What to Expect at the VM-22 Practitioners Forum
The Academy’s August VM-22 Practitioners Forum is designed for life actuaries who are past the introductory phase and ready to sharpen their understanding of VM-22 by connecting with peers navigating the same terrain. The forum will be held on Aug. 26 in Denver, following the Society of Actuaries Valuation Actuary meeting (SOA ValAct).
A rotating small-group format ensures attendees will be able engage directly with VM-22 leaders and fellow practitioners. Life Perspectives did a Q&A with PBR Implementation Subcommittee Chairperson April Shen, who is heading up the program’s planning.
What prompted the idea for this event, and why should people attend?
VM-22 is top of mind for many actuaries right now as it became effective as of Jan. 1, 2026, so we wanted to create a dedicated forum for people to learn, share experiences, and discuss what’s next in the first year. If VM-22 is part of your work, this is a great opportunity to hear from experts and connect with peers facing similar challenges.
Why is VM-22 important now, and what are some of the key issues?
The industry is moving at different stages—some companies are beyond initial implementation and gaining real-world experience with VM-22, and some haven’t started yet. VM-22 will impact companies’ statutory reserves and capital significantly. Some of the key issues we plan to cover in the forum are around assumptions, asset modeling, pricing, implementation strategies, governance, among others.
With the NAIC Summer National Meeting being held in mid-August, is there anything about the forum or the work that the Academy is doing with the NAIC on VM-22 that you’re particularly excited about?
I’m excited that attendees will get direct insight into the latest industry discussions and the Academy’s ongoing work with the NAIC from the experts. The Academy has been actively engaged in providing feedback and recommendations on VM-22 over the past several years. This forum will give attendees a unique opportunity to hear firsthand about potential developments to VM-22 guidance, how industry practices are evolving, and emerging best practices.
Why is having it adjacent to SOA ValAct meeting an effective strategy?
Many VM-22 practitioners already attend ValAct, so it’s a convenient way to get even more value from one trip while connecting with a broader group of valuation professionals. We’re hoping for a great turnout!
What other resources or events is the committee focused on through the end of the year?
We’re continuing to support the industry through webcasts, educational content, and PBR [principle-based reserving] practice notes as VM-22 practices continue to evolve. We’re also beginning a PBR webinar series beginning in late July.
If anyone is looking for additional resources—e.g., they want more of a 101-style refresher on VM-22 or want to get involved with the subcommittee—where should they look, and how can they get involved?
If you’re interested in getting involved, please reach out to Academy staff or committee members, we’d love to have more people join the conversation! Please email Academy Life Policy Project Manager Fabienne Amisial at [email protected].
WSJ, Other Media Cover Second Annual Insurance Investment Summit
The Academy held its second Insuring the Future: Insurance Investment Summit in New York in mid-May, bringing together more than 100 investment actuaries, asset managers, regulators, and insurance executives for insightful discussion and knowledge-sharing.
Golub Capital President David Golub’s keynote—and a subsequent discussion moderated by Stewart Foley, founder and senior advisor to InsuranceAUM.com—offered insights into the evolving investment landscape for insurance companies. They explored the latest trends and innovations in asset allocation and risk management, giving attendees foresight to adapt and thrive in an increasingly complex market.
Other sessions offered regulatory insight and navigating regulatory guidelines, how portfolio shifts are reshaping life insurer investments, reinsurance structures and investment implications, and asset modeling essentials for actuaries. The event also featured a new offering—pre-summit CE sessions that offered technical training in asset classes, a modern life insurer’s investment portfolio, and regulatory guidelines.
▶ Media coverage—The Wall Street Journal covered comments from the summit’s closing regulatory session by Wisconsin Insurance Commissioner Nathan Houdek regarding a meeting focused on the life insurance sector between the NAIC and Treasury Secretary Bessent. Life Annuity Specialist (subscriber-only) also covered several sessions and included summit speaker comments in a story about on insurer yields on private credit.
VP Corner
Summer Spotlight on Life Issues
Kirsten Pedersen, Vice President, Life
The Life Practice Council’s busy 2026 continues!
This issue’s lead story spotlights the upcoming VM-22 Forum next month in Denver, at the tail end of SOA ValAct. April Shen, who has helped lead the planning effort, offers a high-level Q&A on the value of the forum and why you should attend.
