The Life Practice Council (LPC) provides objective technical expertise to policymakers and regulators on life insurance issues, including a principle-based regulatory approach to reserving and risk-based capital.
Life and annuity capital adequacy and recommendations to improve life Risk-based Capital (RBC) requirements.
The Life Underwriting and Risk Classification Work Group gave a presentation on actuarial perspectives on accelerated underwriting to the NAIC Accelerated Underwriting (A) Working Group.( )
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force regarding the illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline 49 and the ACLI Redline of AG 49A.( )
The Annuity Reserves Work Group gave an update to the NAIC VM-22 (A) Subgroup on the preliminary framework elements for fixed annuity PBR.( )
The C-2 Longevity Risk Work Group sent a comment letter and supplemental materials to the NAIC Life Risk-Based Capital (E) Working Group on suggested edits to the RBC forms and instructions for C-2b longevity risk.( )
The Tax Work Group submitted a comment letter to the Internal Revenue Service regarding a proposed regulation that provides guidance on the computation of life insurance reserves for income tax reporting.( )
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force on the "Independent Proposal" regarding IUL product illustrations under AG 49.( )
The Annuity Reserves Work Group provided an update to the NAIC VM-22 (A) Subgroup on the preliminary framework elements for fixed annuity PBR.( )
The Life Illustrations Work Group sent a letter to the NAIC IUL Illustration (A) Subgroup regarding the illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline XLIX (AG 49), and the American Council of Life Insurers proposal for AG 49-A.( )
The Life Practice Council sent a comment letter to the Actuarial Standards Board on the proposed revision of Actuarial Standard of Practice (ASOP) No. 11, Reinsurance Involving Life Insurance, Annuities, or Health Benefit Plans in Financial Reports.( )
The Life Valuation Committee's Principle-Based Reserve (PBR) Review Procedures Work Group released a public policy practice note, Common Practices of Examining Actuaries Involved in Statutory Financial Solvency Examinations of Life and Health Insurers, Including Considerations for Principle-Based Reserves.( )
The Life Principle-Based Approach Practice Note Work Group updated the 2017 VM-20 Practice Note to reflect emerging practices and changes to the Valuation Manual since the version effective for Dec. 31, 2019, valuations.( )
The Life Reinsurance Work Group sent a comment letter to the NAIC Reinsurance (E) Task Force regarding their exposed memorandum, which requested comments on whether compliance with Actuarial Guideline XLVIII (AG 48) should be considered to be "substantially similar" to Model #787 under the NAIC Financial Standards and Accreditation Program.( )
The Life Illustrations Work Group sent a comment letter to the NAIC IUL Illustration (A) Subgroup on Indexed Universal Life insurance policies under Actuarial Guideline XLIX (AG 49).( )
The C-1 Work Group sent a letter to the NAIC Capital Adequacy (E) Task Force on their proposal to expand the number of bond factors in the Life Risk-Based Capital formula.( )
The Macroprudential Task Force sent a comment letter to the NAIC Financial Stability (EX) Task Force and Liquidity Assessment (EX) Subgroup on the exposed Liquidity Stress Testing Framework.( )
Life Public Statements
Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.
Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.
Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public. Includes monographs and white papers.
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of the life practice councils.
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.