The Annuity Reserve and Capital Subcommittee provided comments to the Valuation Manual (VM)-22 (A) Subgroup on proposed edits to the Standard Projection Amount (SPA) Policyholder Behavior Assumptions. (February 04, 2025)
Each year, the Academy receives numerous questions on qualifications. The first stop should be the U.S. Qualification Standards, which lay out the requirements for basic education and experience, continuing education, and NAIC annual statements of actuarial opinion. (January 31, 2025)
The Life Products Committee commented on the recent exposure of APF 2024-16, which attempts to address requests for guidance on a standard nonforfeiture issue related to universal life policies in VM-02. (January 24, 2025)
The Life Practice Council provided comments to the NAIC Life Actuarial Task Force (LATF)'s exposures: Asset Adequacy Testing (AAT) for Reinsurance Actuarial Guideline (AG) Exposure Questions 111824, AAT for Reinsurance AG Presentation LATF 111524, and Draft AG ReAAT 111524. (January 15, 2025)
The Life Practice Council’s Non-Guaranteed Elements Subcommittee released a public policy practice note, Actuarial Standard of Practice (ASOP) No. 2: Non-Guaranteed Elements for Life and Annuity Products, which examines the circumstances in which insurers have the right to exercise discretion to prospectively change a non-guaranteed element to be within the scope of ASOP No. 2. (January 10, 2025)
The Actuarial Board for Counseling and Discipline (ABCD) was set up to help in professionalism situations that may seem to not have clear-cut answers. Actuaries have a rare and valuable resource in the ABCD’s request for guidance process. (December 31, 2024)
The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2024), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report. (December 27, 2024) (December 27, 2024)
This update of the 2017 Asset Adequacy Analysis practice note by the Academy’s Life Valuation Committee provides assistance to actuaries who are faced with the requirement of asset adequacy analysis by providing examples of common approaches (December 24, 2024)
Due to technical difficulties, members did not receive the Jan. 10 issue of This Week by email, but the issue is available here. (December 20, 2024)
The Long-Term Care (LTC) Committee submitted comments to the NAIC’s Long-Term Care (B) Task Force (LTCAWG) in response to the NAIC Long-Term Care Insurance (B) Task Force’s November 20, 2024, request for comments on the exposure draft of the Long-Term Care Insurance Multistate Rate Review (LTCI MSA) Framework. (December 12, 2024)
The Annuity Reserve and Capital Subcommittee commented to the NAIC's Valuation Manual (VM)-22 (A) Subgroup on their exposure of a longevity reinsurance reserving proposal. (December 04, 2024)
The Data Science and Analytics Committee (DSAC) has released an issue paper, Natural Experiments. The paper discusses an approach to establish causation that approximates the construction of a randomized controlled trial but has lower ethical, practical, and financial barriers. (December 03, 2024)
Incoming Professionalism & Education Vice President Nancy Behrens offers some perspective on the importance of professionalism issues, facing potential conundrums, and advice for young actuaries beginning their careers. (November 27, 2024)
Annuity Reserves & Capital Subcommittee Chairperson Chris Conrad, Academy Director of Research Steve Jackson, and EY gave an update on the aggregation of field test results for public distribution and on model office results examining the impact of the proposed specifications on major product categories, both designed to assist NAIC’s Life Actuarial (A) Task Force make decisions on the shape of VM-22 by next summer. (November 21, 2024)
Director of Research Steve Jackson provided an update to NAIC's Title Insurance (C) Task Force on the Academy’s research project examining the expenses associated with title insurance prior to the issuance of policies. (November 19, 2024)
