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.
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Life and annuity capital adequacy and recommendations to improve life Risk-Based Capital (RBC) requirements.
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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
Research Paper
Committees Release White Paper on Hedging & Risk Management
The Risk Management and Financial Reporting Council’s (RMFRC) Financial Reporting Committee, ERM/ORSA Committee, and the Life Practice Council’s Life GAAP Reporting Committee released a white…
Research Paper
Asset Adequacy Testing Considerations for Year-End 2020
The Life Practice Council’s Asset Adequacy Testing Task Force’s (AATTF) discussion paper titled, Asset Adequacy Testing Considerations for Year-End 2020.
Research Paper
PBR: Reserve Credits for YRT Reinsurance: The Range of Interpretations of Three Amendment Proposal Forms (APFs), A Survey of Companies
As PBR is implemented, the NAIC is monitoring the PBR Actuarial Reports filed by insurers for evidence of problems that might require changes to the Valuation Manual. In its 2017 reviews of Life PBR…
Research Paper
PBR: Reserve Credits for YRT Reinsurance A Field Test of Three Amendment Proposal Forms (APFs), Time Zero and Projected Reserves
With the introduction of principle-based reserving (PBR) by the National Association of Insurance Commissioners (NAIC), insurers are required to hold the higher of (a) formulaic reserves based on…
Research Paper
Long-term Care (LTC) Combination Product Valuation Practice Note
Work Group Long-Term Care Combination Product Valuation Practice Note to provide information to actuaries on current and emerging practices in which their peers are engaged with respect to the…
Topics: Long-Term Care
Research Paper
Reserve Estimates under Longevity Stress: Results from a Survey of Life Insurance Companies
Longevity Risk Task Force update to Life Risk-Based Capital (E) Working Group at the NAIC Spring 2019 National Meeting.
Comment / Letter