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Life reports to the NAIC

Here are comments, analysis, and other types of Academy reports sent to the NAIC on life insurance and annuity topics. The most recent reports are listed first.

2008

Joint Academy/SOA report on mortality margins in mortality valuation tables (May 2008)

Overview of asset modeling and discount rate issues in VM-20 (May 2008)

Report on the 2008 valuation basic mortality table (VBT), and slides from report presentation (March 2008)

Modeling report on a proposed stochastic exclusion test (March 2008)

Report on principles-based reserves for universal variable life insurance with minimum guaranteed death benefits (March 2008)

Report on examples of principles-based reserving for reinsurance (March 2008)

Proposed definitions for Valuation Manual VM-1 (March 2008)

Life Capital Work Group report (March 2008)

2007

Recommended changes to the statutory blank to accommodate principles-based reserving (December 2007)

Comments to the NAIC about a proposed model act on corporate governance for risk management (November 2007)

Proposed revisions to draft valuation manual (November 2007):

Section 20: PBR requirements for life products
Section 40: Review opinion requirements for a PBR valuation
Section 50: Experience reporting requirements
Section 51: Experience reporting formats

Report from the Group Term Life Waiver Table Work Group (October 2007)

Valuation and Law Manual Team report to LHATF (September 2007)

Draft valuation manual (September 2007):

Section 0: Introduction
Section 1: Definitions for terms in requirements
Section 2: Definitions for types of contracts
Section 3: Applicability to contracts
Section 5: Draft model standard valuation law
Section 20: PBR requirements for life products
Section 22: PBR requirements for non-variable annuities
Section 25: Health insurance minimum reserve requirements
Section 26: Life and disability reserve requirements
Section 30: Actuarial opinion and memorandum requirements
Section 31: Reporting and documentation requirements for business subject to a PBR valuation and memorandum requirements
Section 40: Review opinion requirements for a PBR valuation
Section 50: Experience reporting requirements
Section 51: Experience reporting formats

Sample actuarial report for life polices subject to PBR valuation (September 2007)

Annuity Reserves Work Group report to LHATF (September 2007)

Consistency Work Group report (September 2007)

Economic Scenario Work Group report to LHATF (September 2007)

Life Reserves Modeling Subgroup report on a possible tail risk test (September 2007)

Modeling Efficiency Work Group report to LHATF (September 2007)

VARWG comments on draft AG VACARVM (September 2007)

Report on governance requirements for principles-based life reserves and capital, with exhibits (September 2007)

Group life reserve waiver report (September 2007)

Reinsurance Work Group report on PBR risk transfer requirements (September 2007)

Nonforfeiture Improvement Work Group report (September 2007)

Report on hybrid capital requirements (September 2007)

Summary of meeting with New York State Insurance Department offical on life PBR (September 2007)

Comments from the Academy's Life, Health, and Casualty Practice Councils on life and health insurance principles proposed by the NAIC's Principles-Based Reserving (EX) Working Group (August 2007)

Life Capital Work Group report (July 2007)

Life Reserves Working Group response to New York Insurance Department comments on LRWG proposal (July 2007)

Comments to the NAIC on travel-related life inurance provisions in a draft model trade law (July 2007)

Draft valuation manual, plus accompanying report and slide presentation, and news release (June 2007)

Presentation by the Life Financial Soundness/Risk Management (SVL2) Committee (June 2007)

LRWG report to the LHATF and an update to the March LHATF exposure of the Requirements for Principles-Based Reserves for Life Products (June 2007)

Presentation from the Group Term Life Waiver Work Group to the LHATF (June 2007)

Nonforfeiture Improvement Work Group follow-up questions on responses to LHATF questionnaire (June 2007)

Invested Asset Work Group status report to the Hybrid Working Group (June 2007)

Report and presentation from the Joint SOA/AAA Preferred Mortality Project Oversight Group (June 2007)

Variable Annuity Reserves Work Group response to issues raised by LHATF on AG VACARVM during the Spring 2007 NAIC Meeting (June 2007)

Annuity Capital Work Group report on its work evaluating the C3 component of the life RBC formula (March 2007)

Updated version, in requirement format, of a proposed draft model regulation for review opinions of principles-based valuations (March 2007)

Updated report from the Life Capital Work Group (redlined version; March 2007)

Updated Variable Annuity Reserves Work Group report, summary of changes from previous version, and corresponding presentation to LHATF(March 2007)

