The Life Illustration Work Group updated the practice note for Actuarial Standard of Practice No. 24, which outlines compliance with the NAIC Life Insurance Illustrations Model Regulation.
Casualty VP Mike Angelina presented the NAIC’s Casualty Actuarial & Statistical Task Force at the NAIC’s National Summer Meeting with a summary of the Casualty Practice Council’s application process for non-CAS members to sign NAIC P/C Opinions.
The Life Practice Council sent its Legislation-In-Brief to the NAIC Principle-Based Reserving Implementation Task Force that outlines details of and support for the NAIC model Standard Valuation Law and PBR methodology. The LPC plans to distribute the brief to state insurance regulators and legislators.
The C1 Work Group made a presentation to the NAIC Investment Risk-Based Capital Working Group on the benefits and uses of a representative portfolio for C1 factors in the Risk-Based Capital formula.
Senior Life Fellow Nancy Bennett presented the Academy’s paper on lifetime income to the NAIC ERISA Retirement Income Working Group at the NAIC Summer National Meeting. Her presentation examining the financial risks of increased lifespans and the needs for retirees to secure lifetime income was based upon the Lifetime Income Risk Joint Task Force’s “Risky Business: Liv
Want to learn what you missed at the NAIC Summer Meeting? Register now for the Life Practice Council’s Sept. 19 webinar to learn about the Academy’s activities at the meeting and progress on principle-based reserving (PBR), which is now being adopted by the states.
Two Academy practice councils made presentations at the NAIC’s Center for Insurance Policy and Research Summit. Dave Neve, chairperson of the Life Financial Soundness Risk Management Committee, made a presentation on issues related to internal modeling for PBR at the summit on behalf of the Life Practice Council.