The Lifetime Income Risk Joint Committee submitted comments to the Department of Labor on an interim final regulation with request for comments regarding pension benefit statements and lifetime income illustrations.
( )The Life Practice Council’s Task Force to Review ASOP No. 2 submitted comments to the Actuarial Standards Board on the second exposure draft of the proposed revision of ASOP No. 2, Nonguaranteed Elements for Life Insurance and Annuity Products.
( )The Academy’s Principle-Based Reserving (PBR) Analysis Templates Task Force published six templates to assist users when performing PBR analysis or preparing PBR Actuarial Reports required by the National Association of Insurance Commissioners Valuation Manual (VM-31).
( )The Academy's Tax Work Group released a white paper outlining the most significant changes in the taxation of life insurance companies that were made by the Tax Cuts and Jobs Act of 2017 (TCJA).
( )C-2 Mortality Work Group presented an update to the NAIC's Life Risk-Based Capital (E) Working Group reviewing the C-2 overall approach and current risk-based capital (RBC) factors.
( )The Academy C-3 Life and Annuities Work Group (C-3 WG) has a request from the NAIC Life Risk-Based Capital (E) Working Group (LRBC) to “Update the current C-3 Phase I or C-3 Phase II methodology to include Indexed Annuities.”
( )The PBR Governance Work Group provided an update on Academy PBR Resources to the Life Actuarial (A) Task Force at the NAIC 2020 Summer National Meeting.
( )The Life Experience Committee Mortality Improvement Subgroup presented an update on the 2020 Life MI Scale Recommendation to the Life Actuarial (A) Task Force during the NAIC 2020 Summer National Meeting.
( )The Variable Annuity Reserves and Capital Work Group released the VM-21 Checklist. This checklist provides a comprehensive guide to VM-21, which specifies requirements for principle-based reserves for variable annuity contracts.
( )The Life Underwriting and Risk Classification Work Group sent a follow-up letter to the NAIC Accelerated Underwriting (A) Working Group on Actuarial Standards of Practice that were referenced in their June 18 presentation.
( )The Life Underwriting and Risk Classification Work Group gave a presentation on actuarial perspectives on accelerated underwriting to the NAIC Accelerated Underwriting (A) Working Group.
( )The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force regarding the illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline 49 and the ACLI Redline of AG 49A.
( )The Annuity Reserves Work Group gave an update to the NAIC VM-22 (A) Subgroup on the preliminary framework elements for fixed annuity PBR.
( )The C-2 Longevity Risk Work Group sent a comment letter and supplemental materials to the NAIC Life Risk-Based Capital (E) Working Group on suggested edits to the RBC forms and instructions for C-2b longevity risk.
( )The Tax Work Group submitted a comment letter to the Internal Revenue Service regarding a proposed regulation that provides guidance on the computation of life insurance reserves for income tax reporting.
( )The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force on the "Independent Proposal" regarding IUL product illustrations under AG 49.
( )The Annuity Reserves Work Group provided an update to the NAIC VM-22 (A) Subgroup on the preliminary framework elements for fixed annuity PBR.
( )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.
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