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 PBR Checklist Task Force released a document—“What is PBR for Life Insurance?”—just a few months before the Jan. 1 deadline for companies to adhere to the principle-based reserving (PBR) requirements under the Valuation Manual Section 20 (VM-20), that provides a summary of the significant elements of PBR.( )
The Lifetime Income Risk Joint Committee released an issue brief, Actuarial Observations on Retiree Income Approaches, on how actuarial methods and solutions apply to the risk management inherent to retirement income planning. Released in conjunction with the relaunch of the Academy’s and Society of Actuaries’ jointly developed Actuaries Longevity Illustrator, the issue brief provides a helpful overview and context for understanding how these tools can be used to mitigate risk and optimize retirement income.( )
The Life Experience Committee sent a report to the NAIC Life Actuarial (A) Task Force outlining the 2019 individual life insurance mortality improvement recommendation for use with AG 38 and VM-20.( )
The Life Capital Adequacy Committee sent a comment letter to the NAIC Life Risk-Based Capital Working Group on the requirements for long-horizon equity investments exposure.( )
Jason Kehrberg, chairperson of the YRT Field Test Project Oversight Group, provided an update on Sept. 12 NAIC Life Actuarial (A) Task force call.( )
The Longevity Risk Task Force submitted a comment letter to the NAIC Longevity Risk (A/E) Subgroup providing additional assumption sensitivities to the proposed longevity C-2 risk factors.( )
The Life Illustrations Work Group submitted a comment letter to the NAIC IUL Illustration (A) Subgroup providing answers to questions on the illustrations of Indexed Universal Life products under AG 49.( )
The Longevity Risk Task Force provided an update and correlation recommendation to the Life Risk-Based Capital (E) Working Group at the NAIC Summer 2019 National Meeting.( )
The PBR Governance Work Group presented an update on Academy resources for PBR to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.( )
The Life Practice Council gave an update on the proposed yearly renewable term field test to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.( )
The LRWG provided an update to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting on its projected timeline for deliverables, specifically an amendment proposal form intended for the 2021 Valuation Manual.( )
The Life Experience Committee submitted an amendment proposal form and supplemental comment letter providing a revision to data elements in VM-51 to accommodate and differentiate individual underwriting and allow more robust mortality data for development of Industry Mortality Tables.( )
The SVL Interest Rate Modernization Work Group gave an update to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.( )
The ARWG provided an update on its work on fixed annuity PBR to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.( )
The Life Practice Council submitted a comment letter to the Actuarial Standards Board, outlining its recommendations on the second exposure draft of the proposed actuarial standard of practice, Setting Assumptions.( )
Life Public Statements
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.