The Life Practice Council presented a webinar reviewing the National Association of Insurance Commissioners (NAIC) Summer 2014 National Meeting, including a rundown of the most recent Life Actuarial (A) Task Force meeting, a discussion of the activities at the Life Risk-Based Capital (E) Working group, an update on the Kansas Field Test, and XXX/AXXX captives developments.( )
The Academy published its second PBA Perspectives, which provides a quarterly update on activities surrounding the implementation of the Principle-based Approach (PBA) for life insurance. The newsletter includes reports and updates on legislative, regulatory, and Academy activity relating to the new principle-based methodology.( )
The PBR Strategy Subgroup sent a comment letter to the NAIC's Life Actuarial Task Force regarding the exposure draft of AG 48.( )
The Contingent Annuity Work Group sent comments to the NAIC’s Contingent Deferred Annuity Working Group regarding regulatory guidelines for CDAs.
The Asset Adequacy Analysis Committee released for exposure a practice note on current practices in asset adequacy analysis and testing. Comments are due by Oct. 6.( )
The AG33 Non-Elective Task Force sent a letter to the NAIC’s Life Actuarial Task Force on AG XXXIII.( )
The American Academy of Actuaries/Society of Actuaries Joint Project Oversight Group presented to the NAIC’s Life Actuarial Task Force on development of the 2014 VBT Primary Tables.( )
The Nonforfeiture Modernization Work Group submitted a report to the NAIC’s Life Actuarial Task Force meeting in Louisville, Ky.( )
The Principle-Based Reserves Strategy Subgroup sent a comment letter to the NAIC Life Actuarial Task Force on the Net Premium Reserve component of the Rector report.( )
Several Academy members presented at the National Conference of Insurance Legislators’ summer meeting in Boston, July 9-13. Mike Angelina, vice president of the Casualty Practice Council, presented on the evolving role of the private market in providing flood insurance, and Senior Life Fellow Nancy Bennett offered an update on principle-based reserving (PBR) implementation that included a legislation-in-brief document and FAQs. Ellen Kleinstuber, vice-chairperson of the Pension Committee, discussed NCOIL’s proposed Pension De-Risking Model Act in the wake of the Pension Committee sending a letter to NCOIL on the proposal last week.( )
The Tax Work Group sent a comment letter to the NAIC Health Actuarial Task Force on the tax implications of the 2013 Individual Disability Income Valuation Tables.
The Life Practice Council sent a comment letter to the NAIC Principle-based Reserving Implementation (EX) Task Force on its June 4 exposure of the Rector Report.
The Academy published PBA Perspectives to provide quarterly updates on activities surrounding the implementation of the Principle-based Approach (PBA) for life insurance. The newsletter includes reports on legislative, regulatory, and Academy activity relating to PBA. PBA Perspectives will also provide updates on state legislative adoption of the new principle-based methodology.( )
The Stress Testing Work Group sent a comment letter to the NAIC Life Risk-Based Capital Working Group on its recent stress testing proposal.
Academy Senior Life Fellow Nancy Bennett gave a presentation on regulatory capital requirements for U.S. life insurers to the Financial Stability Oversight Council Insurance Industry Work Group.
The C-3 Work Group submitted a report on a recommended approach for updating regulatory Risk-Based Capital requirements for interest rate risk for fixed annuities and single premium life insurance
The Separate Account Product Work Group submitted a comment letter to the NAIC Separate Account Risk Working Group on its revised recommendations for separate accounts that was exposed May 7, 2014.
The Reinsurance Work Group submitted a comment letter to the NAIC Emerging Actuarial Issues Working Group on the exposed Reinsurance Ceded Interpretation Question.
The C-3 Work Group made a recommendation to NAIC’s Life-Based Capital Working Group on an approach for updating regulatory risk-based capital requirements for interest rate risk for fixed annuities and single premium life insurance.( )
The Life Practice Council sent a comment letter to the Life Actuarial Task Force on the ACLI’s proposed small company exemption to VM-20.