Thanks to everyone involved in May’s Insurance Investment Summit in New York, beginning with Marc Altschull and my predecessor Jason Kehrberg, who noted in a recap that the summit continued to build momentum as a leading forum for cross-disciplinary discussion on insurance investment trends, bringing together more than 100 participants representing a wide range of companies and roles across the industry. See more in the story in this issue.
Following the Academy’s Hill visits with federal policymakers in March, our ongoing conversations with policymakers also provide the LPC with opportunities for new projects and identifying future priorities. An example of this is the new Joint Long-Term Care (LTC) Combo Committee, which is seeking volunteers from both life and health. (See story, below.) This joint committee pulls together the LPC and the Health Practice Council to focus attention on the challenges facing consumers who are looking for more affordable LTC coverage and services.
We’re also kicking off a PBR webinar series later this month, with the first session scheduled for July 29. Our upcoming planning meeting in August will be looking ahead, focusing on our stakeholders and our 2027 priorities. And, look for LPC volunteers at the NAIC Summer Meeting in Columbus, Ohio, in August, including presenting to NAIC’s Life Actuarial (A) Task Force (LATF). For those attending, be sure to RSVP for the Academy’s Aug. 11 reception and dinner.
▶ NAIC Spring Meeting—For a recap of the LPC and other Academy practice council presentations at the NAIC Spring Meeting, see the Actuarially Sound blog post and an April 9 Actuary Voices podcast episode featuring Director of Public Policy Katie Dzurec.
New Joint LTC Combo Committee Seeking Volunteers
The Academy’s new Joint LTC Combo Committee is seeking members with experience in one or more of the following: traditional long-term care insurance, LTC combination products, LTC riders, and related areas. The committee is charged with monitoring, responding to, and educating stakeholders about the various aspects of products that combine features of life insurance policies or annuity contracts with LTC coverage. Actuaries with life insurance, health insurance, and cross-practice expertise are all encouraged to apply. Please reach out to the Academy’s public policy staff ([email protected]) with questions or if you are interested in volunteering.
Webinar Examines ILVA & AG54
A June 3 webinar, ILVA/RILA & AG54: Overview and Intro to Excel Lambda Libraries, presented an overview of Index-Linked Variable Annuities (ILVA) as they relate to AG 54, and featured a hands-on presentation on leveraging Excel’s Lambda Dynamic Array Function.
▶ Replays—Webinar replays are available as a free member benefit on Academy Learning.
Volunteer Video Explains Academy Peer Review Process
Interested in the peer-review process for work products developed by Academy volunteers? A new video moderated by Director of Public Policy Matthew Sonduck features longtime Academy volunteers from the casualty, health, and retirement practice councils, as well as the LPC—including Immediate Life Past Vice President Jason Kehrberg—who offer an overview of the Academy’s public policy peer-review process, its role and importance, practice and cross-practice considerations, examples and reconciliation, as well as FAQs and resources. This new resource for Academy volunteers is available on Academy Connect.
Academy Outreach
ASOP No. 1 Task Force member and former ASB Life Committee member Lisa Kuklinski presented “Actuarial Professionalism Responsibilities in the Expert Testimony Role” during a May 19 session of the Actuaries’ Club of Hartford & Springfield meeting, with support from Academy member Jeffrey Raven. They gave an overview of responsibilities rooted in the Code of Professional Conduct and other professionalism considerations.
Speakers Bureau—The Academy is available to provide speakers to actuarial clubs, employers, and educational entities. The Speakers Bureau provides qualified speakers on professionalism and public policy topics.
Highlights From
Life Perspectives
Prefer to watch your news? Check out this “Highlights From Life Perspectives” video for a quick recap of what you need to know.
ASOPs—Your Feedback Wanted
The Academy and the Actuarial Standards Board (ASB) want your feedback on how you use and access actuarial standards of practice (ASOPs).
To take a short, five-question survey about how you access the ASOPs, click here.
ASB Approves Reinsurance ASOP Draft
The ASB approved a second exposure draft of a proposed revision of a new ASOP titled Pricing Reinsurance or Similar Risk Transfer Transactions Involving Life Insurance, Annuities, or Long-Duration Health Benefit Plans. The ASOP applies to actuaries when performing actuarial services with respect to the pricing of reinsurance transactions or similar risk transfer transactions from the assuming entity perspective involving life insurance, annuities, or long-duration health benefit plans. Comments are due Oct. 15—informationon how to comment can be found in the draft.
PBR Webinar Series Begins July 29
The LPC will hold a series on principle-based reserving (PBR) this summer, beginning with a July 29 webinar on PBR in Practice: A Practical Look at PBA Projections, which will be moderated by previous life vice president Jason Kehrberg, a member of the Life Reserves Subcommittee.
