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. (March 13, 2024)
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. (March 13, 2024)
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. (March 14, 2024)
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. (March 15, 2024)
The Committee on Professional Responsibility released a new paper, The Actuary's Toolbox: Peer Review—How Can It Help? Many actuaries or employers of actuaries have developed policies and best practices for peer review to support actuarial professionalism in the performance of actuarial services. This discussion paper provides some ways for actuaries to consider peer review in the context of professionalism. (March 07, 2024)
The Pension Committee released an issue brief, Aligning the PBGC’s Single-Employer Premium Structure With Its Objectives, which discusses options for modifying the Pension Benefit Guaranty Corporation’s (PBGC) single-employer premium structure to better support the single-employer defined benefit system, while preserving a strong level of retirement security.
Read the Academy news release. For more information, read here. (March 05, 2024)
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. (March 04, 2024)
The Actuarial Standards Board released an exposure draft of a proposed revision to Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas). ASOP No. 12 Task Force Chairperson Brian Mullen offered insight on the proposed changes—comments are due May 1. (February 29, 2024)
The Prudential Regulation Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on its consultation draft application paper on climate risk scenario analysis in the insurance sector. (February 23, 2024)
The Health Practice Council’s Individual and Small Group Markets Committee and Active Benefits Committee responded to the DOL’s Employee Benefits Security Administration’s proposed rule on Association Health Plan’s definition of employer. (February 14, 2024)
The Liquidity Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note Liquidity Risk, a revision to a previous practice note published in 2000. The 2024 version broadens the scope by incorporating perspectives from the health and property/casualty practice areas as well as introducing practice-area-specific appendices. (February 15, 2024)
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. (February 15, 2024)
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. (February 14, 2024)
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. (February 14, 2024)
The Economic Scenario Generator Subcommittee presented to the NAIC’s Life Actuarial (A) Task Force on acceptance criteria for interim rate levels. (September 14, 2023)
