Life
The Academy’s Life Practice Council (LPC) is dedicated to providing policymakers and regulators with unbiased technical expertise.
From crafting principle-based regulatory frameworks to optimizing risk-based capital strategies, the LPC is at the forefront of innovation in the life insurance industry.
Capital
Life and annuity capital adequacy and recommendations to improve life Risk-Based Capital (RBC) requirements.
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Financial Reporting
Life insurance and annuity topics that involve financial reporting, with an emphasis on GAAP and international issues.
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Life News
Health Committee News
ASB Adopts Final Revision of ASOP No. 5
The ASB recently adopted a final revision of ASOP No. 5, Incurred Health Claim Liabilities. This ASOP provides guidance to actuaries when estimating or reviewing incurred claims when preparing or…
Topics: ASB News
Date Published: 04/27/2017
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Life Committee News
ASB Approves Exposure of Proposed ASOP on Principle-Based Reserves for Life Products
The ASB approved an exposure draft of a proposed new ASOP titled Principle-Based Reserves for Life Products. The proposed ASOP will apply to actuaries when performing actuarial services on behalf of…
Topics: ASB News
Date Published: 04/14/2017
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Life Resources
Policy Paper
Climate Data: Actuarial Perspectives on Quality, Challenges, and Effective Risk Quantification
The Climate Change Joint Committee released a policy paper examining the wide variety of actuarial data challenges in climate-related risk quantification. While reflecting the current emphasis on…
Policy Paper
Committee Releases White Paper on Pre-Tax vs. Post-Tax Maintenance Reserves in Stochastic Principle-Based Reserves
The Life Valuation Committee released a white paper, Pre-Tax vs. Post-Tax Maintenance Reserves in Stochastic Principle-Based Reserves. The paper discusses considerations of using various interest…
Policy Paper
Committee Releases White Paper on Considerations in Market Risk Benefits
The Life Financial Reporting Committee released a white paper, Considerations in Market Risk Benefits, that focuses on identification, valuation, and financial reporting of market risk benefits; a…
Policy Paper
Task Force Releases PBR Checklist
The PBR Checklist Task Force released a document-“What is PBR for Life Insurance?”-just a few months before the Jan. 1 deadline for companies to adhere to the principle-based reserving (PBR)…
Policy Paper
Subgroup Releases Model Governance Checklist
The Principle-Based Reserves Checklist Subgroup of the Model Governance Work Group released a model governance checklist, which is offered as a resource for practicing life actuaries involved in…
Topics: Governance
NAIC Report
AOM Communication Improvement Report
Report by AOM Discussion Group on ideas to improve the communication of issues within the appointed actuary’s memorandum.
Topics: NAIC
Policy Paper
Approaches to Setting the Discount Rate for Valuation of Insurance Contracts: A Discussion Paper
Tax Work Group discussion paper regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting.
Policy Paper
Tax Implications of Proposals for Structuring Commissioners’ Mortality Tables to Include the Extra Mortality Risk of Business not Subject to Full Underwriting
Work Group discussion paper to the Life Actuarial Task Force and the American Council of Life Insurers regarding tax implications for structuring new commissioners’ mortality tables to include the…
Policy Paper
Report of the Nonforfeiture Improvement Work Group
Nonforfeiture Modernization Work Group’s Nonforfeiture Improvement Report that makes certain recommendations with respect to life insurance and annuity nonforfeiture mandates and sets forth certain…
Topics: Life Insurance
NAIC Report
NFIWG Update on General Revision of Life and Annuity Standard Nonforfeiture Laws
Nonforfeiture Improvement Work Group update on general revision of life and annuity standard nonforfeiture laws to LHATF at the 2009 NAIC Winter Meeting.
Topics: NAIC