The Committee on Property and Liability Financial Reporting (COPLFR) released the update to the Risk Transfer Practice Note (last updated in 2007). The Risk Transfer Practice Note includes definitions and relationships between regulatory treatments of risk transfer, e.g., U.S. statutory, U.S. GAAP, IFRS 4 and IFRS 17, and Solvency II; the process for determination of risk transfer; current techniques used in practice for determining risk transfer; and risk transfer documentation. 

The hallmarks of a profession include high levels of expertise gained through years of study and experience, a high level of trust, and upholding high standards of conduct, qualification, and practice. A disciplinary process is also necessary to ensure that those standards are being met, in the public interest.

The Academy’s Index-Linked Variable Annuity Work Group submitted a comment letter and corresponding redline to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup on the Oct. 13 exposure of proposed Actuarial Guideline ILVA.

The Academy’s Life Illustrations Work Group submitted comments to the National Association of Insurance Commissioners’ Indexed Universal Life (IUL) Illustration (A) Subgroup on the Oct.13 exposure of Actuarial Guideline 49-A Quick Fix Proposals.