Comments developed by a task force of the Life Practice Council to the Actuarial Standards Board (ASB) on the exposure draft of Actuarial Standard of Practice (ASOP) No. 24.
( )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’s 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’s comment letter 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’s 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.
( )The Life Underwriting and Risk Classification Work Group’s 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’s (ESGWG) comment letter submitted to the National Association of Insurance Commissioners' Life Actuarial Task Force regarding its recent ESG exposures.
( )The Academy’s Annuity Reserves and Capital Work Group’s 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’s proposed amendment submitted 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.
( )The C1 Work Group's letter to the NAIC's Life Risk-Based Capital (LRBC) Working Group, including an update to previously proposed base bond factors and companion portfolio adjustment formula to reflect corporate tax rates enacted by the Tax Cuts and Jobs Act of 2017 for the LRBC formula.
( )The C1 Work Group's comments to the NAIC's Life Risk-Based Capital (LRBC) Working Group on the exposed January 21, 2021 proposal to restate the capital requirements for real estate in the LRBC formula.
( )The Life Practice Council's Life Underwriting and Risk Classification Work Group letter to the NAIC Life Insurance and Annuities (A) Committee on state regulatory and legislative actions in regards to life insurance underwriting implications of COVID-19.
( )The Life Practice Council's Life Underwriting and Risk Classification Work Group letter to the NAIC Life Insurance and Annuities (A) Committee on state regulatory and legislative actions in regards to life insurance underwriting implications of COVID-19.
( )Mary Bahna-Nolan submitted a statement to the NAIC's Special (EX) Committee for Race and Insurance, Workstream #4.
( )The Life Practice Council’s Task Force to Review ASOP No. 22 comments to the Actuarial Standards Board on the exposure draft of ASOP No. 22, Statements of Actuarial Opinion Based on Asset Adequacy Analysis for Life Insurance, Annuity, or Health Insurance Reserves and Other Liabilities.
( )The Financial Reporting Committee and Life Financial Reporting Committee comments to the Financial Accounting Standards Board (FASB) regarding indexing and modco embedded derivatives.
( )Lifetime Income Risk Joint Committee comment letter to Department of Labor Employee Benefits Security Administration on an interim final regulation with request for comments regarding pension benefit statements and lifetime income illustrations.
( )The Life Practice Council's ASOP No. 2 Practice Note Task Force's comments to the Actuarial Standards Board on the proposed revision of Actuarial Standard of Practice (ASOP) No. 2, Nonguaranteed Elements for Life Insurance and Annuity Products (the "Second Exposure Draft").
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