The Life Illustrations Work Group sent a letter to the NAIC IUL Illustration (A) Subgroup regarding the illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline XLIX (AG 49), and the American Council of Life Insurers proposal for AG 49-A.
( )The Life Practice Council sent a comment letter to the Actuarial Standards Board on the proposed revision of Actuarial Standard of Practice (ASOP) No. 11, Reinsurance Involving Life Insurance, Annuities, or Health Benefit Plans in Financial Reports.
( )The Life Valuation Committee's Principle-Based Reserve (PBR) Review Procedures Work Group released a public policy practice note, Common Practices of Examining Actuaries Involved in Statutory Financial Solvency Examinations of Life and Health Insurers, Including Considerations for Principle-Based Reserves.
( )The Life Principle-Based Approach Practice Note Work Group updated the 2017 VM-20 Practice Note to reflect emerging practices and changes to the Valuation Manual since the version effective for Dec. 31, 2019, valuations.
( )The Life Reinsurance Work Group sent a comment letter to the NAIC Reinsurance (E) Task Force regarding their exposed memorandum, which requested comments on whether compliance with Actuarial Guideline XLVIII (AG 48) should be considered to be "substantially similar" to Model #787 under the NAIC Financial Standards and Accreditation Program.
( )The Life Illustrations Work Group sent a comment letter to the NAIC IUL Illustration (A) Subgroup on Indexed Universal Life insurance policies under Actuarial Guideline XLIX (AG 49).
( )The C-1 Work Group sent a letter to the NAIC Capital Adequacy (E) Task Force on their proposal to expand the number of bond factors in the Life Risk-Based Capital formula.
( )The Macroprudential Task Force sent a comment letter to the NAIC Financial Stability (EX) Task Force and Liquidity Assessment (EX) Subgroup on the exposed Liquidity Stress Testing Framework.
( )The Longevity Risk Task Force sent a comment letter on the proposed longevity risk charge to the NAIC Life Risk-Based Capital (E) Working Group.
( )The Principle-Based Approach Projections Practice Note is now available. This practice note contains questions and answers related to common practice for projecting future principle-based reserve and risk-based capital calculations.
( )The Life Experience Committee provided an introduction on the Valuation Basic Table analysis process to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Donna Claire, Chairperson of the PBR Governance Work Group, gave an update on the development of Academy PBR resources to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )The Life Reserves Work Group gave an update on PBR treatment for individually underwritten group insurance to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Marianne Purushotham, Chairperson of the Life Experience Committee Life Mortality Improvement Subgroup, gave an update on mortality improvement scale methodology to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Ben Slutsker, Chairperson of the Annuity Reserves Work Group, and John R. Miller, Vice Chairperson, gave an update on preliminary framework elements for non-variable annuity PBR to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Chris Conrad, Chairperson of the SVL Interest Rate Modernization Work Group, gave an update on Non-SPIA Valuation Rates to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )Jason Kehrberg, Chairperson of the YRT Field Test Project Oversight Work Group, gave an update on the YRT Field Test Timeline to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.
( )The Life Reserves Work Group submitted APF 2019-33 to the Life Actuarial (A) Task Force. The APF seeks to clarify the definition of individually underwritten life insurance and the applicability of PBR requirements for group insurance contracts with individual risk selection issued under insurance certificates.
( )The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force addressing their questions on illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline 49.
( )The Longevity Risk Task Force sent a cover letter outlining sample changes to the risk-based capital (RBC) blanks for implementing longevity C-2 factors.
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