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 Life Reinsurance Work Group submitted a comment letter to the Life Actuarial (A) Task Force on exposed amendment proposal forms 2019-17 and 2019-24, which pertain to yearly renewable term reinsurance.
( )The Longevity Risk Task Force provided an update on its field study results, key assumptions, and next steps to the Life Risk-Based Capital (E) Working Group at the NAIC Spring 2019 National Meeting.
( )The C-2 Work Group provided an update to the Life Risk-Based Capital (E) Working Group at the NAIC Spring 2019 National Meeting.
( )The PBR Governance Work Group gave an update on Academy PBR involvement to the Life Actuarial (A) Task Force at the NAIC Spring 2019 National Meeting.
( )The Life Reserves Work Group gave a presentation on the PBR treatment for individually underwritten group insurance to the Life Actuarial (A) Task Force.
( )The Life Reserves Work Group gave a presentation to the Life Actuarial (A) Task Force on Amendment Proposal Form 2019-29, which deals with VM-20 and clearly defined hedging strategy requirements.
( )The Annuity Reserves Work Group gave an update on the VM-23 proposed timeline to the Life Actuarial (A) Task Force at the NAIC Spring 2019 National Meeting.
( )The SVL Interest Rate Modernization Work Group gave an update to the Life Actuarial (A) Task Force at the NAIC Spring 2019 National Meeting.
( )The PBR Review Procedures Work Group released an exposure draft of a practice note: Common Practices of Examining Actuaries Involved in Statutory Financial Solvency Examinations of Life and Health Insurers, Including Considerations for Principle-Based Reserves. Comments are due to the Academy on Monday, July 1, 2019.
( )The Life Practice Council sent a letter to the Life Actuarial (A) Task Force addressing concerns that the NAIC is moving in a direction that would deviate from a principle-based approach for life insurance.
( )The Life Illustrations Work Group submitted a comment letter to the NAIC's IUL Illustration (A) Subgroup, addressing questions raised regarding the illustrations of Indexed Universal Life (IUL) products under Actuarial Guideline 49.
( )The Lifetime Income Risk Joint Committee, Retirement System Assessment and Policy Committee and Social Security Committee submitted a comment letter to the Bipartisan Policy Center on its 2016 Report of the Commission on Retirement Security and Personal Savings.
( )The Life Experience Committee sent a comment letter to the Life Actuarial (A) Task Force to address questions that were raised during the NAIC Fall 2018 National Meeting regarding the current process used to develop the AG38 and VM-20 annual mortality improvement scale recommendations.
( )The RBC Tax Reform Work Group submitted a comment letter to the NAIC Life Risk-Based Capital Working Group on their exposed guidance document on the Interpretation of 2018 Life Risk-Based Capital Results.
( )The Life Reserves Work Group submitted a comment letter to the Life Actuarial (A) Task Force regarding exposed APF 2019-04, which seeks to provide clarification for expense allowance formulas for universal life with secondary guarantee (ULSG).
( )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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