The Asset Adequacy Analysis Practice Note Work released a new practice note to assist practicing life actuaries who are faced with the requirement of asset adequacy analysis.
The PBR Governance Work Group’s VM-31 Review Subgroup sent comments to the NAIC’s Life Actuarial (A) Task Force (LATF) on the exposed VM-31 Amendment Proposal Form (APF).( )
The Life Reserves Work Group (LRWG) submitted a comment letter on term insurance riders to the NAIC's Life Actuarial Task Force (LATF) regarding VM Maintenance Agenda Item 2017-40.( )
The Academy's Principle-Based Reserving Review Procedures Work Group submitted a comment letter to the NAIC's Financial Examiners Handbook Technical Group regarding the exposure of proposed changes to the Financial Condition Examiners Handbook.( )
The Annuity Reserves Work Group presented an update on its work related to issues that need to be modified for non-variable annuities to the Life Actuarial Task Force.( )
Standard Valuation Law Interest Rate Modernization Work Group presented an update to the NAIC's Life Actuarial Task Force (LATF) summarizing its activities on its new project to modernize the process of setting valuation interest rates for non-variable annuities (except SPIAs).( )
Mary Bahna-Nolan, chairperson of the Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group, presented on the guaranteed issue report and amendment proposal forms (APFs) to the Life Actuarial Task Force. The first APF examines implementation of guaranteed issue mortality tables under current requirements; the second APF examines implementation under principle-based reserve requirements.( )
Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group presented to the Life Actuarial Task Force on the 2017 simplified issue composite mortality tables report.
Mary Bahna-Nolan, chairperson of the Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group, presented on PBR valuation considerations and recommendations related to accelerated underwriting to the Life Actuarial Task Force.( )
The Tax Work Group released an issue brief on the implications of calculating tax-deductible claim reserves based on incurral date versus issue date for long-term disability insurance policies.( )
The C1 Work Group submitted comments to the NAIC's Investment Risk-Based Capital Working Group (IRBC) on their recent proposal on RBC requirements for real estate.
The Accelerated Underwriting Project Oversight Group (reporting to the Academy's Life Experience Committee and SoA's Preferred Mortality Oversight Group) submitted comments to NAIC's Life Actuarial Task Force (LATF) discussing future experience study data elements.
Senior Life Fellow Nancy Bennett and Tom Campbell, chairperson of the Life Valuation Committee’s AG 43/C3 Phase II Work Group, presented to the Federal Reserve Board Insurance Industry Work Group on regulatory capital requirements for life insurers.( )
The VM-31 Subgroup submitted comments to the NAIC's Life Actuarial Task Force (LATF) on an amendment to eliminate the summary of methods and assumptions that covers multiple product groups in the executive summary.( )
The newest issue of PBA Perspectives includes items on the PBR Review (EX) Working Group’s pilot project; the Life Practice Council’s PBR Boot Camp in Orlando in May; and the PBR Model Governance Practice Note Work Group’s new practice note.( )
The Non-Guaranteed Elements Work Group submitted comments to the New York Department of Financial Services on re-proposed 11NYCRR 48 (insurance regulation 210) on life insurance and annuity non-guaranteed elements.
The Government Mandates Work Group published a new issue brief providing information on the impact of laws and regulations on consumer cost and consumer choice for annuity and life insurance benefits.( )
The C1 Work Group submitted comments to the NAIC with revised recommendations on corporate bond risk-based capital (RBC) factors based on changes to the representative portfolio.( )
The PBR Governance Work Group submitted comments to the Actuarial Standards Board (ASB) on the exposure draft for a new ASOP, Principle-Based Reserves for Life Products.( )
The Operational Risk Work Group submitted comments to the NAIC on the Life Risk-Based Capital (RBC) operational risk factor.( )