Life News

The LPC held its 24th Post-NAIC/PBA Webinar on Aug. 30. The webinar focused on the NAIC’s Life Actuarial Task Force activities including an update from the NAIC’s Summer National Meeting in August. In addition, the webinar covered the Academy’s proposed PBR updating and review process, Actuarial Guideline 38 activities, an update on capital issues and a brief summary of the Academy professionalism event at the meeting. Download the presentation slides for free or purchase the audio recording. (August 31, 2012)
Register now for the Post-NAIC Update/PBA webinar for a review of NAIC’s life and annuity activities—including those of the Life Actuarial Task Force—and receive an update on the Valuation Manual that was adopted by the NAIC’s life insurance committee on Aug. 17. (August 27, 2012)
Mary Bahna-Nolan, chairperson of the Life Experience Subcommittee, gave a presentation to the NAIC Life Actuarial Task Force discussing conclusions of the subcommittee on the 2012 Individual Annuity Mortality Basic Tables following a recent exposure period. (August 9, 2012)
The Nonforfeiture Modernization Work Group updated the NAIC Life Actuarial Task Force on a general revision of the life and annuity standard nonforfeiture laws. (August 9, 2012)
This two-day interactive seminar will allow attendees to work hands-on with the new reserving requirements in VM-20 and apply them to real-life examples. The seminar also will provide plenty of opportunity to discuss specific components of VM-20 with expert faculty. This seminar is jointly sponsored by the Academy and the Society of Actuaries. (July 21, 2012)
The Life Practice Council and Life Financial Soundness/Risk Management Committee submitted comment letters with suggested changes to the valuation manual and expressed the need for an updating and review process for the valuation manual going forward. (July 16, 2012)
The Contingent Annuity Work Group gave a presentation at an interim meeting of the NAIC Contingent Deferred Annuity (A) Working Group regarding the solvency and risk management issues associated with contingent annuities. (June 27, 2012)
The Academy's Life Invested Asset Work Group submitted a comment letter to the NAIC Valuation of Securities Task Force related to modification of the methodology for assigning classifications to investments and changing how classification decisions are implemented. (June 20, 2012)
The Academy's Life Financial Soundness/Risk Management Committee submitted an amendment proposal form to the NAIC Life Actuarial Task Force outlining a simplified approach for determining a prudent estimate mortality assumption for VM-20. (June 18, 2012)
The Academy submitted comments to the NAIC on its draft white paper on the Solvency Modernization Initiative and insurance regulation offering suggestions encompassing RBC, ORSA, and NAIC model laws. (April 30, 2012)
The Joint Economic Scenario Generator Project Oversight Group of the American Academy of Actuaries and the Society of Actuaries has released an updated FAQ document that provides important information on the Academy’s Interest Rate Generator (AIRG).  In January 2012, the POG updated the AIRG with historical yield curves through December 2011. (April 4, 2012)
The Academy Life Valuation Subcommittee submitted a comment letter to the NAIC Joint Working Group of the Life Insurance and Annuities (A) Committee and Financial Condition (E) Committee regarding their draft Framework on Actuarial Guideline 38. (January 31, 2012)
You can order your copy online or by mail/fax. The manual is designed to help appointed actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation.  (January 20, 2012)
The Academy’s Contingent Annuity Issues Work Group presented an analysis to the NAIC Contingent Deferred Annuity (A) Subgroup comparing two different investment arrangements: typical contingent annuity design vs. self-insurance. (January 19, 2012)
The Tax Work Group submitted an amendment proposal form regarding the VM-20 transition period. (January 12, 2012)
Life Practice Council Vice President Cande Olsen made a presentation to the NAIC’s  Contingent Deferred Annuity (A) Subgroup on the Academy’s Contingent Annuity Work Group’s report that was submitted to the NAIC on October 28. (December 22, 2011)
The Academy and the Society of Actuaries (SOA) have joined resources to manage the economic scenario generators used in regulatory reserve and capital calculations. The latest version of the interest rate and equity generator is now on the SOA website. The SOA will provide frontline support and maintenance for the economic scenario generators. A joint Society of Actuaries/American Academy of Actuaries Project Oversight Group will oversee the generators and assist the SOA in providing technical support and direction for the current and future versions of the generators.

All versions of the generators, pre-packaged scenario sets, and documentation will be archived on the Academy website. Academy members involved in creating and updating the generators will continue to work with the regulatory community and the SOA to refine the generators and implement regulatory requirements for economic scenario generators. Support questions should be directed to: ESGhelp@SOA.org. (December 16, 2011)
The Academy’s Tax Work Group submitted a discussion paper to the Life Actuarial Task Force and the American Council of Life Insurers regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting. 
(December 14, 2011)
The Academy’s Tax Work Group submitted a discussion paper to the Life Actuarial Task Force and the American Council of Life Insurers regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting.
(December 7, 2011)
The Academy’s Life Practice Council will present a webinar on Nov. 22 to review the NAIC Fall 2011 National Meeting and progress on implementing the Principle-based Approach (PBA) to reserving. This 90-minute webinar also will include updates regarding the VM-20 impact study and NAIC developments on the Own Risk Solvency Assessment (ORSA). Click here to learn more. (October 31, 2011)