Proposed requirements for principles-based life reserves, summary of the changes made, and corresponding Life Reserves Work Group presentation to LHATF (March 2007)

Status report summarizing Life Practice Council plans for principles-based activities in 2007 (March 2007)

Valuation Law and Manual Team status report, plus a team subgroup's report and presentation on the transition to a principles-based framework (March 2007)

Updated presentation on modernizing life valuation (March 2007)

Presentation by the Life Financial Soundness/Risk Management (SVL2) Committee, a chart showing life groups working on the principles-based project, and updated definitions of the principles (March 2007)

Nonforfeiture Improvement Work Group status report, plus questions for LHATF (March 2007)

Updated Economic Scenario Work Group presentation (March 2007)

Updated Academy/SOA Preferred Mortality Project Oversight Group presentation (March 2007)

Comments to NAIC on proposed travel underwriting provisions, with suggested revisions (January 2007)

2006

Updated draft actuarial guidelines on reserve documentation and disclosure (AG DIS) and on life valuation assumptions (AG PBR-VAL), updated draft model regulation on principles-based life reserving, a summary of changes made in all three documents, a presentation to LHATF, and a report on the definition of deficiency (December 2006)

C3 Phase 3 report and update from the Life Capital Work Group (December 2006)

Report on the valuation effects of principles-based reserving for certain universal life products (December 2006)

Report on principles-based reserving for participating whole life products (December 2006)

Example of mortality assumption development (PDF and Excel files, December 2006)

Comment letter on Florida travel underwriting rule (December 2006)

Comment Letter on proposed NAIC unfair trade amendment (December 2006)

Comments on draft versions of a corporate governance bill and model regulation (December 2006)

Update on the Academy/SOA Preferred Mortality Project (December 2006)

Revised hybrid securities work plan (December 2006)

Proposed update to AG PBR-VAL and update on non-guaranteed element (November 2006)

Draft valuation manual introduction and a Valuation and Law Manual Team status report (November 2006)

Hybrid securities work plan (November 2006)

Variable Annuity Reserves Work Group report on AG VACARVM exposure draft (October 2006)

Life Practice Council comments on a proposed revised standard valuation law (October 2006)

Summary of the Life Capital Adequacy Subcommittee's recommended changes in RBC LR024 instructions, plus a redlined version of the instructions and worksheet (Zipped file, October 2006)

Update from the Regulatory Interface, Governance, and Peer Review Work Group (October 2006)

Paper, accompanied by news release , for testimony at an NAIC committee hearing on considering travel destination in life underwriting (September 2006)

Updated draft actuarial guidelines on reserve documentation and disclosure (AG DIS) and on life valuation assumptions (AG PBR-VAL), updated draft model regulation on principles-based life reserving, and summary of changes made in all three documents (September 2006)

Draft model regulation on principles-based peer review (September 2006)

Report on short-term changes needed in Standard Nonforfeiture Law (September 2006)

Presentation on C3 RBC economic scenarios (September 2006)

Presentation with update on C3 Phase 3 RBC activities (September 2006)

Life Reserves Work Group report to LHATF (September 2006)

Report on principles-based reserves for non-variable annuities (September 2006)

Updated glossary of principles-based terms (September 2006)

Updated summary of principles for the principles-based approach (September 2006)

Presentation on principles-based peer review issues (September 2006)

Slides from a preferred mortality project update for LHATF (September 2006)

Report to LHATF and to Life RBC Working Group from the Standards for Stochastic Methods Work Group, plus slide presentation (September 2006)

Updated overview of principles-based project, presented to LHATF (September 2006)

Principles-based presentation on regulatory modernization (September 2006)

Comments on proposed changes in model regulation for principles-based life reserving (August 2006)

Academy/SOA review of interim mortality tables recommended by the ACLI for life insurance reserves (August 2006)

VARWG report to LHATF on VACARVM concerns (August 2006)

SVL2 update on principles-based project for LHATF (August 2006)

C3 Phase 3 update to LHATF (July 2006)

Update on principles-based review for LHATF conference call (July 2006)

Summary of changes in updated proposed model regulation and actuarial guidelines on principles-based reserving for life products (June 2006)

Three updated proposed actuarial guidelines on principles-based life reserving (AG PBR), life reserve assumption margins (AG MAR), and life reserving disclosure (AG DIS), plus a report on areas where additional actuarial judgment guidance is needed (June 2006)

