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 sent a comment letter on the proposed longevity risk charge to the NAIC Life Risk-Based Capital (E) Working Group.
( )The Principle-Based Approach Projections Practice Note is now available. This practice note contains questions and answers related to common practice for projecting future principle-based reserve and risk-based capital calculations.
( )The Life Experience Committee provided an introduction on the Valuation Basic Table analysis process to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Donna Claire, Chairperson of the PBR Governance Work Group, gave an update on the development of Academy PBR resources to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )The Life Reserves Work Group gave an update on PBR treatment for individually underwritten group insurance to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Marianne Purushotham, Chairperson of the Life Experience Committee Life Mortality Improvement Subgroup, gave an update on mortality improvement scale methodology to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Ben Slutsker, Chairperson of the Annuity Reserves Work Group, and John R. Miller, Vice Chairperson, gave an update on preliminary framework elements for non-variable annuity PBR to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Chris Conrad, Chairperson of the SVL Interest Rate Modernization Work Group, gave an update on Non-SPIA Valuation Rates to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Jason Kehrberg, Chairperson of the YRT Field Test Project Oversight Work Group, gave an update on the YRT Field Test Timeline to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )The Life Reserves Work Group submitted APF 2019-33 to the Life Actuarial (A) Task Force. The APF seeks to clarify the definition of individually underwritten life insurance and the applicability of PBR requirements for group insurance contracts with individual risk selection issued under insurance certificates.
( )The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force addressing their questions on illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline 49.
( )The Longevity Risk Task Force sent a cover letter outlining sample changes to the risk-based capital (RBC) blanks for implementing longevity C-2 factors.
( )The PBR Checklist Task Force released a document—“What is PBR for Life Insurance?”—just a few months before the Jan. 1 deadline for companies to adhere to the principle-based reserving (PBR) requirements under the Valuation Manual Section 20 (VM-20), that provides a summary of the significant elements of PBR.
( )The Lifetime Income Risk Joint Committee released an issue brief, Actuarial Observations on Retiree Income Approaches, on how actuarial methods and solutions apply to the risk management inherent to retirement income planning. Released in conjunction with the relaunch of the Academy’s and Society of Actuaries’ jointly developed Actuaries Longevity Illustrator, the issue brief provides a helpful overview and context for understanding how these tools can be used to mitigate risk and optimize retirement income.
( )The Life Experience Committee sent a report to the NAIC Life Actuarial (A) Task Force outlining the 2019 individual life insurance mortality improvement recommendation for use with AG 38 and VM-20.
( )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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