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.
( )The PBR Checklist Task Force released a document—“What is PBR for Life Insurance?”—just a few months before the Jan. 1 deadline for companies to adhere to the principle-based reserving (PBR) requirements under the Valuation Manual Section 20 (VM-20), that provides a summary of the significant elements of PBR.
( )The Lifetime Income Risk Joint Committee released an issue brief, Actuarial Observations on Retiree Income Approaches, on how actuarial methods and solutions apply to the risk management inherent to retirement income planning. Released in conjunction with the relaunch of the Academy’s and Society of Actuaries’ jointly developed Actuaries Longevity Illustrator, the issue brief provides a helpful overview and context for understanding how these tools can be used to mitigate risk and optimize retirement income.
( )The Life Experience Committee sent a report to the NAIC Life Actuarial (A) Task Force outlining the 2019 individual life insurance mortality improvement recommendation for use with AG 38 and VM-20.
( )
