The Annuity Reserves Work Group presented an update on its work related to issues that need to be modified for non-variable annuities to the Life Actuarial Task Force.

Mary Bahna-Nolan, chairperson of the Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group, presented on the guaranteed issue report and amendment proposal forms (APFs) to the Life Actuarial Task Force. The first APF examines implementation of guaranteed issue mortality tables under current requirements; the second APF examines implementation under principle-based reserve requirements.

Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group presented to the Life Actuarial Task Force on the 2017 simplified issue composite mortality tables report.

Mary Bahna-Nolan, chairperson of the Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group, presented on PBR valuation considerations and recommendations related to accelerated underwriting to the Life Actuarial Task Force.

The Tax Work Group released an issue brief on the implications of calculating tax-deductible claim reserves based on incurral date versus issue date for long-term disability insurance policies.

The C1 Work Group submitted comments to the NAIC's Investment Risk-Based Capital Working Group (IRBC) on their recent proposal on RBC requirements for real estate.

The Accelerated Underwriting Project Oversight Group (reporting to the Academy's Life Experience Committee and SoA's Preferred Mortality Oversight Group) submitted comments to NAIC's Life Actuarial Task Force (LATF) discussing future experience study data elements.

Senior Life Fellow Nancy Bennett and Tom Campbell, chairperson of the Life Valuation Committee’s AG 43/C3 Phase II Work Group, presented to the Federal Reserve Board Insurance Industry Work Group on regulatory capital requirements for life insurers.

The VM-31 Subgroup submitted comments to the NAIC's Life Actuarial Task Force (LATF) on an amendment to eliminate the summary of methods and assumptions that covers multiple product groups in the executive summary.

The newest issue of PBA Perspectives includes items on the PBR Review (EX) Working Group’s pilot project; the Life Practice Council’s PBR Boot Camp in Orlando in May; and the PBR Model Governance Practice Note Work Group’s new practice note.

The Non-Guaranteed Elements Work Group submitted comments to the New York Department of Financial Services on re-proposed 11NYCRR 48 (insurance regulation 210) on life insurance and annuity non-guaranteed elements.

The Government Mandates Work Group published a new issue brief providing information on the impact of laws and regulations on consumer cost and consumer choice for annuity and life insurance benefits.

The C1 Work Group submitted comments to the NAIC with revised recommendations on corporate bond risk-based capital (RBC) factors based on changes to the representative portfolio.

The PBR Governance Work Group submitted comments to the Actuarial Standards Board (ASB) on the exposure draft for a new ASOP, Principle-Based Reserves for Life Products.

The Operational Risk Work Group submitted comments to the NAIC on the Life Risk-Based Capital (RBC) operational risk factor.

The Life Principle-Based Approach Practice Note Work Group released the final practice note, Life Principle-Based Reserves Under VM-20, to assist actuaries with the implementation of the principle-based life reserve valuation approach adopted by the NAIC as detailed in the Requirements for Principle-Based Reserves for Life Products—VM-20.

The Life Reserves Work Group submitted an amendment proposal form to the National Association of Insurance Commissioners Life Actuarial Task Force regarding the VM-20 wording on modeling of policy loans and separate account assets.

The Life Reserves Work Group submitted comments on two National Association of Insurance Commissioners' (NAIC) Life Actuarial Task Force proposed amendments to VM-20 – one comment letter related to additional definitions and the other comment letter related to proposed changes to Section 2G.

The Principle-Based Reserve (PBR) Model Governance Practice Note Work Group released a new practice note to provide additional information for practicing life actuaries seeking to better understand models, model risks, model governance, and related issues, as these actuaries implement PBR.

Tricia Matson, chairperson of the Longevity Risk Task Force, presented an update on efforts to develop a methodology for recognizing longevity risk in statutory reserves and risk-based capital (RBC) to the NAIC's Life RBC Working Group.