Subgroups of the Life Practice Council gave presentations to the NAIC’s Life Actuarial Task Force regarding development of an aggregate margin and mortality studies, submitted reports on nonforfeiture modernization and, synthetic guaranteed investment contracts and proposed amendments to VM-20 regarding policy loans, deterministic reserve and pre-tax investment maintenance reserve.
( )The Casualty, Health, Life, and Professionalism Councils sent comments to the NAIC’s Joint Qualified Actuary (A/B/C) Subgroup in response to its request for comments to a list of nine questions in anticipation of the Subgroup’s meeting at the NAIC Spring National Meeting on April 5, 2013.
( )The Annuity Illustration Work Group submitted comments to the Iowa Insurance Division on its March 18 draft memorandum, Annuity Illustrations; 191 Iowa Administrative Code rules 15.61-.69, based upon the new NAIC Annuity Disclosure Model Regulation.
Senior Life Fellow Nancy Bennett presented to state legislators at the National Conference of Insurance Legislators Spring Meeting regarding the implementation and review process for Principle-based Reserves.
( )The Casualty, Life, Health, and Professionalism councils submitted comments to the NAIC's Joint Qualified Actuary (A/B/C) Subgroup on the subgroup's two new charges related to defining a "qualified actuary" and recommending a process to address "unprofessional" actuarial work.
( )The Life & Health Valuation Law Manual is now available. The manual is designed to help appointed actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation.
( )The Life Practice Council presented a webinar reviewing the NAIC Fall 2012 National Meeting and progress on the principle-based approach (PBA) to life reserves. The December 13 webinar included a Fall 2012 LATF update, PBR update, and a presentation on the 2012 Individual Annuity Mortality Tables and Model Regulation.
( )The Actuarial Guideline 43/C-3 Phase II Work Group sent comments to the NAIC’s C-3 Phase II/AG 43 (E) Subgroup on its November 1, 2012 Work Plan Draft.
( )Join the Academy’s Life Practice Council on Dec. 13 for an overview of the NAIC Fall 2012 National Meeting and progress on the principle-based approach (PBA) to life reserves. Presenters also will provide an overview of the newly adopted 2012 Individual Annuity Reserving Table which becomes effective January 2014.
( )The LPC submitted a comment letter in support of budget item, “Actuarial Guideline 38/Principle-Based Reserving Implementation and Monitoring.”
( )The Academy's Actuarial Guideline 43/C-3 Phase II Work Group submitted a report to the NAIC with possible ideas for a review process of Actuarial Guideline 43 and C-3 Phase II.
( )The Casualty, Life, Health, Professionalism, and Financial Reporting Councils submitted comments to the NAIC’s Corporate Governance Working Group concerning the WG’s Proposed Responses to a Comparative Analysis of Existing U.S. Corporate Governance Requirements.
( )The LPC held its 24th Post-NAIC/PBA Webinar on Aug. 30. The webinar focused on the NAIC’s Life Actuarial Task Force activities including an update from the NAIC’s Summer National Meeting in August. In addition, the webinar covered the Academy’s proposed PBR updating and review process, Actuarial Guideline 38 activities, an update on capital issues and a brief summary of the Academy professionalism event at the meeting. Download the presentation slides for free or purchase the audio recording.
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