The Annuity Reserve and Capital Subcommittee provided comments to the Valuation Manual (VM)-22 (A) Subgroup on proposed edits to the Standard Projection Amount (SPA) Policyholder Behavior Assumptions. 

The Life Products Committee commented on the recent exposure of APF 2024-16, which attempts to address requests for guidance on a standard nonforfeiture issue related to universal life policies in VM-02. 

The Life Practice Council provided comments to the NAIC Life Actuarial Task Force (LATF)'s exposures: Asset Adequacy Testing (AAT) for Reinsurance Actuarial Guideline (AG) Exposure Questions 111824, AAT for Reinsurance AG Presentation LATF 111524, and Draft AG ReAAT 111524.

The Life Practice Council’s Non-Guaranteed Elements Subcommittee released a public policy practice note, Actuarial Standard of Practice (ASOP) No. 2: Non-Guaranteed Elements for Life and Annuity Products, which examines the circumstances in which insurers have the right to exercise discretion to prospectively change a non-guaranteed element to be within the scope of ASOP No. 2.

This update of the 2017 Asset Adequacy Analysis practice note by the Academy’s Life Valuation Committee provides assistance to actuaries who are faced with the requirement of asset adequacy analysis by providing examples of common approaches 

The Annuity Reserve and Capital Subcommittee commented to the NAIC's Valuation Manual (VM)-22 (A) Subgroup on their exposure of a longevity reinsurance reserving proposal. 

Annuity Reserves & Capital Subcommittee Chairperson Chris Conrad, Academy Director of Research Steve Jackson, and EY gave an update on the aggregation of field test results for public distribution and on model office results examining the impact of the proposed specifications on major product categories, both designed to assist NAIC’s Life Actuarial (A) Task Force make decisions on the shape of VM-22 by next summer.

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. 

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.

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 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 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. 

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.