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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.
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Life and annuity capital adequacy and recommendations to improve life Risk-Based Capital (RBC) requirements.
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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
C3 Field Test Specifications
The C-3 Subcommittee presented C-3 Field Test Specification revisions to the NAIC Life RBC Work Group.
Comment / Letter
NAIC LATF Request to Review VM Prescribed Spreads & Defaults
The Academy’s Life Reserves Committee responded to the NAIC LATF’s request to review the Valuation Manual prescribed default and spread methodology used in VM-20, VM-21, and VM-22, and either…
Comment / Letter
NAIC IUL and Premium Financing Comment Letter
The Academy’s Life Insurance Illustration Subcommittee offered the comments in response to the June 15, 2026, presentation made by NAIC Consumer Representative Dick Weber regarding IUL and premium…
Comment / Letter
Model 245 Summary Guide & Actuarial Guideline Flow Chart Exposure Question
The Annuity Products Subcommittee provided comments to the June 2, 2026, exposure of the List of Potential Modifications to Model 245 Summary Guide and Actuarial Guideline as Mechanism for…
Comment / Letter
VM-22 Retrospective Application Exposure Comment Letter
The Annuity Reserves and Capital Subcommittee (ARCS) submitted comments to the NAIC’s Life Actuarial (A) Task Force Valuation Manual (VM)-22 (A) Subgroup on the VM-22 Retrospective Application…
Comment / Letter
GIC Exposure Comment Letter
The Annuity Reserves and Capital Subcommittee submitted comments to the NAIC’s Life Actuarial (A) Task Force on VM-22 Application to GICs, Funding Agreements, SGICs, and Stable Value Contracts.
Comment / Letter
Exposure of Proposed RBC Preamble Revisions Comment Letter
The Cross-Practice RBC Task Force submitted comments on the NAIC’s exposure of proposed revisions to the RBC Preamble.
Comment / Letter
LPC Submits Comments to the ASB on ASOP 41
Comment letter from the Life Practice Council Committees and Subcommittees, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 41, Actuarial Communications.
Comment / Letter
Comment Letter on Model 245 Exposure
The Life Products Committee submitted exposure questions regarding Model #245 to the NAIC Life Insurance and Annuities Illustration (A) Working Group.
Comment / Letter
C-2 Longevity Discussion Topics for 2026 Plan
The Longevity Risk Task Force submitted C-2 discussion topics for 2026 to the NAIC Longevity Risk (E/A) Subgroup.
Topics: Risk-Based Capital