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.
The Economic Scenario Generator Subcommittee submitted comments to the Life Actuarial (A) Task Force on the October 18 exposure of the Generator of Economic Scenarios (GOES) corporate model decision.( )
The Economic Scenario Generator Subcommittee submitted comments to the Life Actuarial (A) Task Force on the October 5 exposure of the Generator of Economic Scenarios (GOES) stylized facts and acceptance criteria.( )
The Economic Scenario Generator Subcommittee submitted comments to the Life Actuarial (A) Task Force on Generator of Economic Scenarios (GOES) gross wealth factors.( )
The Life Practice Council and Casualty Practice Council submitted comments to the Colorado Division of Insurance on its draft regulation, Concerning Quantitative Testing of External Consumer Data and Information Sources, Algorithms, and Predictive Models Used for Life Insurance Underwriting for Unfairly Discriminatory Outcomes. The comments reiterated support for Colorado’s initiative to prevent unfairly discriminatory practices in insurance and shared actuarial perspectives related to the design of the data testing requirement.( )
The Annuity Reserve and Capital Subcommittee submitted comments to the NAIC's Valuation Manual (VM)-22 Subgroup on the July 2023 exposure draft of the VM-22 Standard Projection Amount (SPA), reiterating its recommendation that the regulation not include a binding SPA.( )
C1 Subcommittee Chairperson Steve Smith and Senior Life Fellow Nancy Bennett presented to the Valuation of Securities Task Force at the Securities Valuation Office training on principles for structured securities modeling and implications for risk-based capital.( )
The Academy’s Life Experience Committee and the SOA’s Mortality and Longevity Oversight Advisory Council (MLOAC) presented to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on 2023 HMI and FMI scale update at the NAIC Summer National Meeting in Seattle, WA.( )
The C1 Subcommittee presented to NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on principles for structured securities RBC at the NAIC Summer National Meeting in Seattle, WA.( )
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 Summer National Meeting in Seattle, WA.( )
The Economic Scenario Generator Subcommittee presented to the NAIC’s Life Actuarial (A) Task Force on interest rate acceptance criteria at the NAIC Summer National Meeting in Seattle, WA.( )
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.( )
Academy Senior Life Fellow Nancy Bennett and Paul Navratil, chairperson of the Life Investment and Capital Adequacy Committee, presented to the U.S. Department of Labor’s ERISA Advisory Council public meeting on pension risk transfers on July 18. They gave an overview of life insurance regulations focused on the regulatory framework governing solvency requirements, including the establishment of liabilities and required capital for benefit obligations that are the result of a pension risk transfer. Additionally, the Academy submitted the Pension Committee’s recent issue brief, Buy-Out Group Annuity Purchase Primer, for the meeting record as a resource on “buy-out” annuity contract transactions from a pension actuarial perspective.( )
The Life Index-Linked Variable Annuity (ILVA) Work Group submitted a comment letter to the ILVA Subgroup of the Product Standard Committee Interstate Insurance Product Regulation Commission on 2023 Compact Requirements for ILVA Products.( )
The Life Reserves Work Group submitted a comment letter to the NAIC’s Life Actuarial (A) Task Force (LATF) on the extended April 20 exposure of APF 2023-06.( )
The Life Experience Committee released a Resource and Discussion Guide on an Actuarial Review of Investments in Actuarial Modeling.( )
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.
Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.
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.
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
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.
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
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.