Life News

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. (September 25, 2014)
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. (September 23, 2014)
The PBR Strategy Subgroup sent a comment letter to the NAIC's Life Actuarial Task Force regarding the exposure draft of AG 48. (September 17, 2014)
The Contingent Annuity Work Group sent comments to the NAIC’s Contingent Deferred Annuity Working Group regarding regulatory guidelines for CDAs.
(September 12, 2014)
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. (August 21, 2014)
The Nonforfeiture Modernization Work Group submitted a report to the NAIC’s Life Actuarial Task Force meeting in Louisville, Ky. (August 15, 2014)
The AG33 Non-Elective Task Force sent a letter to the NAIC’s Life Actuarial Task Force on AG XXXIII. (August 15, 2014)
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. (August 15, 2014)
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. (August 12, 2014)
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. (July 12, 2014)
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.
(June 26, 2014)
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.
(June 25, 2014)
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. (June 20, 2014)
The Stress Testing Work Group sent a comment letter to the NAIC Life Risk-Based Capital Working Group on its recent stress testing proposal.
(June 18, 2014)
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.
(June 17, 2014)
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
(June 12, 2014)
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.
(June 5, 2014)
The Reinsurance Work Group submitted a comment letter to the NAIC Emerging Actuarial Issues Working Group on the exposed Reinsurance Ceded Interpretation Question.
(June 2, 2014)
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. (May 27, 2014)
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.
(May 15, 2014)