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Life Actuarial (A) Task Force

Mission

The mission of the Life Actuarial (A) Task Force is to identify, investigate and develop solutions to actuarial problems in the life insurance industry

2019 Charges

Ongoing Support of NAIC Programs, Products and Services

  1. The Life Actuarial (A) Task Force will:

    1. Work to keep reserve, reporting, and other actuarial-related requirements current. This includes principle-based reserving (PBR) and other requirements in the Valuation Manual, actuarial guidelines, and recommendations for appropriate actuarial reporting in blanks. Respond to charges from the Life Insurance and Annuities (A) Committee and to referrals from other groups or committees as appropriate.
    2. Report progress on all work to the Life Insurance and Annuities (A) Committee and provide updates to the Financial Condition (E) Committee on matters related to life insurance company solvency. This work includes the following:
      1. Work with the American Academy of Actuaries (Academy) and the Society of Actuaries (SOA) to develop new mortality tables for valuation and minimum nonforfeiture requirements for simplified issue forms of life insurance.
      2. Provide recommendations for guidance and requirements for accelerated underwriting, as needed.
      3. Evaluate and provide recommendations regarding the VM-21/AG 43 Standard Projection Amount, which may include continuing as a required floor or providing as disclosure. This evaluation is to be completed during the three years after implementation of the Variable Annuities Framework.
      4. Monitor the work of the Variable Annuity Issues (E) Working Group, and work with any recommendations from the Variable Annuities Capital and Reserve (E/A) Subgroup to implement changes to Actuarial Guideline XLIII—CARVM for Variable Annuities (AG 43) and VM-21, Requirements for Principle-Based Reserves for Variable Annuities.
      5. Work with the SOA on the annual development of the Generally Recognized Expense Table (GRET) factors.
      6. Provide recommendations and changes, as appropriate, to other reserve and nonforfeiture requirements to address issues, and provide actuarial assistance and commentary to other NAIC committees relative to their work on actuarial matters.
      7. Monitor international developments regarding life and health insurance reserving, capital and related topics. Compare and benchmark with PBR requirements.
  2. The Variable Annuities Capital and Reserve (E/A) Subgroup, a joint subgroup of the Life Risk-Based Capital (E) Working Group and the Life Actuarial (A) Task Force, will:
    1. Develop and recommend changes to C-3 Phase II, Actuarial Guideline XLIII–CARVM for Variable Annuities (AG 43) and VM-21, Requirements for Principle-Based Reserves for Variable Annuities, that implement the Variable Annuities Framework. Target completion is for Jan. 1, 2020, implementation.
    2. Develop and recommend changes to improve accuracy and clarity of variable annuity (VA) capital and reserve requirements.

Note: The Financial Condition (E) Committee will be asked to consider a name change for the Subgroup. Once the change has been completed, these charges will be updated to reflect the new name.

  1. The Experience Reporting (A) Subgroup will:

    1. Continue development of the experience reporting requirements within the Valuation Manual. Provide input, as appropriate, for the process regarding the experience reporting agent, data collection, and subsequent analysis and use of experience submitted.
  2. The IUL Illustration (A) Subgroup will
    1. Consider enhancements to Actuarial Guideline XLIX–The Application of the Life Illustrations Model Regulation to Policies with Indexed-Based Interest (AG 49). Provide recommendations for modifications to AG 49 to the Life Actuarial (A) Task Force.
  3. The Longevity Risk (A/E) Subgroup, a joint subgroup of the Life Actuarial (A) Task Force and the Life Risk-Based Capital (E) Working Group, will:
    1. Provide recommendations for recognizing longevity risk in statutory reserves and/or risk-based capital (RBC), as appropriate.
  4. The VM-22 (A) Subgroup will:
    1. Consider a PBR methodology and recommend appropriate requirements for non-variable (fixed) annuities in the accumulation phase for consideration by the Life Actuarial (A) Task Force.

 

NAIC Support Staff: Reggie Mazyck/Eric King

Life Actuarial (A) Task Force

Life Actuarial (A) Task Force
Thursday, August 01, 2019
8:00 AM - 4:30 PM ET

Gramercy - 2nd Level

Life Actuarial (A) Task Force

Life Actuarial (A) Task Force
Friday, August 02, 2019
8:00 AM - 11:00 AM ET

Gramercy - 2nd Level

Life Actuarial (A) Task Force - 190912

Conference Call
Thursday, September 12
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 90 minutes

 

Discussion of the YRT Field Test


Life Actuarial (A) Task Force - 190919

Conference Call
Thursday, September 19
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr

 

Discussion of the YRT Field Test


Life Actuarial (A) Task Force - 190926

Conference Call
Thursday, September 26
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr

 

Discussion of the YRT Field Test


Related NAIC Publications

Contacts

Media Inquiries
(816) 783-8909
news@naic.org


Reggie Mazyck
Life Actuary 
Phone: 202-471-3991

Please see the current Committee List for a complete list of committee members.

 

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