The Financial Reporting Committee, Pension Accounting Committee, Casualty Committee on Property and Liability Financial Reporting, Health Financial Reporting and Solvency Committee, and Life Financial Reporting Committee sent comments to the Public Company Accounting Oversight Board (PCAOB) on its “The Auditor's Use of the Work of Specialists” consultation paper.( )
The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Council sent comments to the National Association of Insurance Commissioners (NAIC) on its Financial Condition (E) Committee questionnaire that examines the reasons for single-state solutions to help regulators develop a process for creating a uniform framework for state-based regulation.( )
The Joint American Academy of Actuaries Life Experience Committee and Society of Actuaries Preferred Mortality Oversight Group submitted amendment proposals to the Life Actuarial Task Force on VM-02 Section 5A, VM-20 Sections 3 and 6, VM-M Section 1.H, and VM-A to the Valuation Manual regarding adoption of new CSO tables.( )
The Lifetime Income Risk Task Force submitted comments to the Department of Labor regarding the proposed regulations defining fiduciaries and conflict of interest.
Two Academy representatives addressed state officials at the National Conference of Insurance Legislators (NCOIL) Summer Meeting. Shawna Ackerman, vice president for casualty, presented on price optimization during a special Property-Casualty Committee meeting. Academy Senior Life Fellow Nancy Bennett discussed principle-based reserving (PBR) at a Life Insurance & Financial Planning Committee panel discussion at NCOIL’s meeting.( )
The Academy released its new PBA Perspectives, a quarterly update on regulatory, legislative, and Academy activities surrounding the implementation of the Principle-Based Approach (PBA) for life insurance.( )
The Annuity Reserves Work Group submitted a report to the NAIC's VM-22 (A) Subgroup outlining the potential uses of the representative scenarios method (RSM) in calculating annuity reserves.( )
Two Academy members participated in the NAIC Center for Insurance Policy and Research (CIPR) Symposium on retirement issues earlier this week. Lifetime Income Risk Joint Task Force member Mark Shemtob presented on lifetime income insurance products and related issues. Warren Jones, chairperson of the LTC Terminations Work Group, was a panelist on a discussion about the future of long-term care support and services.( )
The Deposit Fund Subgroup submitted a letter to the NAIC Life Actuarial (A) Task Force recommending edits to model regulation 695 concerning synthetic guaranteed investment contracts (GICs).( )
Members of the Life Practice Council and Academy Senior Life Fellow Nancy Bennett gave a presentation to the Treasury Department's Office of Financial Research (OFR) on stress testing of U.S. life insurers. The open-ended dialogue provided OFR staff an overview of how U.S. life insurers and regulators use stress testing, including how insurer stress testing differs from bank stress testing.( )
The Nonforfeiture Modernization Work Group submitted a comment letter to the NAIC Life Actuarial (A) Task Force on exposed edits to the standard nonforfeiture law for annuities regarding requirements for contingent deferred annuities (CDA).( )
The Deposit Fund Subgroup sent a comment letter to the NAIC Life Actuarial (A) Task Force on exposed edits to the model regulation for synthetic guaranteed investment conracts (GIC).( )
The Life Illustrations Work Group sent a comment letter to the NAIC’s Life Actuarial (A) Task Force on the proposed actuarial guideline for indexed universal life illustrations.( )
The Nonforfeiture Modernization Work Group presented an update on the group’s activities to the NAIC Life Actuarial (A) Task Force at the NAIC Spring 2015 National Meeting.( )
The American Academy of Actuaries and Society of Actuaries Joint Project Oversight Group gave a presentation to the NAIC Life Actuarial (A) Task Force on the development of the 2014 VBT tables, 2017 CSO tables, and PBR margins.( )
The Life Capital Adequacy Committee (LCAC) submitted comments to the NAIC Life Risk-Based Capital (E) Working Group regarding the latest exposure drafts related to the XXX/AXXX reinsurance framework.
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force on an exposed actuarial guideline for indexed universal life illustrations.
The PBR Strategy Subgroup and Life Reinsurance Work Group sent a comment letter to the NAIC PBR Implementation (EX) Task Force regarding the XXX/AXXX reinsurance supplemental proposal.
The Stress Testing Work Group submitted a comment letter to the NAIC Stress Testing (E) Subgroup regarding their stress testing proposal as an outline for field testing of life insurance reserves.