The Variable Annuity Reserves and Capital Work Group submitted an amendment proposal to the NAIC’s Life Actuarial Task Force (LATF) to update the reference to the required minimum distribution (RMD) age in the VM-21 Standard Projection Amount pursuant to enactment of the federal Setting Every Community Up for Retirement Enhancement (SECURE) Act.

The Academy’s Annuity Reserves and Capital Work Group submitted a summary of the differences between the Academy fixed annuity principle-based reserving (PBR) framework proposal exposed by the National Association of Insurance Commissioners VM-22 Subgroup in October 2020 and the current framework for Valuation Manual (VM)-21 (variable annuity PBR).  

After two years of litigation funded by the Conference of Consulting Actuaries (CCA), Judge Michael Mullen of the Circuit Court of Cook County, Illinois, entered summary judgment in the lawsuit in favor of the defendants—the Academy and current and former members of its Board of Directors. Judge Mullen found that the Academy Board had the authority to adopt a September 4, 2018, bylaws amendment that changed the membership of the Academy’s Selection Committee. Read more.

The ASOP No. 6 Practice Note Work Group released their practice note, ASOP No. 6—Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to Pooled and Non-Pooled Health Plans, to provide information on valuing retiree health benefit plans. 

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