Read the newest edition of PBA Perspectives, the Academy’s quarterly update on regulatory, legislative, and Academy activities surrounding the implementation of the Principle-Based Approach (PBA) for life insurance.
( )The Life Illustrations Work Group submitted comments to LATF’s IUL Illustration (A) Subgroup on the draft revision of Actuarial Guideline (AG) 49.
( )The Academy continued its dialog with insurance regulators on a wide variety of issues, including long-term care insurance, automobile insurance, risk-based capital, and principle-based reserving at the National Association of Insurance Commissioners 2015 Fall National Meeting held November 19-22 at National Harbor, outside of Washington, DC. Read the Academy Alert here. (
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The Joint American Academy of Actuaries Life Experience Committee and Society of Actuaries Preferred Mortality Oversight Group provided an update on guaranteed issue, simplified issue and preneed to the Life Actuarial Task Force at the NAIC Fall 2015 National Meeting.
( )The Deposit Fund Subgroup submitted comments to the Life Actuarial Task Force on rules for separate accounts that fund guaranteed minimum benefits under group contracts related to the synthetic GIC model regulation.
( )The Annuity Reserves Work Group (ARWG) provided a non-variable annuity PBR update to the Life Actuarial Task Force’s VM-22 Subgroup at the NAIC Fall 2015 National Meeting.
( )The Nonforfeiture Modernization Working Group (NMWG) made a presentation on the gross premium nonforfeiture method to the Life Actuarial Task Force at the NAIC Fall 2015 National Meeting.
( )The Academy held a forum on issues surrounding aging securely at the U.S. Capitol that explored long-term care, lifetime income, and the sustainability of public programs like Medicare and Social Security.
( )The Lifetime Income Risk Joint Task Force released three issue briefs in the Risky Business series: one explores financial literacy and education for prospective retirees, and refocused plan design and federal retirement policies; another provides actuarial insights regarding lifetime income planning; and a third examines risk sharing by retirees. The task force also released an issue brief that explains general retirement planning considerations, and another designed to provide a high-level perspective on key aspects related to lifetime income.
( )The Life Reserves Work Group submitted an amendment proposal to the NAIC regarding the removal of references to the “seriatim reserve” in the Valuation Manual.
( )The Life Reserves Work Group submitted an amendment proposal to the NAIC regarding the definition and clarification of the term “modeled reserve” in the VM-20.
( )The Nonforfeiture Modernization Work Group submitted additional comments related to cancellation benefits on the Draft Contingent Deferred Annuity (CDA) Cancellation of Benefits Document to the NAIC CDA (A) Working Group.
( )The AG 43/C-3 Phase II Work Group submitted comments on the "Variable Annuities Framework for Change" to the NAIC Variable Annuities Issues (E) Working Group.
( )The Life Illustrations Work Group (LIWG) submitted comments to the Life Insurance and Annuities (A) Committee regarding possible life insurance policy illustration issues that could be reviewed by the proposed Illustration Review (A) Working Group.
( )The Principle-Based Reserves Strategy Subgroup submitted comments to the Reinsuirance Task Force on the exposure draft, Non-Universal Life and Universal Life With Secondary Guarantees Credit for Reinsurance Model Regulation.
( )The VM-22 drafting subgroup of the Annuity Reserve Work Group (ARWG) submitted comments to LATF’s VM-22 subgroup on draft sections of VM-22 that cover all non-variable annuities and deposit funds.
( )The C1 Work Group (C1WG) provided comments on the ACLI’S proposal, Life Insurer C-1 Asset Risk-Based Capital Requirement – Real Estate,” which was exposed by the NAIC Investment Risk-Based Capital Working Group.
( )The Life Practice Council (LPC) submitted comments to the NAIC’s Principle-Based Reserving Implementation (EX) Task Force on its “Substantially Similar Terms and Provisions” to Determine the Valuation Manual Operative Date exposure draft.
( )The Illustrations Work Group (IWG) published an addendum to the practice note, Actuarial Standard of Practice No. 24: Compliance with the NAIC Life Insurance Illustrations Model Regulation, to reflect the recently adopted Actuarial Guideline 49.
( )The C-1 Work Group prepared a report and made a presentation to the NAIC’s Investment Risk-Based Capital Working Group on C-1 factors for corporate bonds.
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