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 C1 Subcommittee commented on the Oliver Wyman report on Asset-Backed Securities Residual Tranches that was exposed at the NAIC Spring National Meeting to the NAIC's Risk Based Capital Investment Risk and Evaluation (E) Working Group.
( )The Financial Reporting Committee and the Life GAAP Reporting Committee sent a comment letter to the Financial Accounting Standards Board (FASB) on the exposure draft of Chapter 6: Measurement, of Concepts Statement No. 8, Conceptual Framework for Financial Reporting.
( )Life Policy Analyst Amanda Barry-Moilanen presented on behalf of the Life Practice Council (LPC) on current and future LPC workstreams to the National Association of Insurance Commissioners’ (NAIC) Life Actuarial (A) Task Force (LATF), as part of the NAIC Spring National Meeting in Phoenix.
( )The Academy’s Health, Life, and Casualty practice councils submitted comments on New York State Department of Financial Services’ proposed insurance circular letter on the use of Artificial Intelligence Systems (AIS) and External Consumer Data and Information Sources (ECDIS) in insurance underwriting and pricing. The councils support efforts to curb underwriting and pricing methods that “reflect systemic biases and can reinforce and exacerbate inequality.”
( )The Asset Adequacy and Reinsurance Issues Task Force presented to LATF on its recent issue brief, Asset-Intensive Reinsurance Ceded Offshore From U.S. Life Insurers (With Focus on Bermuda), at the NAIC Spring National Meeting in Phoenix.
( )The C1 Subcommittee presented to the NAIC’s Risk-Based Capital (RBC) Investment Risk and Evaluation (E) Working Group at the NAIC Spring National Meeting in Phoenix, giving an update on the committee’s work on asset-backed securities for RBC.
( )The Annuity Reserve and Capital Subcommittee, along with representatives from EY, presented updates on the upcoming VM-22 Field Test to LATF at the NAIC's Spring National Meeting in Phoenix.
( )The Variable Annuity and Capital Subcommittee and the Society of Actuaries Individual Annuity Experience Committee presented to LATF on proposed mortality adjustment factor updates for Valuation Manual (VM)-21 SPA assumptions at the NAIC Spring National Meeting in Phoenix.
( )The Variable Annuity Reserve and Capital Subcommittee commented to the NAIC’s Life Actuarial (A) Task Force on the order of operations between the interest maintenance reserve (IMR) and cash surrender value (CSV) floor in the VM-21 reserve calculation.
( )A new issue brief from the Asset Adequacy and Reinsurance Task Force, Asset-Intensive Reinsurance Ceded Offshore From U.S. Life Insurers (With Focus on Bermuda), offers a summary of motivations, common practices, and relevant actuarial guidance for U.S.-based actuaries involved in reinsurance transactions based offshore, particularly in Bermuda. Read the Academy press release.
( )The Economic Scenario Generator Subcommittee presented to the NAIC’s Generator of Economic Scenarios (GOES) (E/A) Subgroup of the Life Actuarial (A) Task Force on proposed “quadrant” criteria for the joint distribution of interest rates and equity returns.
( )The Annuity Reserve and Capital Subcommittee commented to the NAIC’s Valuation Manual (VM)-22 (A) Subgroup of the Life Actuarial (A) Task Force on the Nov 2023 exposure of VM-31, VM-G, and the VM-22 PBR Supplement Blank.
( )The Economic Scenario Generator Subcommittee submitted comments to the Life Actuarial Task Force (LATF) on the Dec 12 exposure of the updated Generator of Economic Scenarios (GOES) Targeting Criteria and Evaluation Statistics.
( )The Life Valuation Committee submitted a comment letter to the Life Actuarial Task Force (LATF) on the re-exposure of APF 2023-12 concerning equity return volatility in VM-30 cash-flow testing.
( )The Prudential Regulation Committee released an issue brief, Introduction to Insurance Group Capital Requirements, which focuses on U.S. application, including a discussion of the two primary approaches used to determine group capital.
( )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.