The Academy’s Life Long-Term Care Combo Product Valuation Practice Note Work Group released Long-Term Care Insurance Combination Product Valuation, a practice note to that addresses the application of the NAIC Valuation Manual to these products from primarily a life insurance perspective. The previous 2019 Long-term Care (LTC) Combination Product Valuation Practice Note was developed by a work group of the Health Practice Council within the Academy.
( )The Academy’s Variable Annuity Reserves and Capital Work Group's VM-21 Practice Note Supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities – 2022 Edition of VM-21. The supplement was exposed for public comment in 2021, and the final product has been published to reflect comments.
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2021), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.
( )The Life Illustrations Work Group’s updated practice note is revised to better reflect current practices actuaries are using when complying with ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation, which was revised and adopted in December 2016.
( )Exposure draft of a public policy practice note of the Long-Duration Contracts Work Group of the Financial Reporting Committee on the Application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts. The exposure draft is Part I: Traditional and Limited-Payment Contracts – Basic Considerations Related to the Liability for Future Policy Benefits. Due to the number of areas of practice impacted by this accounting standard, the white paper is being exposed for comment in sections, of which this is the first. Please send comments to rmfrcanalyst@actuary.org by September 30.
( )Long-Term Care (LTC) Practice Note Work Group’s Long-Term Care Insurance public policy practice note to provide a source of information to practicing long-term care (LTC) actuaries seeking to better understand the considerations in evaluating experience, setting assumptions, valuation, and financial reporting.
( )The Academy's Casualty Practice Council submitted comments to the Actuarial Standards Board regarding the setting assumptions ASOP.
( )The ASOP No. 6 Practice Note Work Group's ASOP No. 6—Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to Pooled and Non-Pooled Health Plans practice note, which provides information on valuing retiree health benefit plans.
( )This is the exposure draft of the Academy's Variable Annuity Reserve and Capital Work Group's Practice Note Supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities - 2021 Edition of VM-21. The comment deadline for this exposure draft is April 30, 2021, and can be sent to lifeanalyst@actuary.org.
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2020), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.
( )The purpose of this practice note is to provide information that can be useful for appointed actuaries dealing with the challenges of producing an Actuarial Memorandum in support of the Actuarial Opinion filed as part of the Health Annual Statement Blank (often referred to as the Health Blank or the Orange Blank). However, the concepts covered in this practice note could be useful for other situations requiring documentation for health business.
( )Exposure draft of a Pension Committee practice note providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling. Please send comments to the pension policy analyst of the American Academy of Actuaries at pensionanalyst@actuary.org by January 31, 2021.
( )Pension Committee practice note providing information to actuaries on current or emerging practices affected by ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions.
( )The ASOP No. 6 Practice Note Work Group released an exposure draft, ASOP No. 6 - Development of Age-Specific Retiree Health Cost Assumptions for Pooled Health Plans, Including Applications to Non-Pooled Health Plans, to provide information for actuaries valuing retiree health benefit plans. Comments on the exposure draft are due to the Academy by September 30, 2020, and can be sent to Health@actuary.org.
( )Life Valuation Committee's Principle-Based Reserve Review Procedures Work Group practice note.
( )Life Principle-Based Approach Practice Note Work Group update of the 2017 VM-20 Practice Note to reflect emerging practices and changes to the Valuation Manual since the version effective for 12/31/2019 valuations.
( )Public Plans Committee practice note reviewing current and emerging approaches to completion of the Actuarial section of the Comprehensive Annual Financial Report.
( )Actuarial Memorandum Practice Note Work Group exposure draft to provide information that can be useful for appointed actuaries dealing with the challenges of producing an Actuarial Memorandum in support of the Actuarial Opinion filed as part of the Health Annual Statement Blank (often referred to as the Health Blank or the Orange Blank). Comments due March 16, 2020 to health@actuary.org (
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The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2019), including frequently asked questions about new requirements for Appointed Actuaries.
( )The PBA Projections Practice Note contains questions and answers related to common practice for projecting future principle-based reserve and risk-based capital calculations.
( )Pension Committee practice note Working With Auditors of Pension and OPEB Plans providing insights to actuaries on engaging with auditors.
( )Work Group Long-Term Care Combination Product Valuation Practice Note to provide information to actuaries on current and emerging practices in which their peers are engaged with respect to the considerations in the statutory, Generally Accepted Accounting Principles (GAAP) and tax valuation of long-term care combination products.
( )Practice note prepared by Pension Committee addressing current and emerging practices for measuring obligations of defined benefit pension plans, with respect to variable annuity benefits.
( )Pension Committee practice note providing discussion and background information on the determination of investment return assumptions with a focus on considerations relating to the use of the return assumption as a discount rate.
( )Model Risk Management Work Group practice note on model risk management.
( )Pension Practice Council practice note providing information on current and emerging practices in the selection of investment return assumptions based on anticipated future experience. (
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Pension Committee practice note discussing the valuation of lump sum benefits for financial accounting purposes. (
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Life Illustrations Work Group practice note assisting actuaries in performing professional services in compliance with ASOP No. 24 and providing information to actuaries on current or emerging practices. This practice note has been updated to reflect implication from the 2017 passage of the Tax Cuts and Jobs Act.
( )Exposure draft of practice note to provide a source of information to practicing long-term care (LTC) actuaries seeking to better understand the considerations in evaluating experience, setting assumptions, valuation, and financial reporting.
( )PBR Assumptions Resource Manual Work Group sample framework for setting, updating, and governing life insurance assumptions for Principle-Based Reserving and other valuation frameworks. (
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