Update on the Academy-SOA preferred mortality study project (June 2006)

Report on results of survey about proposed actuarial guideline VACARVM (commissioners’ annuity reserve valuation method for variable annuities redefined) June 2006

Interim report on a requested review of the ACLI's proposed preferred mortality table (June 2006)

Life Reserves Work Group (LRWG) presentation to LHATF (June 2006)

Life Practice Council questions for NAIC Principles-Based Regulation Working Group (June 2006)

Report on variable annuity revenue-sharing agreements for mutual fund services (June 2006)

Summary of results from C3 Phase II survey (June 2006)

Presentation to the Principles-Based Regulation Working Group on applying the principles-based approach to valuation and capital requirements (June 2006)

Report on GPVAD vs. GPV approach to life reserving (LRWG, June 2006)

Report on a principles-based methodology for calculating reserves for immediate and nonvariable deferred annuities (June 2006)

Recommendations on principles-based valuation review (June 2006)

Considerations in determining whether to apply principles-based reserving to in-force contracts (June 2006)

SVL2 presentation to LHATF on the principles-based project (June 2006)

LRWG report on setting assumption margin limits for life reserves (June 2006)

Life Capital Adequacy Subcommittee comments on proposed life RBC instructions (May 2006)

Life Capital Adequacy Subcommittee comments on total adjusted credit (TAC) provisions in proposed life RBC instructions (May 2006)

Updated version of the enhanced C3 Phase I RBC interest-rate generator, part of the C3 Phase 2 scenario materials (March 2006)

Project timeline by Academy/SOA Preferred Mortality Project Oversight Group (March 2006)

SVL2 Steering Committee update on the Academy’s current principles-based work (March 2006)

Consistency Work Group Report defining the principles in the principles-based approach (March 2006)

Life Reserves Work Group update (March 2006)

Life Reserves Work Group comments on a New York principle-based reserve memo (March 2006)

Life Reserves Work Group report on modeling principles-based reserves for 20-year level premium term insurance (March 2006)

Life Reserves Work Group presentation on 20-year-term margin examples, and accompanying spreadsheet (March 2006)

Life Reserves Work Group report on considerations in applying principles-based reserving to inforce blocks (March 2006)

Life Reserves Work Group aggregate margin report (March 2006)

C3 Phase II survey for the NAIC Capital Adequacy Task Force (March 2006)

VARWG comments on changes made to proposed AG VACARVM (March 2006)

Life Capital Adequacy Subcommittee report on modified coinsurance (March 2006)

C3 Phase II web page updated with Academy material recently provided to the NAIC, including a second set of pre-packaged scenarios for common asset classes typically needed in the stochastic cashflow projections of variable annuities, an updated LCAS report documenting the construction of the pre-packaged scenarios and providing guidance on using them, an updated scenario picking tool, an enhanced version of the C3 Phase I RBC interest-rate generator, and pseudo-random numbers used in the pre-packaged scenarios (January 2006)

2005

Proposed new RBC risk factors for Medicare Part D coverage (December 2005)

SVL2 Steering Committee presentation to LHATF (December 2005)

Life Reserves Work Group (LRWG) update for LHATF (December 2005)

LRWG updated draft framework for life reserve valuation, with a cover memo, a draft model regulation, a draft AG on valuation assumptions, a draft AG on documentation and disclosure requirements, and a draft AG on assumption margins (December 2005)

LRWG presentation on LRWG’s 20-year-term modeling results, with handout (December 2005)

Variable Annuity Reserves Work Group report to LHATF (December 2005)

Memo to the NAIC from the Medicare Part D Subgroup, with proposed health RBC instruction and health RBC formula changes, proposed life RBC instruction and life RBC formula changes, and explanatory slides (September 2005)

An updated draft framework for principle-based life reserve valuation (Main report, plus slides describing initial modeling results; September 2005)

A draft framework for principle-based life reserve valuation (Main report with hyperlinks to several other documents from this project, plus slides from a presentation; June 2005)

Regulatory review framework recommendations from the SVLII Work Group (June 2005)

C3 Phase 2 report (June 2005)

Draft actuarial guideline on variable annuity reserving (Main document, plus attachment; June 2005)

Status report on the Modco project (June 2005)

Update from the Nonforfeiture Improvement Work Group (June 2005)

Review of prospective Section 6 test in model standard nonforfeiture law (June 2005)

