Life
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.
Capital
Life and annuity capital adequacy and recommendations to improve life Risk-based Capital (RBC) requirements.
Product
Life and annuity product features and their design.
Principle-Based Reserving (PBR)
The Academy has assembled materials to assist actuaries and regulators as the U.S. moves into the implementation phase of PBR for life insurance. Click here to access these materials and here to access public statements made by the Academy related to PBR.
Financial Reporting
Life insurance and annuity topics that involve financial reporting, with an emphasis on GAAP and international issues.
Reserves
The minimum statutory reserve standard for all life and annuity products.
Life News
The Longevity Risk Task Force provided an update and correlation recommendation to the Life Risk-Based Capital (E) Working Group at the NAIC Summer 2019 National Meeting.
( )The Life Practice Council gave an update on the proposed yearly renewable term field test to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.
( )The LRWG provided an update to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting on its projected timeline for deliverables, specifically an amendment proposal form intended for the 2021 Valuation Manual.
( )The PBR Governance Work Group presented an update on Academy resources for PBR to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.
( )The Life Experience Committee submitted an amendment proposal form and supplemental comment letter providing a revision to data elements in VM-51 to accommodate and differentiate individual underwriting and allow more robust mortality data for development of Industry Mortality Tables.
( )The ARWG provided an update on its work on fixed annuity PBR to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.
( )The SVL Interest Rate Modernization Work Group gave an update to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.
( )The Life Practice Council submitted a comment letter to the Actuarial Standards Board, outlining its recommendations on the second exposure draft of the proposed actuarial standard of practice, Setting Assumptions.
( )The Life Illustrations Work Group submitted a comment letter to the NAIC in response to questions on illustrations of Indexed Universal Life products under Actuarial Guideline 49.
( )The Life Illustrations Work Group sent a comment letter to the NAIC IUL Illustration (A) Subgroup regarding the illustrations of Indexed Universal Life products under Actuarial Guideline 49.
( )The C-2 Work Group gave an update on life mortality RBC to the NAIC Risk-Based Capital Working Group for the working group's June 24 conference call.
( )The Life Practice Council submitted a comment letter to the Actuarial Standards Board on the December 2018 exposure draft of ASOP No. 22, Statements of Actuarial Opinion Based on Asset Adequacy Analysis for Life or Health Liabilities.
( )The Longevity Risk Task Force submitted a comment letter to the NAIC Longevity Risk (A/E) Subgroup on its exposure of a proposed approach to incorporating an RBC charge for longevity risk.
( )The Life Practice Council submitted a comment letter to the Actuarial Standards Board on the fourth exposure draft of a proposed new actuarial standard of practice for modeling.
( )The Life Experience Committee sent a letter to the NAIC Life Actuarial (A) Task Force addressing concerns with the 2001 CSO Tables for Guaranteed Issue (GI) business.
( )Life Public Statements
Comments and letters
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.
Issue briefs
Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.
Policy papers
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.
Presentations
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
Reports to the NAIC
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.
Testimony
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
Practice Notes
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.
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