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 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 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 (CAFR).
( )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.
( )Exposure Draft of the PBR Review Procedures Work Group practice note on risk-focused examinations. Comments are due to the Academy by July 1, 2019.
( )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.
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