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
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
Comment / Letter
Subcommittee Comments on AG49-A to LATF
The Life Illustration Subcommittee submitted comments to NAIC’s Life Actuarial (A) Task Force (LATF) on recent amendments to APF AG 49-A Section 7.
Topics: Life
Comment / Letter
LPC Presents on AG 55 to LATF
The Life Practice Council submitted comments to NAIC’s Life Actuarial (A) Task Force (LATF) on the template exposure for AG 55.
Topics: Life
Comment / Letter
Comment Letter to NAIC on AI Systems Evaluation Tool
Providing an actuarial perspective on responsible use of AI in insurance, vice presidents from the Academy’s casualty, health, life, and risk management and financial reporting councils sent a…
Comment / Letter
Committee Presents to NAIC on Covariance
The Life Investment and Capital Adequacy Committee submitted a comment letter to NAIC’s Life Risk-Based Capital (E) Working Group (LRBC) in response to questions raised during LRBC’s June meeting.
Topics: Life
Comment / Letter
C-1 Subcommittee Comments on CLO
The C-1 Subcommittee provided an update to NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on collateralized loan obligation (CLO) C-1 factor modeling for the Structured…
Topics: Life
Resource
Governance Checklist, Related to Testing Life Insurance Underwriting for Unfairly Discriminatory Practices
The Life Underwriting and Risk Classification Subcommittee released Governance Checklist, Related to Testing Life Insurance Underwriting for Unfairly Discriminatory Practices, which outlines items…
Topics: Life
ASOP
NAIC Life Insurance Illustrations Model Regulation
September 2024 TO: Members of Actuarial Organizations Governed by the Standards of Practice of the Actuarial Standards Board and Other Persons Interested in the NAIC Life Insurance Illustrations…
ASOP
Proposed Revision of ASOP No. 24 – NAIC Life Insurance Illustrations Model Regulation
March 2024 TO: Members of Actuarial Organizations Governed by the Standards of Practice of the Actuarial Standards Board and Other Persons Interested in the NAIC Life Insurance Illustrations…
Presentation
Academy Presents on Hybrid Life/LTC Products at SOA ValAct
Life Practice Council volunteers Rachel Marie Brewster, Robert Eaton, and Matthew Hantelman presented at the Society of Actuaries Valuation Actuary Meeting (SOA ValAct) in Chicago on hybrid life and…
Topics: Life