The Long-Term Care (LTC) Valuation Work Group presented an update on their recent activity to the Actuarial Working Group of the National Association of Insurance Commissioners.

The Long-Term Care Combination Product Valuation Work Group updated the Long-Term Care (LTC) Actuarial Working Group of the National Association of Insurance Commissioners on the LTC Combination Product Valuation Practice Note currently exposed for comment.

The Life Practice Council gave an update on the proposed yearly renewable term field test to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting. 

As members of a self-regulating profession, actuaries follow the actuarial standards of practice, the U.S. Qualification Standards, the Code of Professional Conduct—and the Code’s Precept 13, which states that if you think another actuary may have violated the Code, you are required to act. This Precept is essential to our profession. (Actuarial Update, July 2019)

The PBR Governance Work Group presented an update on Academy resources for PBR to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting. 

The LRWG provided an update to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting on its projected timeline for deliverables, specifically an amendment proposal form intended for the 2021 Valuation Manual. 

The Academy’s second professionalism webinar of 2019, “Big Data: Professional Standards Provided by Actuaries and New Research on Regulatory Views,” provided information on current and emerging Big Data developments, regulatory issues, and the advantages actuarial professionalism requirements can bring to actuaries. (Actuarial Update, July 2019)

The Life Experience Committee submitted an amendment proposal form and supplemental comment letter providing a revision to data elements in VM-51 to accommodate and differentiate individual underwriting and allow more robust mortality data for development of Industry Mortality Tables. 

The SVL Interest Rate Modernization Work Group gave an update to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting. 

The ARWG provided an update on its work on fixed annuity PBR to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.