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 Academy’s Index-Linked Variable Annuity Work Group submitted comments to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on its exposure of a draft Actuarial Guideline on Nonforfeiture Requirements for Index Linked Variable Annuity Products Supported by Non-Unitized Accounts.
( )The Academy’s Asset Modeling and Reporting Task Force submitted comments to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force (LATF) on LATF’s exposure of a draft Actuarial Guideline on asset adequacy testing.
( )The Academy’s Life Underwriting and Risk Classification Work Group submitted comments to the Colorado Division of Insurance on the stakeholder engagement process to develop rules to implement SB21-169, a new law to limit unfair discrimination in the life underwriting process.
( )The Academy’s Annuity Reserves and Capital Work Group submitted a presentation to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force’s VM-22 Subgroup regarding longevity reinsurance and longevity swaps.
( )The Academy’s Life Long-Term Care Combo Product Valuation Practice Note Work Group released Long-Term Care Insurance Combination Product Valuation, a practice note to that addresses the application of the NAIC Valuation Manual to these products from primarily a life insurance perspective. The previous 2019 Long-term Care (LTC) Combination Product Valuation Practice Note was developed by a work group of the Health Practice Council within the Academy.
( )Academy Life Vice President Ben Slutsker gave a presentation on recent Life Practice Council activity to the NAIC’s Virtual 2022 Life Actuarial Task Force (LATF) Spring National Meeting.
( )The Economic Scenario Generator (ESG) Work Group gave updates in response to LATF questions on the work group’s recent presentation on Model Office ESG Testing.
( )The Life Underwriting and Risk Classification Work Group submitted comments to the NAIC’s Accelerated Underwriting (A) Working Group Ad Hoc Drafting Subgroup’s Educational Report exposure draft of March 4, 2022.
( )The Asset Modeling and Reporting Task Force submitted comments on the draft Actuarial Guideline (AG) on Asset Adequacy Testing (AAT) which was exposed during the NAIC’s Life Actuarial Task Force’s February 10 meeting.
( )The Life Valuation Committee submitted comments on APF 2020-12 regarding hedging in VM-20 and VM-21 to the NAIC’s Life Actuarial Task Force.
( )The Economic Scenario Generator Work Group presented an update on Model Office Economic Scenario Generator (ESG) Testing to the NAIC’s Life (A) Actuarial Task Force (LATF). The presentation provided actual model office results for the economic scenario sets that have been selected by NAIC’s ESG Drafting Group.
( )The Life Reserves Work Group, Annuity Reserves and Capital Work Group, and Variable Annuity Reserves and Capital Work Group submit an amendment proposal and presentation to the NAIC’s Life Actuarial Task Force on Swap Spreads and the London Inter-bank Offered Rate Transition to the Secured Overnight Financing Rate.
( )The Annuity Reserves and Capital Work Group submitted recommendations of Aggregation Principles as outlined in the Academy’s Preliminary Framework Elements for Fixed Annuity Principle-Based Reserving to the National Association of Insurance Commissioners’ Life Actuarial Task Force’s VM-22 Subgroup.
( )The Economic Scenario Generator Work Group presented to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on model office testing scenarios of the new economic scenario generator.
( )The Academy’s Variable Annuity Reserves and Capital Work Group released its VM-21 Practice Note Supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities – 2022 Edition of VM-21. The supplement was exposed for public comment in 2021, and the final product has been published to reflect comments.
( )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.
