Vol. 8 | No. 2
Date:07/17/2025
Academy Holds Inaugural Insurance Investment Summit
The Academy held its inaugural Insuring the Future: Insurance Investment Summit in New York in late May, bringing together close to 100 investment actuaries, asset managers, regulators, and insurance executives for insightful discussion and knowledge-sharing.
Similar in purpose to the Academy’s other symposia, the summit was created to encourage and foster collaboration among professionals and various stakeholders, in this case those serving life insurance and investment companies and their consumers.
“The inaugural Insurance Investment Summit was a resounding success, fostering vibrant engagement among actuaries, insurance executives, and asset managers,” said Academy Life Vice President Jason Kehrberg. “This unique event filled a critical gap, offering deep insights into investment strategies for our highly regulated industry, with a standout session featuring regulators’ perspectives on navigating compliance and innovation.
“Other highlights included discussions on alternative asset classes and the pivotal role of assets in cross-border reinsurance,” Kehrberg said. “The summit’s dynamic atmosphere, prime location, and exceptional networking opportunities made it a must-attend for anyone shaping the future of insurance investments.”
▶ Read more—For more on the summit, see the May Actuarial Update and the Actuarially Sound blog post on the event.
▶ Video recap—Also see the one-minute video with summit highlights posted on the Academy’s LinkedIn page.
Academy ‘Hill Visits’ Spotlight Public Policy in Nation’s Capital
LPC Participates for First Time in Recent Years
The Life Practice Council (LPC) participated in the Academy’s annual Hill Visits along with the other practice councils, pairing up with the Retirement Practice Council (RPC) to meet with congressional staff on Capitol Hill in Washington in early April. The Hill Visits highlighted key life, retirement, and other public policy issues.
This year marked the first time in recent years that members of the LPC participated, discussing lifetime income options along with other issues. More than 40 volunteers—among them, President Darrell Knapp, Immediate Past President Lisa Slotznick, and LPC volunteers—took part in the visits.
LPC volunteer Theresa Resnick noted that when people talk about retirement savings, they often don’t consider the personal savings element outside of traditional retirement vehicles like pensions and defined contribution plans.
“A lot of that personal savings discussion and activity occurs within the life practice,” Resnick said. “Looking at all three of those things comprehensively, from a federal lens, is important because so many retirement dollars are moving into the life and annuity space.”
▶ Actuaries in Action—Watch a one-minute video recapping the Hill visits on the Academy’s YouTube channel.
▶ Read more—For more on the Hill visits, see the Actuarially Sound blog post.
LPC and RPC volunteers and Academy staff visited key committee and congressional staff offices including the Senate Health, Education, Labor and Pension (HELP) Committee, the House Education & Workforce Committee, Budget Committee, Veterans’ Affairs Committee, and Ways and Means Committee, and the offices of Virginia Sen. Tim Kaine and Wisconsin Rep. Gwen Moore.
Key LPC takeaways:
- Synergy with congressional policy priorities and LPC priorities, specifically focusing on lifetime income.
- Committee staff interest in participating in Academy webinars/events, along with specific requests for deeper dive follow-ups with key constituencies.
- Interest in recent Academy work products, including work on pension-risk transfers and annuities.
Early Discounts End This Month for LHQ Seminar
Registration is open and early registration discounts are available for the 2025 Life and Health Qualifications Seminar, set for Nov. 17–20 in Arlington, Va. New this year will be separate life and health tracks, following a day of general education. Registration is limited for the popular annual seminar, which delivers three days of training and instruction—plus an optional three-hour exam on the fourth day. The seminar can also serve as a basic education refresher or as a source of required CE.
Attendance is limited and early discounts are available. Register today.
Joint Life/Professionalism Webinar Examines ASOP No. 2
A June 24 webinar on the ASOP No. 2 practice note, released earlier this year, featured presenters from the LPC’s Non-Guaranteed Elements Subcommittee. Watch a replay on Academy Learning.
Academy Recaps NAIC Spring Meeting; LPC to Present at Summer Meeting
An Academy public policy recording features practice-area project managers recapping the NAIC Spring National Meeting in Indianapolis, including the LPC’s presentation to the NAIC’s Life Actuarial (A) Task Force (LATF). Also, see the related Actuarially Sound blog post.
Academy featured on SOA podcast—Academy Senior Director of Public Policy Geralyn Trujillo is also featured on a Society of Actuaries podcast recapping the NAIC meeting.
NAIC summer meeting next month—The Academy and LPC will be presenting at the NAIC Summer National Meeting, set for Aug. 10–13 in Minneapolis.
