Life Subcommittee Releases ASOP No. 2 Practice Note

The Life Practice Council’s Non-Guaranteed Elements Subcommittee released a public policy practice note, Actuarial Standard of Practice (ASOP) No. 2: Non-Guaranteed Elements for Life and Annuity Products, which examines the circumstances in which insurers have the right to exercise discretion to prospectively change a non-guaranteed element to be within the scope of ASOP No. 2.