Early Discounts Available for LHQ Seminar
Early registration discounts are available for the 2026 Life and Health Qualifications Seminar, to be held Sept. 28–Oct. 1 in Arlington, Va., just outside Washington, D.C. Similar to last year, separate life and health tracks will follow a day of general education.
Registration is limited for the popular seminar, which delivers three days of training and instruction and an optional three-hour exam on the fourth day. The seminar has also been moved to September from its traditional November timeframe, based on attendee feedback.
Secure your early discount and join us in September. Register today.
Life Public Policy in Brief
The Annuity Reserves and Capital Subcommittee (ARCS) submitted comments to LATF on VM-22 Application to GICs, Funding Agreements, SGICs, and Stable Value Contracts.
ARCS also submitted comments to LATF’s VM-22 (A) Subgroup on the VM-22 Retrospective Application Exposure, which puts forth several questions regarding the potential retrospective application of VM-22.
The Longevity Risk Task Force submitted C-2 discussion topics for 2026 to the NAIC Longevity Risk (E/A) Subgroup.
The Life Products Committee submitted exposure questions regarding Model #245 to the NAIC Life Insurance and Annuities Illustration (A) Working Group.
C-1 Subcommittee Chairperson Steve Smith gave an update on Residual Tranches and Portfolio Adjustment Factors in the CLO comparable attributes project to NAIC’s RBC Investment Risk and Evaluation (E) Working Group.
The Life Products Committee submitted comments to the NAIC’s Annuity Buyer’s Guide (A) Working Group on the working group’s draft Buyer’s Guide on Deferred Annuities.
Read more—For the latest updates on the Academy’s life practice work, visit the Life Public Policy page.
Academy in the News
A New York Times personal finance column on longevity risk highlighted the Actuaries Longevity Illustrator (ALI), jointly sponsored by the Academy and the Society of Actuaries. The column also ran in the Seattle Times. A retirement planning discussion on Salt Lake City talk radio station KSL-AM drew on the Times story to illustrate longevity risk with ALI data.
C1 Subcommittee Chairperson Stephen Smith spoke with AM Best about the Academy’s ongoing work on structured securities, and was quoted in Insurance Business and Structured Credit Investor stories on regulatory activity surrounding investment risk. Insurance Business’ look at global structural shifts in insurance-sector capital and credit also highlighted the Academy’s work in this area.
Smith also spoke with Best’s Review about the Academy’s work with the NAIC for a June feature story on the NAIC’s activities surrounding insurance asset risk and governance. His Academy analysis and comments were also included in a (subscriber-only) Seeking Alpha story on the emergence of tranche thickness as a risk measure.
A Bermuda Business Review annual report cited the Academy’s 2024 issue brief, “Asset-Intensive Reinsurance Ceded Offshore From U.S. Life Insurers (With Focus on Bermuda)” in a story on reinsurance market shifts.
Legislative/
Regulatory
Activity
State
In May and June, South Carolina Gov. Henry McMaster signed the following:
- S 857, which makes changes to contingent deferred annuities in state insurance law.
- S 619, which alters the classification of loss claims so that funding agreements are treated as loss claims whether the claims concern death proceeds, annuity proceeds, or investment values.
In April and May, Iowa Gov. Kim Reynolds signed several bills, including:
- HF 2766, revising Iowa’s captive insurance framework, including the creation and governance of life captive reinsurance structures.
- HF 2633, establishing protections for “living organ donors” in the context of life insurance, disability insurance, and long-term care insurance.
- HF 2232, protecting eligible adults from financial exploitation, particularly within the insurance and financial services sectors.
Alabama Gov. Kay Ivey signed HB 361, prohibiting insurers from discriminating against individuals who are organ donors in life, disability, and long-term care insurance coverage and pricing.
Kansas Gov. Laura Kelly signed HB 2602, creating voluntary portable benefit accounts that workers can use for multiple purposes, including purchasing life insurance.
Virginia Gov. Abigal Spanberger signed HB 60, addressing unfair discrimination in life and health insurance by barring insurers from discriminating against living organ donors, among other things.
The Illinois House and Senate have both passed SB 2872, a measure stating that specified provisions of the state’s Standard Nonforfeiture Law for Individual Deferred Annuities do not apply to contingent deferred annuities. The proposed language also affirms that the state’s director of insurance has the ability to adopt nonforfeiture benefits for such annuities.