Life News

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)
The Life Financial Reporting Committee has re-exposed the practice note, Optional Retrospective Application of ASU 2010-26 Acquisition Costs, for an additional two weeks. The deadline for comments is Oct. 28, 2011. (October 14, 2011)
The Life Financial Reporting Committee has exposed for comment a practice note, Optional Retrospective Application of ASU 2010-26 Acquisition Costs. The committee is accepting comments until Sept. 14, 2011. (August 31, 2011)
Slide presentations from the May 18 seminar, Preparing for Change under PBA: Life Company Reserves and Capital are available for download. You will find presentations on "hot topics" and information specific to the implementation challenges related to the Principle-Based Approach (PBA) for statutory reserves and capital. It was jointly sponsored by the Society of Actuaries and the American Academy of Actuaries. (August 31, 2011)
Want to learn more about principle-based approach (PBA)? The Academy has been instrumental in the ambitious effort to modernize the framework for determining life insurers' statutory required capital and reserves in the United States. The proposed method, which is intended to be principle-based, uses risk analysis and risk management techniques to capture underlying life insurance and annuity risks more accurately than the current rule-based, one-size-fits-all approach. Learn more! (August 31, 2011)
At the NAIC Fall 2012 National Meeting the Nonforfeiture Modernization Work Group presented to the Life Actuarial Task Force based upon its report outlining Guaranteed Nonforfeiture Basis Factor Assumptions.  ()
At the NAIC Fall 2012 National Meeting in National Harbor, MD the Deposit Fund Subgroup presented to the Life Actuarial Task Force based upon its report outlining a proposal for reserving synthetic guaranteed income contracts. ()
The Life Illustrations Work Group submitted a comment letter to the Life Actuarial Task Force on the ACLI proposal for an Actuarial Guideline for Indexed Universal Life Illustrations.
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The VM-22 drafting subgroup of the Annuity Reserve Work Group (ARWG) submitted comments to LATF’s VM-22 subgroup on draft sections of VM-22 that cover all non-variable annuities and deposit funds. ()
The Invested Asset Work Group commented on the American Council of Life Insurers’ Commercial Mortgage Risk-based Capital (RBC) Proposal in a letter to the NAIC’s Life RBC Working Group. ()
The C1 Work Group provided comments on the NAIC Securities Valuation Office Staff Recalibration Project. ()
The Annuity Reserve Work Group delivered a report to the Life Actuarial Task Force proposing the modification of Actuarial Guideline 33 as a solution to reserving for guarantee living income benefits. ()
The Life Reserves Work Group presented to the Life Actuarial Task Force at the NAIC Fall 2012 National Meeting with background information on the VM-20 Asset Default Methodology and Development Process. ()
The Deposit Fund Subgroup submitted its proposal for reserving synthetic GICs based upon the report presented to the Life Actuarial Task Force on November 28, 2012.  ()
Life Financial Soundness/Risk Management Committee made a presentation 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. ()