C3 Phase II project, including RBC and reserves (incorporates newest reports; updated April 2005)

Three related documents about a proposed actuarial guideline for variable annuity reserving (March 2005 revision): Revised draft (with redlining) of the proposed actuarial guideline Attachments Summary of the suggested revsions

Report to NAIC Capital Adequacy Task Force on Modco status report (March 12, 2005)

Progress report of Academy Universal Life Work Group to NAIC (March 11, 2005)

Universal life working group presentation to LHATF (Powerpoint, March 11, 2005)

Report to NAIC LHATF on general nonforfeiture revision (March 10, 2005)

Changes to Dec. 2004 LCAS report (March 10, 2005)

Academy presentation to LHAFT SVL II on required review of principle-based valuation options (Powerpoint, March 10, 2005)

Letter to NAIC Capital Adequacy Task Force opposing use of standard RVC scenario as minimum standard (March 8, 2005)

Academy recommendations to LHATF for setting regulatory RBC requirements for variable annuities and similar products (March 5, 2005)

2004 and earlier

LCAS report on RBC requirements for variable annuities (September 2004; not available online)

Draft model regulation on annuity nonforfeiture implementation(September 2004)

Variable Annuity Reserve Work Group report (September 2004; not available online)

Report of the UL Work Group (September 2004)

Draft comments by the SVL2 Work Group (September 2004)

Draft model regulation on annuity nonforfeiture implementation (June 2004)

C3 Phase II project, including RBC and reserves (incorporates newest reports; updated June 2004)

LCAS report recommending implementation of C3 Phase II RBC (revised June 2004; not available online)

Variable Annuity Reserve Work Group report (June 2004; not available online)

Recommended model regulation on annuity nonforfeiture, without premium buckets (March 2004)

Nonforfeiture Improvement Work Group report (March 11, 2004)

Deficiency Reserve Work Group report (March 2004)

Variable Annuity Reserve Work Group report (March 2004)

Recommended changes in RBC requirements for interest rate risk (C-3a) (March 2004)

Recommendation on calculating RBC preferred stock asset risk (C-1)(March 2004)

LCAS report recommending implementation of C3 Phase II RBC (December 2003)

Proposed actuarial guideline on the valuation of reserves for variable annuities (updated December 2003)

Updated draft of an annuity nonforfeiture model regulation, with a Q&A on the value-triggered method (December 2003)

Addendum and appendices for the September C3 Phase II RBC report (December 2003)

C3 phase 2 RBC report supplement, with pre-packaged asset class scenarios (November 2003; not available online)

Draft model regulation for the standard nonforfeiture law for individual deferred annuities (October 2003)

Suggested revisions to an actuarial guideline on minimum guaranteed death benefit reserves (October 2003)

Report on the impact of the new annuity standard nonforfeiture law on reserves (October 2003)

C3 Phase II recommendations, on RBC requirements for variable products with guarantees (September 2003; not available online)

Report by the Variable Annuity Reserve Work Group (September 2003)

Report on variable annuity guaranteed minimum death benefit reserves (Aug. 27, 2003)

Comments on mortality assumptions used in life insurance illustrations (June 2003)

Comments on implementing a new model nonforfeiture law for deferred annuities (June 2003)

Report on revising standard nonforfeiture laws (June 2003)

C-3 phase 2 progress report from the Life Capital Adequacy Subcommittee (June 2003)

Report from the Variable Annuity Reserve Work Group about a reserve methodology using RBC C-3 Phase 2 principles (June 2003)

Report from the Life Capital Adequacy Subcommittee on a proposed new RBC method for indexed separate accounts, with an accompanying spreadsheet (June 2003)

Report from the Life Capital Adequacy Subcommittee on modified coinsurance and reinsurance RBC issues (June 2003)

Report of the Variable Annuity Reserve Work Group on reserve methodology and the RBC C-3 Phase 2 approach (March 3, 2003)

Supplement to a February 2002 comparison of the three NAIC RBC formulas (March 3, 2003)

Report on offset options for equity indexed annuities in the proposed annuity nonforfeiture law (Jan. 27, 2003)

Final report from the Life Capital Adequacy Subcommittee on total adjusted capital for modified coinsurance reinsurance (January 2003)

Comments on the effect of revisions in the AOMR (December 2002)

Report on low interest rates and nonforfeiture law for individual deferred annuities (December 2002)

Proposal on workers' comp carve-out (December 2002)

