The Academy’s Life Experience Committee submitted a Discussion Brief to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force regarding COVID-19 in Life Insurance Mortality Improvement.

The Academy’s Index-Linked Variable Annuity Work Group submitted comments to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on its exposure of a draft Actuarial Guideline on Nonforfeiture Requirements for Index Linked Variable Annuity Products Supported by Non-Unitized Accounts.

The Academy’s Asset Modeling and Reporting Task Force submitted comments to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force (LATF) on LATF’s exposure of a draft Actuarial Guideline on asset adequacy testing.

The Academy’s Life Underwriting and Risk Classification Work Group submitted comments to the Colorado Division of Insurance on the stakeholder engagement process to develop rules to implement SB21-169, a new law to limit unfair discrimination in the life underwriting process.

The Academy’s Annuity Reserves and Capital Work Group submitted a presentation to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force’s VM-22 Subgroup regarding longevity reinsurance and longevity swaps.

The Academy’s Life Long-Term Care Combo Product Valuation Practice Note Work Group released Long-Term Care Insurance Combination Product Valuation, a practice note to that addresses the application of the NAIC Valuation Manual to these products from primarily a life insurance perspective. The previous 2019 Long-term Care (LTC) Combination Product Valuation Practice Note was developed by a work group of the Health Practice Council within the Academy.

Academy Life Vice President Ben Slutsker gave a presentation on recent Life Practice Council activity to the NAIC’s Virtual 2022 Life Actuarial Task Force (LATF) Spring National Meeting.

The Economic Scenario Generator (ESG) Work Group gave updates in response to LATF questions on the work group’s recent presentation on Model Office ESG Testing.

The Life Underwriting and Risk Classification Work Group submitted comments to the NAIC’s Accelerated Underwriting (A) Working Group Ad Hoc Drafting Subgroup’s Educational Report exposure draft of March 4, 2022.

The Asset Modeling and Reporting Task Force submitted comments on the draft Actuarial Guideline (AG) on Asset Adequacy Testing (AAT) which was exposed during the NAIC’s Life Actuarial Task Force’s February 10 meeting.

The Life Valuation Committee submitted comments on APF 2020-12 regarding hedging in VM-20 and VM-21 to the NAIC’s Life Actuarial Task Force.

The Economic Scenario Generator Work Group presented an update on Model Office Economic Scenario Generator (ESG) Testing to the NAIC’s Life (A) Actuarial Task Force (LATF). The presentation provided actual model office results for the economic scenario sets that have been selected by NAIC’s ESG Drafting Group.

The Life Reserves Work Group, Annuity Reserves and Capital Work Group, and Variable Annuity Reserves and Capital Work Group submit an amendment proposal and presentation to the NAIC’s Life Actuarial Task Force on Swap Spreads and the London Inter-bank Offered Rate Transition to the Secured Overnight Financing Rate.

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.