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Life news

The Academy's Life Practice Council provides objective technical expertise to policy-makers and regulators on life insurance issues, including a principle-based regulatory approach to reserving and risk-based capital.

The council is led by Art Panighetti, the Academy's vice president for life insurance issues.

Testimony to NCOIL on Stranger Originated Annuities

On July 9, Senior Life Fellow, Nancy Bennett delivered testimony to the National Conference of Insurance Legislators regarding Stranger Originated Annuities.

Comments on IASB Amortized Costs Exposure Draft

The Academy sends comments to the IASB concerning its Exposure Draft Financial Instruments: Amortised Cost and Impairment.

DTA Bridge Group Report

The Academy's DTA Bridge Group submits a requested interim report to the NAIC Capital Adequacy Task Force showing the appropriate treatment of the Deferred Tax Asset (DTA) in the Risk-Based Capital formulas for Life, Property / Casualty (P&C), and Health.

Comments to Massachusetts Governor Deval Patrick on gender pricing

On June 4, the Life Products Committee sent a letter to Massachusetts Governor Deval Patrick regarding a bill (HB 889) to allow gender pricing at the Savings bank Life Insurance Company.

MCEV Practice Note Exposed

The Life Financial Reporting Committee released a practice note on Market Consistent Embedded Value (MCEV) for comment until August 2, 2010.

Testimony to NAIC on Stranger Originated Annuities

On May 20, the Life Products Committee presented testimony at a National Association of Insurance Commissioners public hearing on Stranger Originated Annuities.

Comments to NAIC on principle-based valuation and capital approach (PBA) for life insurance.

The Life Practice Council (LPC) submitted a letter to the National Association of Insurance Commissioners' (NAIC) (EX) Working Group and Life Insurance & Annuities (A) Committee on principle-based valuation and capital approach (PBA) for life insurance.

IFRS Practice Note exposed

The Life Financial Reporting Committee released a practice note on Actuarial Practices Relating to Accounting for Insurance Pursuant to International Financial Reporting Standards (IFRS) for comment.

Councils' Response to DOL/Treasury Request

The Pension Practice Council and Life Practice Council's response to a request for information from the departments of Labor and the Treasury regarding lifetime-income options for participants and beneficiaries in retirement plans.

Comments to FASB

The Academy's Life Financial Reporting Committee and Financial Reporting Committee comment on the FASB on exposure draft, Proposed ASU-Financial Services-Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.

Practice note on common practices relating to FASB statement 133

The Life Financial Reporting Committee has issued a new practice note to assist actuaries with application of FAS 133 with respect to variable annuities with guaranteed benefits.

Guaranteed minimum death benefits comments

The Academy's Life Products Committee comments to the Interstate Insurance Product Regulation Commission (IIPRC) on the proposed standards for Guaranteed Living Benefits on individual deferred annuities.

C-3 Phase II and Actuarial Guideline XLIII Practice Note and addendum

The Academy's Life Practice Note Steering Committee releases an addendum to the July 2009 C-3 Phase II and Actuarial Guideline XLIII Practice Note, providing guidance relative to additional questions raised by actuaries dealing with the implementation of Actuarial Guideline XLIII since the practice note was first published.

2010 Life and Health Valuation Law Manual

Orders are now being taken for the upcoming 2010 Life and Health Valuation Law Manual. The manual is updated every year.

Model efficiency research and education

The Academy’s Model Efficiency Work Group is actively promoting and assembling research reports on various techniques to make complex modeling demands more manageable. You can help us by contributing to our research!

The next phase: C3 Phase III

The Economic Scenario Work Group develops a proposed scenario generator model for interest rate modeling in principle-based life and annuity capital and reserve calculations.