Recommendations on implementing C-3 Phase 2 (December 2002)

Report on the RBC impact of reinsurance cessions to unauthorized reinsurers (December 2002)

Report on life insurers' deferred tax assets (December 2002)

Follow-up report on an RBC method for indexed separate accounts (December 2002)

Comments on possible changes in the U.S. solvency framework (September 2002)

Report recommending that the 2001 CSO tables be adopted (September 2002)

Report with the latest version of Actuarial Guideline MMMM (September 2002)

Report on total adjusted capital for modified coinsurance reinsurance (September 2002)

Statement on life and disability insurance issues related to a proposed model law addressing genetic discrimination (July 13, 2002)

Survey of life insurance companies on determining nonguaranteed elements (June 14, 2002)

Report from the newly formed Joint Valuation Work Group (June 2002)

CSO Task Force report with the proposed 2001 CSO tables (June 2002)

Letter on Section 8 opinions for Category C companies (June 2002)

Follow-up report on a proposed RBC method for indexed separate accounts (June 2002)

Report on RBC instruction and formula changes (June 2002)

Comments on proposed liquidity risk disclosure in annual statements (May 30, 2002)

Letter on determining the annuity nonforfeiture interest rate (May 28, 2002)

Comments on NAIC Issue Paper 118 (April 19, 2002)

Comments to the California Insurance Department on the AOMR (April 15, 2002)

Report on a proposed RBC method for indexed separate accounts (March 2002)

Report with C-3 phase 2 recommendations (March 2002)

Report on clarification of C-3 phase 1 instructions (March 2002)

Comments on proposed revisions to Actuarial Guideline MMMM (March 2002)

Report on RBC instruction and formula modification (February 2002)

An updated comparison of the NAIC's life, P/C, and health RBC formulas (Feb. 12, 2002).

Comments on an NAIC draft liquidity report (Jan. 31, 2002)

Letter on Life Practice Council reorganization and on the new Standard Valuation Law (Dec. 5, 2001)

Follow-up report from the VAGLB Work Group (December 2001)

Update on monitoring deferred tax asset (DTA) reporting (December 2001)

Report on a proposed RBC method for indexed separate accounts (December 2001)

Report recommending changes in the life RBC formula (December 2001)

A draft report on the CSO mortality table (December 2001)

Suggested changes in SSAP form (Nov. 16, 2001)

Comments on an NAIC draft liquidity report (Oct. 31, 2001)

Status report of the Nonforfeiture Work Group (September 2001)

Status report of the C-3 Subgroup (September 2001)

Report of the VAGLB Work Group (September 2001)

Comment letter on life insurance product standards (Oct. 9, 2001)

A comment letter on reserve requirements and SSAP 51 (Aug. 24, 2001)

Report on the proposed 2001 CSO mortality table (June 2001)

Follow-up report on RBC tax codification factors and instructions (June 2001)

Recommended changes in the LRBC concentration calculation instructions (June 2001)

Recommended changes in proposed LRBC instructions for C-3 interest rate risk (June 2001)

Follow-up on report about changing common stock covariance instructions (June 2001)

Recommendation on Federal Home Loan Bank stock changes (June 2001)

Progress report from the VAGLB Work Group (June 2001)

Recommended changes to Actuarial Guideline VL-GMDB (June 2001)

Comment letter on amending the AOMR (June 1, 2001)

Comment letter on proposed changes in the Accounting Practices and Procedures Manual (May 18, 2001)

Report from the VAGLB Work Group (March 22, 2001)

Presentation on the CSO Loading Subgroup's work (March 21, 2001)

Letter to the Speed to Market Working Group (March 21, 2001)

Comments on draft actuarial guideline VL-GMDB (March 2001)

Comments on proposed qualification requirements for life and health actuaries (March 29, 2001)

Primer on stress liquidity risk management (December 2000)

Comments suggesting revising a draft actuarial guideline (December 2000)

Recommendation on changing the treatment of common stock in the life RBC formula (December 2000)

Recommendation on changing the C-1 treatment of real estate (December 2000)

Letter on the tax effects of codification and MCO RBC formula instructions in Excel, with a subsequent letter (December 2000)

Interim report on stress liquidity risk (September 2000)

Comments on proposed changes in the C-1 treatment of Schedule A real estate (September 2000)

Comments on the RBC tax structure (September 2000)

Letter on reinsurance of worker's compensation carve-out coverage (September 2000)