Life
The Life Practice Council (LPC) provides objective technical expertise to policymakers and regulators on life insurance issues, including a principle-based regulatory approach to reserving and risk-based capital.
Life News
The Life Practice Council (LPC) presented on current and future LPC workstreams to the NAIC’s Life Actuarial (A) Task Force (LATF) meeting as part of the NAIC Spring National Meeting in Louisville, Ky.
( )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.
( )The Life Practice Council, Health Practice Council, and Casualty Practice Council submitted a joint comment letter to the Colorado Division of Insurance on its recent exposure of a draft regulation on Governance and Risk Management Framework Requirements for Life Insurance Carriers’ Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models: the first exposed implementation regulation for Colorado Revised Statute (C.R.S.) § 10-3-1104.9, signed into law on July 6, 2021.
( )The Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners' (NAIC) LATF on the proposed changes to VM-20 outlined in APF 2023-03.
( )The C1 Work Group submitted a comment letter to the National Association of Insurance Commissioners (NAIC) VOS on the proposed methodology for collateralized loan obligations (CLOs).
( )The Life Practice Council and the Casualty Practice Council submitted a joint comment letter to the National Association of Insurance Commissioner’s Big Data and Artificial Intelligence (H) Working Group on its Artificial Intelligence/Machine Learning Model and Data Regulatory Questions Exposure.
( )The C1 Work Group submitted a comment letter to the National Association of Insurance Commissioners (NAIC) RBCIRE WG to follow up on their presentation on collateralized loan obligations (CLOs) given to the RBCIRE WG at the NAIC’s Fall 2022 National Meeting.
( )The C2 Mortality Work Group submitted a presentation to the National Association of Insurance Commissioners (NAIC) LRBCWG on their the working group’s proposal for life C-2 structural and instruction updates and a new financial statement note.
( )The Academy’s ARCWG submitted a comment letter to the National Association of Insurance Commissioners’ (VM)-22 (A) Subgroup on their Oct 2022 exposure, Requirements for Principle-Based Reserves for Non-Variable Annuities.
( )The Life Financial Reporting Committee released a white paper, Considerations in Market Risk Benefits, that focuses on identification, valuation, and financial reporting of market risk benefits; a new concept introduced by Accounting Standards Update (ASU) 2018-12.
( )The C1 Work Group submitted a presentation to NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on collateralized loan obligations.
( )The Economic Scenario Generator Work Group submitted a presentation to NAIC’s Life Actuarial (A) Task Force’s Subgroup on Economic Scenario Generator Stylized Facts and Acceptance Criteria
( )The Life Practice Council (LPC) and Life Experience Committee (LEC) submitted a presentation to NAIC’s Life Actuarial (A) Task Force’s Subgroup on current LPC workstreams as well as two issue briefs recently published by the LEC.
( )The Academy’s Economic Scenario Generator Work Group submitted a presentation to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force Subgroup on Economic Scenario Generator (ESG) Corporate Credit and Bond Fund Returns.
( )The Academy’s Life Experience Committee released a discussion brief on the use of margins in life insurance modeling.
( )Life Public Statements
Comments and letters
Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.
Issue briefs
Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.
Policy papers
Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public. Includes monographs and white papers.
Presentations
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
Reports to the NAIC
The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of the life practice councils.
Testimony
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
Practice Notes
Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.
