingent annuities
(March 21, 2014)

AOM Discussion Group Releases Communication Improvement Report

The AOM Discussion Group released a report on ideas to improve the communication of issues within the appointed actuary’s memorandum.
(March 19, 2014)