Life
The Academy’s Life Practice Council (LPC) is dedicated to providing policymakers and regulators with unbiased technical expertise.
From crafting principle-based regulatory frameworks to optimizing risk-based capital strategies, the LPC is at the forefront of innovation in the life insurance industry.
Capital
Life and annuity capital adequacy and recommendations to improve life Risk-Based Capital (RBC) requirements.
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Financial Reporting
Life insurance and annuity topics that involve financial reporting, with an emphasis on GAAP and international issues.
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Life News
Health Committee News
ASB Adopts Final Revision of ASOP No. 5
The ASB recently adopted a final revision of ASOP No. 5, Incurred Health Claim Liabilities. This ASOP provides guidance to actuaries when estimating or reviewing incurred claims when preparing or…
Topics: ASB News
Date Published: 04/27/2017
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Life Committee News
ASB Approves Exposure of Proposed ASOP on Principle-Based Reserves for Life Products
The ASB approved an exposure draft of a proposed new ASOP titled Principle-Based Reserves for Life Products. The proposed ASOP will apply to actuaries when performing actuarial services on behalf of…
Topics: ASB News
Date Published: 04/14/2017
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Life Resources
Comment / Letter
Longevity Risk Task Force Comments to NAIC on RBC C-2 Charge
The Longevity Risk Task Force provided feedback to the NAIC’s Longevity Risk (E/A) Subgroup in response to a request from the Subgroup on a framework for the RBC C-2 charge for longevity…
Topics: Life
Subcommittee Submits APF to LATF
The Life Reserves Subcommittee submitted an Amendment Proposal Form (APF) on the Discount Rate for VM-20 Stochastic Reserve to the NAIC’s Life Actuarial (A) Task Force (LATF).
Topics: Life
Issue Brief
Excess Interest Reserves as Defined Under Internal Revenue Code §811(d)
The Tax Committee released Excess Interest Reserves as Defined Under Internal Revenue Code §811(d), an issue brief exploring how tax basis excess interest differs from excess interest in actuarial…
Comment / Letter
Practice Councils Comment to NAIC on Revised RBC Principles
The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Practice Council submitted a joint comment letter to the NAIC’s…
Comment / Letter
LPC Comments to LATF on AG 55
The Life Practice Council (LPC) submitted comments and recommendations to the NAIC’s Life Actuarial (A) Task Force (LATF) regarding the Actuarial Guideline 55 (AG 55) Template Exposure.
Topics: NAIC
Comment / Letter
Life Illustrations Subcommittee Comments to NAIC
The Life Illustrations Subcommittee provided comments to LATF and the NAIC’s Life and Annuity Illustration (A) Subgroup regarding the exposed APF 2025-XX Illustrations.
Topics: NAIC
Resource
Applicability Guidelines for Actuarial Standards of Practice
Introduction to the Applicability Guidelines Actuarial Standards of Practice. The Actuarial Standards Board (ASB) sets standards for appropriate actuarial practice in the United States…
Comment / Letter
Comments to NAIC Groups Regarding the LRBCWG/VACRSG Exposure
The C-3 Subcommittee and Variable Annuity Reserves and Capital Subcommittee provided comments to the NAIC’s Life Risk-Based Capital (E) Working Group (LRBCWG) and to the Variable Annuities Capital…
Comment / Letter
Task Force Comments to Subgroup
The Longevity Risk Task Force submitted comments to the NAIC’s Longevity Risk (E/A) Subgroup in response to their Longevity Risk Factor Proposal Request.
Topics: Life
Presentation
C-3 Subcommittee Presents to NAIC on C3 Alignment
The C-3 Subcommittee provided an update on C3 Alignment to NAIC’s Life Risk-Based Capital (E) Working Group meeting.
Topics: Life