The C1 Work Group provided comments on the NAIC Securities Valuation Office Staff Calibration Project. (
)
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 Annuity Illustration Subgroup submitted comments to the NAIC Annuity Disclosures (A) Working Group on the November 28, 2012 draft of the Buyers Guide for Deferred Annuities. (
)
The Life Practice Council submitted a comment letter to the National Association of Insurance Commissioners' Principles-Based Reserving (E) Working Group with suggested changes to its November 2012 draft implementation plan for principle-based reserving of life insurance. (
)
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 Annuity Illustration Subgroup sent a comment letter to the Iowa Insurance Division on selected FAQs in its October 18, 2012 draft memorandum.
(
)
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.
( )Register now for the Post-NAIC Update/PBA webinar for a review of NAIC’s life and annuity activities—including those of the Life Actuarial Task Force—and receive an update on the Valuation Manual that was adopted by the NAIC’s life insurance committee on Aug. 17.
( )The Nonforfeiture Modernization Work Group updated the NAIC Life Actuarial Task Force on a general revision of the life and annuity standard nonforfeiture laws.
( )Mary Bahna-Nolan, chairperson of the Life Experience Subcommittee, gave a presentation to the NAIC Life Actuarial Task Force discussing conclusions of the subcommittee on the 2012 Individual Annuity Mortality Basic Tables following a recent exposure period.
( )This two-day interactive seminar will allow attendees to work hands-on with the new reserving requirements in VM-20 and apply them to real-life examples. The seminar also will provide plenty of opportunity to discuss specific components of VM-20 with expert faculty. This seminar is jointly sponsored by the Academy and the Society of Actuaries. (
)
The Life Practice Council and Life Financial Soundness/Risk Management Committee submitted comment letters with suggested changes to the valuation manual and expressed the need for an updating and review process for the valuation manual going forward.
( )The Contingent Annuity Work Group gave a presentation at an interim meeting of the NAIC Contingent Deferred Annuity (A) Working Group regarding the solvency and risk management issues associated with contingent annuities.
( )The Academy's Life Invested Asset Work Group submitted a comment letter to the NAIC Valuation of Securities Task Force related to modification of the methodology for assigning classifications to investments and changing how classification decisions are implemented.
( )
