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 Life Financial Reporting Committee’s Market Risk Benefits Work Group published an exposure draft of a white paper, Considerations in Market Risk Benefits. The paper is exposed for public comment for 60 days, through Dec. 6. Comments may be submitted to lifeanalyst@actuary.org.
( )The Life Illustrations Work Group updated the Life Insurance Illustrations Practice Note to better reflect current practices actuaries are using when complying with ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation, which was revised and adopted in December 2016.
( )The annual FAQ document to provide information relevant to the Academy Interest Rate Generator has been updated to reflect changes for 2021.
( )The Annuity Reserves and Capital Work Group (ARCWG) submitted a proposed draft of revised NAIC VM-22 requirements for fixed annuity principle-based reserving framework. The following draft includes a version demonstrating the changes to the current VM-22 framework as well as a clean version of the document.
( )The Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ (NAIC) Life Actuarial Task Force (LATF) on a Valuation Manual amendment proposal form regarding asset adequacy testing for reinsurance requirements.
( )The C1 Work Group submitted a comment letter to the National Association of Insurance Commissioners’ (NAIC) Life Risk-Based Capital Working Group (LRBCWG) on its exposures of proposed bond factors and instructions.
( )The C-2 Longevity Risk Work Group submitted comments to the National Association of Insurance Commissioners’ (NAIC) Life Risk-Based Capital Working Group (LRBCWG) on the exposure (2021-13-L), Longevity Factors and Instructions.
( )The Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ (NAIC) Life Actuarial Task Force (LATF) on an amendment proposal form (APF 2020-10), which addresses inclusion of future mortality improvement (FMI) into principle-based reserving (PBR) valuation.
( )Academy President Tom Campbell submitted a letter to the NAIC Special Committee on Race and Insurance on proposed charges regarding P/C and life insurance issues related to Workstream Three (property/casualty) and Workstream Four (life insurance and annuities).
( )The VM-22 Subgroup released its VM-22 In Brief, providing an overview of Valuation Manual (VM)-22 requirements, which specifies new Interest rate requirements for reserves on single premium immediate annuities and similar contracts.
( )Life Vice President, Laura Hanson, presented an update of Life Practice Council activities to the Life Actuarial (A) Task Force at the National Association of Insurance Commissioners 2021 Virtual Spring National Meeting.
( )The Life Underwriting and Risk Classification Work Group submitted a letter on Colorado Senate Bill 21-169 aimed at unfair discrimination in insurance, addressing potential concerns of the legislation’s impact on life insurance.
( )The Academy’s Economic Scenario Generator Work Group (ESGWG) submitted a comment letter to the National Association of Insurance Commissioners' Life Actuarial Task Force regarding its recent Economic Scenario Generator exposures.
( )The Academy’s Annuity Reserves and Capital Work Group submitted a summary of the differences between the Academy fixed annuity principle-based reserving (PBR) framework proposal exposed by the National Association of Insurance Commissioners VM-22 Subgroup in October 2020 and the current framework for Valuation Manual (VM)-21 (variable annuity PBR).
( )The Variable Annuity Reserves and Capital Work Group submitted an amendment proposal to the NAIC’s Life Actuarial Task Force (LATF) to update the reference to the required minimum distribution (RMD) age in the VM-21 Standard Projection Amount pursuant to enactment of the federal Setting Every Community Up for Retirement Enhancement (SECURE) Act.
( )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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