The Annuity Reserves and Capital Work Group submitted recommendations of Aggregation Principles as outlined in the Academy’s Preliminary Framework Elements for Fixed Annuity Principle-Based Reserving to the National Association of Insurance Commissioners’ Life Actuarial Task Force’s VM-22 Subgroup.
( )The Economic Scenario Generator Work Group presented to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on model office testing scenarios of the new economic scenario generator.
( )The Academy’s Variable Annuity Reserves and Capital Work Group released its VM-21 Practice Note Supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities – 2022 Edition of VM-21. The supplement was exposed for public comment in 2021, and the final product has been published to reflect comments.
( )The Academy’s Life Underwriting and Risk Classification Work Group submitted comments to the NAIC’s Accelerated Underwriting (A) Working Group on its paper summarizing what the working group has learned on using external data and data analytics in accelerated underwriting and provides recommendations for regulators and insurers when evaluating accelerated underwriting.
( )The Academy’s Annuity Reserves and Capital Work Group submitted a letter and spreadsheet to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force’s VM-22 Subgroup regarding a reinvestment credit quality assumption consistent with the current VM-22 mix.
( )Academy President Maryellen Coggins submitted a letter to the Colorado Division of Insurance in advance of the upcoming stakeholder engagement process for the recently passed state law aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the law’s impact on casualty, health, and life insurance.
( )The Academy’s Life Illustrations Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on its exposure draft regarding the indexed universal life illustrations post-AG 49-A, which have shown lower credited rates and related values than seen prior to AG 49-A.
( )The Asset Modeling and Reporting Work Group submitted comments to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on its proposed second exposure draft of an actuarial guideline (AG) regarding asset adequacy testing.
( )The Index-Linked Variable Annuities Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup of the Life Insurance and Annuities (A) Committee on a proposed actuarial guideline (AG) regarding Index-Linked Variable Annuities.
( )The C-2 Longevity Risk Work Group submitted comments to the National Association of Insurance Commissioners’ Longevity Risk (A/E) Subgroup on reserve implications of expanding the scope of C-2 Longevity Risk-Based Capital requirements to include longevity reinsurance contracts in the proposed Principle-Based Reserving framework.
( )The Academy sent a letter to the chairs of the National Association of Insurance Commissioners’ (NAIC’s) Life Actuarial (A) Task Force and Life Risk-Based Capital (E) Working Group indicating an “as-is” availability of its economic scenario generator, the Academy Interest Rate Generator (AIRG) for those regulators and interested parties wishing to modify the AIRG parameters as a basis for producing an updated model.
( )The Tax Work Group published their updated FAQs regarding certain insurance reserves held by insurance companies for the purpose of determining U.S. taxable income under the Tax Cuts and Jobs Act of 2017.
( )Former Life Vice President Laura Hanson presented an update of Life Practice Council activities to the Life Actuarial (A) Task Force at the National Association of Insurance Commissioners 2021 Virtual Fall National Meeting.
( )The Life Underwriting and Risk Classification Work Group submitted comments to the NAIC’s Accelerated Underwriting (A) Working Group on its paper summarizing the output of the working group’s recommendations and assessment to understand the current state of the life insurance industry and its use of accelerated underwriting.
( )A Life Practice Council ad-hoc task force submitted comments to the NAIC’s Life Actuarial (A) Task Force (LATF) on a proposed actuarial guideline (AG) regarding asset adequacy testing.
( )The Variable Annuity Reserves and Capital Work Group (VARCWG) submitted comments to LATF on amendment proposal form (APF) 2021-11 regarding the proposed assumption disclosure requirements in VM-31.
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A Life Practice Council task force submitted comments to the Actuarial Standards Board (ASB) on the exposure draft of ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation.
( )The Life Financial Reporting Committee’s Market Risk Benefits Work Group published an exposure draft of a white paper, Considerations in Market Risk Benefits. The paper is exposed for public comment for 60 days, through Dec. 6. Comments may be submitted to lifeanalyst@actuary.org.
( )The Life Illustrations Work Group updated the Life Insurance Illustrations Practice Note to better reflect current practices actuaries are using when complying with ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation, which was revised and adopted in December 2016.
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