Nonforfeiture Modernization Work Group

The Nonforfeiture Modernization Work Group (formerly the Nonforfeiture Improvement Work Group) is studying the feasibility of a new nonforfeiture law for life insurance and annuities to replace the existing standards. The scope of the group's work includes a historical review of existing life and annuity nonforfeiture requirements, an analysis of their applicability to products in the current and potential future life and annuity marketplace, and the development of a set of recommendations for a revised approach to nonforfeiture, to be presented to the NAIC's Life Actuarial Task Force.