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.
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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
Practice Note
Life Subcommittee Releases ASOP No. 2 Practice Note
The Life Practice Council’s Non-Guaranteed Elements Subcommittee released a public policy practice note, Actuarial Standard of Practice (ASOP) No. 2: Non-Guaranteed Elements for Life and Annuity…
Topics: Public Policy
Practice Note
Asset Adequacy Analysis (updated for 2024)
This update of the 2017 Asset Adequacy Analysis practice note by the Academy’s Life Valuation Committee provides assistance to actuaries who are faced with the requirement of asset adequacy…
Policy Paper
Committee Releases White Paper on Considerations in Market Risk Benefits
The Life Financial Reporting Committee released a white paper, Considerations in Market Risk Benefits, that focuses on identification, valuation, and financial reporting of market risk benefits; a…
Practice Note
Work Group Releases Practice Note on Long-Term Care Insurance Combination Product Valuation
The Academy’s Life Long-Term Care Combo Product Valuation Practice Note Work Group released Long-Term Care Insurance Combination Product Valuation, a practice note to that addresses the application…Date Published: 04/20/2022
Comment / Letter
Variable Annuity Reserves and Capital Work Group’s VM-21 Practice Note Supplement
The Academy’s Variable Annuity Reserves and Capital Work Group’s VM-21 Practice Note Supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities – 2022 Edition of…
Topics: Annuities
Practice Note
Life Illustrations Work Group Updates Life Insurance Illustrations Practice Note
The Life Illustrations Work Group’s updated practice note is revised to better reflect current practices actuaries are using when complying with ASOP No. 24, Compliance with the NAIC Life Insurance…
Practice Note
Common Practices of Examining Actuaries Involved in Statutory Financial Solvency Examinations of Life and Health Insurers (Including Considerations for Principle-Based Reserves)
Common Practices of Examining Actuaries Involved in Statutory Financial Solvency Examinations of Life and Health Insurers (Including Considerations for Principle-Based Reserves) Life Valuation…
Topics: Solvency
Practice Note
Life Principle-Based Reserves (PBR) Under VM-20 (2020 Update)
Update of the 2017 VM-20 Practice Note to reflect emerging practices and changes to the Valuation Manual since the version effective for 12/31/2019 valuations.
Practice Note
Principle-Based Approach Projections Practice Note
Principle-Based Approach Projections Practice NoteThe PBA Projections Practice Note contains questions and answers related to common practice for projecting future principle-based reserve and…
Topics: Risk-Based Capital
Practice Note