Practice Notes

• Casualty
• Financial reporting
• Health
• Life
• Medicare
• Pension

Generally written in a Q&A format, the Academy's practice notes offer examples of current and emerging approaches to selected actuarial tasks.

They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.

Practice notes are not interpretations of actuarial standards of practice nor are they meant to be codifications of generally accepted actuarial practice. Actuaries are not bound in any way to comply with practice notes or to conform their work to the practices described in practice notes.

The Actuarial Standards Board promulgates the actuarial standards of practice, or ASOPs. For more information about the Actuarial Standards Board and its work, visit the ASB website .)

To order paper copies of a practice note, e-mail hafler@actuary.org or write Philip Hafler at:

American Academy of Actuaries
1100 Seventeenth Street, N.W., 7th floor
Washington, DC 20036
202/223-8196

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Casualty

• Statements of Actuarial Opinion on P/C Loss Reserves as of Dec. 31, 2007 (January 2008)
• Reinsurance Attestation Supplement 20-1: Risk Transfer Testing (January 2007)

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Financial reporting

• Practice note on the identification and valuation of embedded derivatives in modified coinsurance and similar insurance arrangements (February 2008)
• Exposure draft of practice note relating to AICPA Statement of Position 05-1, on insurance accounting for deferred acquisition costs in connection with modifications or exchanges of insurance contracts (December 2006)

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Health

• Disease management practice note (December 2007)
• Practice note on group long-term disability insurance (August 2006)
• Practice note on statutory reserves for individual disability insurance (March 2006)
• Practice note on small-group medical reserves and liabilities (updated October 2005)
• Actuarial Certification of Rates for Medicaid Managed Care Programs (August 2005)
• Individual Major Medical Business (August 2005)
• LTCI Compliance with the NAIC LTCI Model Regulation Relating to Rate Stability (2003)
• General Considerations (1995-1)
• Large Group Medical Business (1995-3)
• Individual Major Medical Business (1995-4)
• Group Long-Term Disability Income Insurance (1995-6)
• Small Group Certification (1995-8)
• Long-Term Care Insurance (1995-9)

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Life

• Practice note on applying credibility theory (July 2008)
• Practice note on the identification and valuation of embedded derivatives in modified coinsurance and similar insurance arrangements (February 2008)
• Practice note relating to AICPA Statement of Position 05-1, on insurance accounting for deferred acquisition costs in connection with modifications or exchanges of insurance contracts (October 2007)
• Common practices in applying FAS 133 to variable annuities with guaranteed benefits (February 2007)
• NAIC Model Regulation XXX Practice Note (2006; updates the 2001 version)
• Practice note on applying C3 Phase 2 (September 2006)
• Practice note on various reinsurance reserve credit issues (October 2005)
• Practice note on the application of C3 Phase II and Actuarial Guideline VACARVM (September 2005)
• Practice note on AICPA statement of position 03-1 (2005; updates the 2004 version)
• Practice note on asset adequacy analysis (2004) (Supersedes 14 practice notes published in 1995)
• Practice note on AICPA Statement of Position 03-1 (2004)
• Practice note for the Application of Actuarial Guideline 39 (2002)
• NAIC Model Regulation XXX Practice Note (2001; updates the 2000 version)
• Compliance with the NAIC Life Illustrations Model Regulation and ASOP 24 (1999-1)
• Additional Questions Relating to Compliance with the NAIC Life Illustrations Model Regulation and ASOP 24 (1999-2)
• Distribution of Policyholder Equity in a Demutualization
  (1999-3)
• Policyholder Protection in Mutual Life Insurance Company Reorganizations (1999-4)
• Special Issues for Equity Indexed Products (1999-5)
• Special Issues for Variable Annuities (1999-6)

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Medicare

• Medicare Part D accounting practice note (April 2008)
• Practice note on actuarial equivalence certification for private prescription-drug plans under Medicare Part D (March 2008)

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Pension

• Draft practice note on multiemployer plan actuarial certification under the Pension Protection Act (December 2007)
• Draft practice note: Valuation of Employee Stock Options (October 2006)
• Selecting and Documenting Investment Return Assumptions (2001)

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