Life Practice Council highlights

The Life Practice Council:

• Submitted comments to the U.S. Treasury Department on Public Notice 2008-18, Life Insurance Reserves under Proposed VACARVM and Life PBR.
• Submitted comments to the Securities and Exchange Commission in response to Proposed Rule 151A relating to the treatment of equity indexed annuities.
• Published three practice notes, including one describing current practices in determining and applying what constitutes credible company experience, another on insurance accounting for deferred acquisition costs, and the third on embedded derivatives. The council also released an exposure draft to a practice note on fair value accounting for Financial Accounting Standard Nos. 157 and 159.
• In partnership with the Society of Actuaries (SOA), presented several reports to the National Association of Insurance Commissioners (NAIC) on the development of new preferred mortality tables.
• Supported the NAIC’s development and adoption of actuarial guidelines redefining annuity reserve valuation for variable annuities (AG VACARVM/XLIII) and establishing tables and statutory reserve standards for group life premium waiver benefits (AG GWP).
• Provided actuarial input on travel underwriting for a model law adopted by the NAIC on unfair trade practices.
• Presented educational sessions on principle-based reserving, including six webcasts, two seminars, and a number of sessions at SOA meetings and symposiums. The council also made presentations at meetings of the NAIC, National Council of Insurance Legislators, National Conference of State Legislators, and many actuarial clubs throughout the country.
• Delivered to the NAIC a full proposal for principle-based capital under C3 Phase III, including additional reports detailing simplification methods and the developing of the working reserve within that proposal.
  

Life Practice Council resources

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