Played an integral role in the development of the exposure draft for Valuation Manual-20: Requirements for Principle-based Reserves for Life Products. The National Association of Insurance Commissioners’ (NAIC) Life and Health Actuarial Task Force adopted the exposure draft on Aug. 12; it is undergoing field testing with a report due March 31, 2011. The Academy plans to help promote understanding of the principle-based approach (PBA) at both the regulator and company/actuary level throughout the field-testing process.
Participated in a panel discussion about the future of solvency regulation with respect to regulatory capital requirements and overarching accounting/valuation issues at a meeting of the NAIC’s Solvency Modernization Initiative (SMI) Task Force in March.
Testified on stranger-originated annuity transactions at an NAIC Life and Annuities Committee hearing on May 20.
Testified, jointly with the Pension Practice Council, at a Sept. 15 public hearing sponsored by the Treasury and Labor departments on lifetime income options for retirement plans.
Worked to complete development of an approach to life and annuity product nonforfeiture reform that could build on an earlier reform framework.
Presented webinar following the spring, summer, and fall NAIC meetings that provided updates on NAIC activities and reviewed progress of the PBA project, mortality issues, and risk-based capital.
Issued a practice note on scenario and cell model reduction for purposes of principle-based approaches to reserves and capital on Sept. 22.
Co-sponsored two seminars with the Society of Actuaries (SOA). How will PBA Rock Your World? was held in Tampa, Fla., on May 19. PBA Implementation: Getting a Rock Solid Start was held in conjunction with the Valuation Actuary Symposium in Chicago on Sept. 22.
Reviewed current required disclosures for life settlements and how they benefit both potential sellers and potential investors, with the objective of determining if an Academy position statement would be appropriate.
Developed an educational paper about the effect of government mandates; the paper will be geared toward both the public and policymakers.
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