The Committee on Property and Liability Financial Reporting (COPFLR) asked the NAIC's Actuarial Opinion Working Group for clarification on 2024 regulatory guidance pertaining to immaterial long-duration unearned premium reserves.
( )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.
( )The Public Plans Committee released Introduction to Service Purchases for Public Pension Plans, a practice note considering a variety of service purchase programs that can be found across public sector pension plans, as well as plan administration topics that actuaries should be aware of when working with them.
( )The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP, which covers aspects of the application of Accounting Standards Update 2018-12, published in 2018 by the Financial Accounting Standards Board.
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2023), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report.
( )Pension Committee practice note, Selecting and Documenting Pension Assumptions Other Than Discount Rate, Investment Return, and Mortality, updating a 2009 practice note, revised to reflect updated actuarial standards of practice (ASOPs), including changes in ASOP Nos. 27 and 35 that are effective for actuarial reports issued on or after Aug. 1, 2021, and when the measurement date in such reports is on or after Aug. 1, 2021.
( )Practice note providing information to actuaries on current and emerging ideas for working with public defined benefit pension plans that use fixed rate funding.
( )Pension Committee public policy practice note providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling.
( )Pension Committee public policy practice note, Selecting and Documenting Mortality Assumptions for Measuring Pension Obligations, updating a 2015 practice note, revised to reflect updated Actuarial Standards of Practice (ASOPs), including changes in ASOP No. 35 that are effective for actuarial reports issued on or after August 1, 2021, and when the measurement date in such report is on or after August 1, 2021.
( )White Paper on Considerations in Market Risk Benefits
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2022), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.
( )Pension Committee Practice Note on Measuring Pension Obligations for Difficult-to-Value Plan Provisions.
( )The Committee on Property and Liability Financial Reporting (COPLFR) released the update to the Risk Transfer Practice Note (last updated in 2007). The Risk Transfer Practice Note includes definitions and relationships between regulatory treatments of risk transfer, e.g., U.S. statutory, U.S. GAAP, IFRS 4 and IFRS 17, and Solvency II; the process for determination of risk transfer; current techniques used in practice for determining risk transfer; and risk transfer documentation.
( )The Academy’s Life Long-Term Care Combo Product Valuation Practice Note Work Group released Long-Term Care Insurance Combination Product Valuation, a practice note to that addresses the application of the NAIC Valuation Manual to these products from primarily a life insurance perspective. The previous 2019 Long-term Care (LTC) Combination Product Valuation Practice Note was developed by a work group of the Health Practice Council within the Academy.
( )The Academy’s Variable Annuity Reserves and Capital Work Group's VM-21 Practice Note Supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities – 2022 Edition of VM-21. The supplement was exposed for public comment in 2021, and the final product has been published to reflect comments.
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2021), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.
( )The Life Illustrations Work Group’s updated practice note is revised to better reflect current practices actuaries are using when complying with ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation, which was revised and adopted in December 2016.
( )Exposure draft of a public policy practice note of the Long-Duration Contracts Work Group of the Financial Reporting Committee on the Application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts. The exposure draft is Part I: Traditional and Limited-Payment Contracts – Basic Considerations Related to the Liability for Future Policy Benefits. Due to the number of areas of practice impacted by this accounting standard, the white paper is being exposed for comment in sections, of which this is the first. Please send comments to rmfrcanalyst@actuary.org by September 30.
( )Long-Term Care (LTC) Practice Note Work Group’s Long-Term Care Insurance public policy practice note to provide a source of information to practicing long-term care (LTC) actuaries seeking to better understand the considerations in evaluating experience, setting assumptions, valuation, and financial reporting.
( )The Academy's Casualty Practice Council submitted comments to the Actuarial Standards Board regarding the setting assumptions ASOP.
( )The ASOP No. 6 Practice Note Work Group's ASOP No. 6—Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to Pooled and Non-Pooled Health Plans practice note, which provides information on valuing retiree health benefit plans.
( )This is the exposure draft of the Academy's Variable Annuity Reserve and Capital Work Group's Practice Note Supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities - 2021 Edition of VM-21. The comment deadline for this exposure draft is April 30, 2021, and can be sent to lifeanalyst@actuary.org.
( )The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2020), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.
( )The purpose of this practice note is to provide information that can be useful for appointed actuaries dealing with the challenges of producing an Actuarial Memorandum in support of the Actuarial Opinion filed as part of the Health Annual Statement Blank (often referred to as the Health Blank or the Orange Blank). However, the concepts covered in this practice note could be useful for other situations requiring documentation for health business.
( )Exposure draft of a Pension Committee practice note providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling. Please send comments to the pension policy analyst of the American Academy of Actuaries at pensionanalyst@actuary.org by January 31, 2021.
( )Pension Committee practice note providing information to actuaries on current or emerging practices affected by ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions.
( )The ASOP No. 6 Practice Note Work Group released an exposure draft, ASOP No. 6 - Development of Age-Specific Retiree Health Cost Assumptions for Pooled Health Plans, Including Applications to Non-Pooled Health Plans, to provide information for actuaries valuing retiree health benefit plans. Comments on the exposure draft are due to the Academy by September 30, 2020, and can be sent to Health@actuary.org.
( )Life Valuation Committee's Principle-Based Reserve Review Procedures Work Group practice note.
( )Life Principle-Based Approach Practice Note Work Group update of the 2017 VM-20 Practice Note to reflect emerging practices and changes to the Valuation Manual since the version effective for 12/31/2019 valuations.
( )Public Plans Committee practice note reviewing current and emerging approaches to completion of the Actuarial section of the Comprehensive Annual Financial Report.
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