Life Policy Analyst Amanda Barry-Moilanen provided an update on Life Practice Council (LPC) activities of interest to the NAIC’s Life Actuarial (A) Task Force (LATF) at their recent meeting in Denver, including recent and upcoming LPC publications, other Academy activity and key 2025 events.
( )Director of Research Steve Jackson provided an update to NAIC's Title Insurance (C) Task Force on the Academy’s research project examining the expenses associated with title insurance prior to the issuance of policies.
( )The Risk Management and Financial Reporting Council’s (RMFRC) Financial Reporting Committee, ERM/ORSA Committee, and Life GAAP Reporting Committee released a white paper, Hedging and Risk Management. The paper examines how insurance companies—life, health, or property and casualty—employ similar techniques to manage insurance risk. It uses life insurance management of mortality risk to illustrate examples and describes capital markets’ risks and how companies have adopted hedging as a risk management tool.
( )The Economic Scenario Generator Subcommittee commented to the NAIC Generator of Economic Scenarios (GOES) (E/A) Subgroup on their exposure of SERT scenarios.
( )The Life Practice Council provided comments to the entirety of the NAIC Life Actuarial Task Force (LATF)'s exposure, AAT for Reinsurance Actuarial Guideline Draft.
( )The Life Practice Council provided comments to the Scope and Aggregation sections of the NAIC Life Actuarial Task Force (LATF)'s exposure, AAT for Reinsurance Actuarial Guideline Draft.
( )The Life Underwriting and Risk Classification Subcommittee submitted additional comments to the Colorado Division of Insurance on the ACLI draft proposed quantitative testing regulation, Concerning Quantitative Testing of External Consumer Data and Information Sources, Algorithms, and Predictive Models Used for Life Insurance Underwriting for Unfairly Discriminatory Outcomes.
( )The Life Underwriting and Risk Classification Subcommittee submitted comments to the NAIC's Special (EX) Committee on Race and Insurance Life Workstream on the July 17 Exposure of the Survey of Life Insurer Underwriting Guidelines as Applied to Justice Impacted Individuals.
( )Members of the Economic Scenario Generator Subcommittee, along with representatives from Oliver Wyman and the New Jersey Department of Banking and Insurance, presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on the National Association of Insurance Commissioners' Generator of Economic Scenarios (GOES) Project.
( )Members of the Annuity Reserve and Capital Subcommittee, along with representatives from EY, presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on the VM-22 Field Test.
( )Members of the Life Practice Council presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on regulatory updates on recent National Association of Insurance Commissioners (NAIC) activity.
( )Members of the Life Investment Analysis Subcommittee presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on Assets for Appointed Actuaries.
( )Members of the Life Practice Council, along with representatives from Kuvare and the Minnesota Department of Commerce, presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on offshore reinsurance.
( )Life Policy Analyst Amanda Barry-Moilanen gave an update on Life Practice Council (LPC) activity to NAIC’s Life Actuarial (A) Task Force (LATF) at the NAIC Summer National Meeting in Chicago, including recently released LPC publications; a preview of Envision Tomorrow, the Academy’s annual meeting; and the annual Call for Volunteers.
( )The Life Practice Council provided comments to the Life Actuarial Task Force (LATF) regarding LATF's “Reinsurance AAT Concepts" and "Reinsurance AAT Attribution Analysis" exposures.
( )The Life Underwriting and Risk Classification Subcommittee commented to the Colorado Division of Insurance on the ACLI draft proposed quantitative testing regulation, Concerning Quantitative Testing of External Consumer Data and Information Sources, Algorithms, and Predictive Models Used for Life Insurance Underwriting for Unfairly Discriminatory Outcomes.
( )The Academy's C1 Subcommittee provided comments to the NAIC's Risk-Based Capital Investment Risk and Evaluation (E) Working Group on the exposed interim residual tranche proposal by Everlake Life Insurance Company.
( )The Asset Adequacy and Reinsurance Issues Task Force provided comments to the Life Actuarial Task Force (LATF) regarding LATF's “AAT Reinsurance Exposure 031724”.
( )The Life Experience Committee released a resource and discussion guide, Utilization Assumptions of Guaranteed Living Benefits for Deferred Annuities. The guide suggests some reasons why there may be a cohort that never utilizes its guaranteed living benefits (GLBs). It also provides sources of information on how to develop reasonable assumptions regarding GLB withdrawals.
( )The Variable Annuity Reserves and Capital Subcommittee sent comments to the NAIC’s Variable Annuities Capital and Reserve (E/A) Subgroup on the exposure draft of APF 2024-07 that proposes updates to the VM-21 Standard Projection Amount assumptions.
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