Highlights From
Life Perspectives
Prefer to watch your news? Check out this “Highlights From Life Perspectives” video for a quick recap of what you need to know.
Kirsten Pedersen Nominated to Be Life VP
Kirsten Pedersen was nominated to be the Academy’s life vice president, succeeding Jason Kehrberg. “I am so grateful and looking forward to the new role,” she said.
Pedersen currently chairs the LPC’s Life Underwriting and Risk Classification Subcommittee, is chairperson of the Risk Management and Financial Reporting Council’s (RMFRC) Data Science and Analytics Committee, and is a member of the Life Products Committee and RMFRC’s AI Subcommittee. She received an Academy Outstanding Volunteerism Award in 2023 for her work in the life-practice area.
Academy In the News
Life Annuity Specialist subscriber-only stories from the Insurance Investment Summit covered the opening session and regulators’ perspective on private-equity issues. Other stories covered offshore reinsurance and a session on “Navigating ALM Strategies for Long-Dated Liabilities.” Another session was mentioned in the outlet’s separate coverage of a scheduled LATF vote on offshore reinsurance rules. In another story, Life VP Jason Kehrberg discussed reinsurance concentration.
A Life Risk News story on the use of private assets by U.S. life insurers to back pension liabilities cited Kehrberg and the Academy’s work around related topics.
JD Supra’s reporting on the NAIC Spring National Meeting noted the Academy’s continued engagement in workstreams and comments on structured securities, risk-based capital ratios, and collateralized loan obligations.
A GoBankingRates retirement planning story also published on AOL and Yahoo! Finance discusses the jointly sponsored Actuaries Longevity Illustrator in connection with setting a planning horizon. MSN also cited the illustrator.
An Investopedia article, “What Happens to My Annuity After I Die?,” used the 2022 Academy issue brief, What Are the Various Types of Insured Annuities? as a source on annuity types and options.
Life Public Policy in Brief
The LPC provided comments to LATF on the most recent AAT for Reinsurance Actuarial Guideline Draft Exposure.
The LPC posted the 2025 Academy Interest Rate Generator (AIRG) and associated Interest Rate FAQs in tandem with the Society of Actuaries as a resource for practicing actuaries. Visit the Economic Scenario Generator (ESG) webpage.
The ESG Subcommittee sent a comment letter to LATF on the recent exposure of APF 2025-04, discussing the update to the Valuation Manual regarding the adoption of the Conning-maintained ESG.
The Life Illustrations Subcommittee sent comments and an accompanying redline to the NAIC’s Life and Annuity Illustration (A) Subgroup on its exposure of APF AG 49-A Section 7 exposed 04.02.25.
The Life Investment Analysis Subcommittee submitted comments to the NAIC’s Financial Condition (E) Committee on the proposed reorganization of the Valuation of Securities (E) Task Force.
Resource Center—Visit the online Resource Center to stay on top of the latest Academy news and activity.
Legislative/Regulatory Activity
State
The Rhode Island Department of Business Regulation issued new rules in early June governing term and universal life financing, establishing uniform national standards for reserve financing arrangements related to life insurance policies with guaranteed nonlevel gross premiums and benefits, as well as universal life insurance policies with secondary guarantees.
The same agency issued an actuarial opinion and memorandum outlining regulatory requirements for life insurance companies and fraternal benefit societies regarding actuarial opinions and the adequacy of reserves.
Maryland Gov. Wes Moore signed HB 1069, barring the use of discretionary clauses in life insurance policies and annuity contracts.
Gov. Moore also signed HB 1007 on May 6, prohibiting insurance carriers from making decisions regarding life insurance, long-term care insurance, or disability insurance based on an applicant’s or policyholder’s genetic testing status or results.
Arizona Gov. Katie Hobbs signed HB 2076, adopting the NAIC Life Insurance Illustrations Model Regulation, creating rules for life insurance policy illustrations meant to protect consumers and foster consumer education by providing illustration formats, prescribing standards to be followed when illustrations are used, and specifying the disclosures that are required in connection with illustrations.
The New Jersey Department of Banking and Insurance adopted amendments and new rules regarding life insurance and annuities, focusing on disclosure and suitability requirements for annuities sold directly to consumers.
Tennessee Gov. Bill Lee signed HB 1045/SB 1106 , granting an exemption of the net amount payable under life insurance policies or annuity contracts for the benefit of a person’s spouse, children, or dependent relatives from all creditor claims.
Idaho Gov. Brad Little signed H 38, revising coverage provisions and limitations for life, health, and annuity policies, including the expansion of coverage particularly for structured settlement annuities.