The Contingent Annuity Issues Work Group responded to questions from the NAIC regarding the reserving and capital requirements for contingent annuities
The AOM Discussion Group released a report on ideas to improve the communication of issues within the appointed actuary’s memorandum.
Academy members made well-received presentations at the National Conference of Insurance Legislators’ Spring Meeting in Savannah March 7-9. Ellen Kleinstuber, vice-chairperson of the Academy’s Pension Committee, presented on a March 7 panel, “Longevity Risk & Insurance.” She also offered comments at a special point-counterpoint discussion on a proposed pension de-risking model act. Joyce Bohl, a member of the Federal Health Committee, presented on March 8 as part of a panel on the Affordable Care Act and underwriting.( )
The Life Principle-Based Approach Practice Note Work Group completed its draft Practice Note for Principle-Based Reserves of Life Insurance, which is exposed for comment until April 25.
The Life Reserves Work Group submitted a revised amendment proposal regarding treatment of due premiums in the VM-20 reserve calculation.
Academy RBC work groups sent a letter to the NAIC SMI RBC Subgroup outlining concerns with a Dec. 9, 2013, Capital Adequacy Task Force Operational Risk Proposal.( )
The Nonforfeiture Modernization Work Group developed a spreadsheet for the NAIC Life Actuarial Task Force that illustrates potential nonforfeiture benefits for guaranteed lifetime withdrawal benefits contained in fixed deferred annuities based on the work group’s December proposal.
The Life Practice Council presented a webinar reviewing the NAIC Fall 2013 National Meeting and activities including a rundown of the most recent Life Actuarial (A) Task Force meeting, a discussion of activities at the Life Risk-Based Capital (E) Working Group meeting, an update on VM-22 development, and a review of activity on captives and special purpose vehicles as they relate to NAIC model regulations XXX and AXXX.( )
The Life Practice Council submitted comments on the proposed “actuarial standard” in the Report of Rector & Associates to the NAIC Principle-Based Reserving Implementation (EX) Task Force.
The Separate Account Products Work Group commented on the Potential Actions/Recommendations (Document 2) exposed for comment in November by the NAIC Separate Account Risk (E) Working Group.( )
Nonforfeiture Modernization Work Group updated the NAIC’s Life Actuarial Task Force on the treatment of GLWBs in fixed deferred annuities under the proposed GPNM nonforfeiture approach.( )
The Separate Account Products Work Group submitted comments to the NAIC’s Separate Accounts Risk Working Group on suggested principles for insulating separate account assets for non-variable products.( )
Annuity Reserves Work Group provided an update to NAIC’s Life Actuaries Nonforfeiture Group’s VM-22 Subgroup on efforts towards development of appropriate utilization assumptions for Guaranteed Lifetime Income Benefits (GLIBs) in the floor reserve calculation.( )
Life Financial Soundness/Risk Management Committee made a proposed amendment to NAIC’s Life Actuarial Task Force on whether the direct iteration approach for the deterministic reserve results in the same amount as the gross premium valuation approach currently required by VM-20.( )
Life Financial Soundness / Risk Management Committee provided a response to the NAIC’s Life Actuarial Task Force regarding questions from the New York Insurance Department on Academy’s proposal for treatment of due premiums.( )
Life Reserves Work Group provides memo to the NAIC’s Life Actuarial Task Force of VM-20 on current and long-term spread tables.
Are you wondering how key global and domestic stakeholders responded to the insurance contracts accounting exposure drafts and where international accounting is headed? Find out Jan. 2 as the Academy hosts a webinar during which presenters will provide a discussion of the Academy’s comments on key issues in the IASB and FASB exposure drafts on insurance contracts; an overview of concepts and concerns from globally influential bodies on those exposure drafts; and, a look at the direction of global convergence.( )
Senior Life Fellow Nancy Bennett addressed state legislators on the lifetime-income needs of retirees in a presentation given at the National Conference of Insurance Legislators’ annual meeting.( )
The Life Practice Council submitted comments on the Initial Report of Rector & Associates to the NAIC Principle-Based Reserving Implementation (EX) Task Force regarding assets for captive reinsurance.