A new document from the Committee on Property and Liability Financial Reporting (COPLFR) addresses issues raised by the recent Los Angeles wildfires. The Supplement to the 2024 COPLFR Practice Note—LA Wildfires offers a list of FAQs and associated responses for Appointed Actuaries’ consideration when providing statements of actuarial opinion for companies materially impacted by such events, whether directly or indirectly.

The Financial Reporting Committee and the Life GAAP Reporting Committee sent an agenda request letter to the Financial Accounting Standards Board (FASB) encouraging FASB to consider a project related to portfolio layer method (PLM) hedge accounting for liabilities.

The Annuity Reserve and Capital Subcommittee provided comments to the Valuation Manual (VM)-22 (A) Subgroup on proposed edits to the Standard Projection Amount (SPA) Policyholder Behavior Assumptions. 

Each year, the Academy receives numerous questions on qualifications. The first stop should be the U.S. Qualification Standards, which lay out the requirements for basic education and experience, continuing education, and NAIC annual statements of actuarial opinion.

The Life Products Committee commented on the recent exposure of APF 2024-16, which attempts to address requests for guidance on a standard nonforfeiture issue related to universal life policies in VM-02. 

The Life Practice Council provided comments to the NAIC Life Actuarial Task Force (LATF)'s exposures: Asset Adequacy Testing (AAT) for Reinsurance Actuarial Guideline (AG) Exposure Questions 111824, AAT for Reinsurance AG Presentation LATF 111524, and Draft AG ReAAT 111524.