The Life Experience Committee released a resource and discussion guide, Utilization Assumptions of Guaranteed Living Benefits for Deferred Annuities. The guide suggests some reasons why there may be a cohort that never utilizes its guaranteed living benefits (GLBs). It also provides sources of information on how to develop reasonable assumptions regarding GLB withdrawals.
( )The Life Valuation Committee released a white paper, Pre-Tax vs. Post-Tax Maintenance Reserves in Stochastic Principle-Based Reserves. The paper discusses considerations of using various interest maintenance reserves in VM-22 applications.
( )The Life Financial Reporting Committee released a white paper, FASB Long-Duration Targeted Improvements—A Discussion of Enhanced Disclosures, which focuses on certain considerations in implementing FASB’s required enhanced disclosures around LDTI.
( )White Paper on Considerations in Market Risk Benefits
( )The Life Financial Reporting Committee’s Market Risk Benefits Work Group exposure draft of a white paper titled, Considerations in Market Risk Benefits. The paper is exposed for public comment for 60 days through December 6, 2021. Comments can be submitted to lifeanalyst@actuary.org.
( )The Life Practice Council's Asset Adequacy Testing Task Force's (AATTF) discussion paper titled, Asset Adequacy Testing Considerations for Year-End 2020.
( )Tax Work Group's white paper outlining the most significant changes in the taxation of life insurance companies that were made by the Tax Cuts and Jobs Act of 2017 (TCJA).
( )FAQ document developed by the Joint Economic Scenario Generator Project Oversight Group to provide information relevant to the Academy Interest Rate Generator.
( )A four page resource outlining the critical elements of PBR for life insurance.
( )Tax Work Group paper on frequently asked questions about concepts of life insurance tax reserve methods and assumptions. (
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Academy Essential Elements paper on the tax treatment of pensions and insurance protections, and the potential public policy trade-offs of changes to the tax code. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
Academy Position Statement on support for policy and educational initiatives to increase retirement income options within employer-sponsored defined contribution (DC) plans. (
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The Principle-Based Reserves Checklist Subgroup of the Model Governance Work Group released a model governance checklist, which is offered as a resource for practicing life actuaries involved in actuarial model governance. (
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Life Practice Council brief and FAQ supporting the adoption of the NAIC model Standard Valuation Law and Principle-Based Reserves. (
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Report by AOM Discussion Group on ideas to improve the communication of issues within the appointed actuary’s memorandum.
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Discussion paper by the Lifetime Income Risk Joint Task Force that examines the importance of a secure income that lasts an entire lifetime. (
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Report on the results of a survey of modeling efficiency techniques among U.S. life insurers in 2012. (
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Tax Work Group discussion paper regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting.
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Tax Work Group 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. (
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Nonforfeiture Modernization Work Group's Nonforfeiture Improvement Report that makes certain recommendations with respect to life insurance and annuity nonforfeiture mandates and sets forth certain items for further discussion. (
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