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.
More Life Issues
Click here for the Economic Scenario Generators.
Life News
The C1 Work Group submitted a comment letter to the National Association of Insurance Commissioners (NAIC) RBCIRE WG to follow up on their presentation on collateralized loan obligations (CLOs) given to the RBCIRE WG at the NAIC’s Fall 2022 National Meeting.
( )The C2 Mortality Work Group submitted a presentation to the National Association of Insurance Commissioners (NAIC) LRBCWG on their the working group’s proposal for life C-2 structural and instruction updates and a new financial statement note.
( )The Academy’s ARCWG submitted a comment letter to the National Association of Insurance Commissioners’ (VM)-22 (A) Subgroup on their Oct 2022 exposure, Requirements for Principle-Based Reserves for Non-Variable Annuities.
( )The Life Financial Reporting Committee released a white paper, Considerations in Market Risk Benefits, that focuses on identification, valuation, and financial reporting of market risk benefits; a new concept introduced by Accounting Standards Update (ASU) 2018-12.
( )The Economic Scenario Generator Work Group submitted a presentation to NAIC’s Life Actuarial (A) Task Force’s Subgroup on Economic Scenario Generator Stylized Facts and Acceptance Criteria
( )The Life Practice Council (LPC) and Life Experience Committee (LEC) submitted a presentation to NAIC’s Life Actuarial (A) Task Force’s Subgroup on current LPC workstreams as well as two issue briefs recently published by the LEC.
( )The C1 Work Group submitted a presentation to NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on collateralized loan obligations.
( )The Academy’s Economic Scenario Generator Work Group submitted a presentation to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force Subgroup on Economic Scenario Generator (ESG) Corporate Credit and Bond Fund Returns.
( )The Academy’s Life Experience Committee released a discussion brief on credibility in life insurance modeling.
( )The Academy’s Life Experience Committee released a discussion brief on the use of margins in life insurance modeling.
( )The Academy’s Life Illustrations Work Group submitted comments to the National Association of Insurance Commissioners’ Indexed Universal Life (IUL) Illustration (A) Subgroup on the Oct.13 exposure of Actuarial Guideline 49-A Quick Fix Proposals.
( )The Academy’s Index-Linked Variable Annuity Work Group submitted a comment letter and corresponding redline to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup on the Oct. 13 exposure of proposed Actuarial Guideline ILVA.
( )The Academy’s C-2 Mortality Work Group submitted to the Life Risk-Based Capital (E) Working Group for its consideration for adoption a proposed supplement to the instructions for the National Association of Insurance Commissioners’ newly adopted C-2 Mortality Factors to address implementation and application questions.
( )The Academy’s Life Experience Committee released a discussion brief on the impacts of inflation, interest rates, stock market volatility, and potential recession on life insurance business.
( )The Academy’s Annuity Reserves and Capital Work Group, Variable Annuity Reserves and Capital Work Group, and Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on APF 2022-04 Swap Spreads and the transition from LIBOR to SOFR.
( )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.
