Life Insurance and Annuities (A) Committee

The following task forces and working groups report to the Life Insurance and Annuities (A) Committee:

• Annuity Disclosure Working Group
• Contingent Deferred Annuity Subgroup
• Joint Working Group of the Life Insurance and Annuities (A) Committee and Financial Condition (E) Committee
• Life Actuarial Task Force
• Viatical Settlements Working Group

2012 Charges

The mission of the Life Insurance and Annuities (A) Committee is to consider issues relating to life insurance and annuities and review new life insurance products.

Ongoing Maintenance of NAIC Programs, Products or Services

1. Monitor the activities of the Life Actuarial (A) Task Force.—Essential
2. Oversee development of the principle-based reserving system.—Essential
3. Review and revise, as necessary the Life Insurance Buyer’s Guide in conjunction with Appendix A of the Life Insurance Disclosure Model Regulation (#580).—Important
4. Oversee changes and provide technical assistance as appropriate for the production of the Market Share Reports for the Top 125 Life and Fraternal Insurance Groups and Companies by State.—Essential
5. Appoint the Annuity Disclosure (A) Working Group to review and revise, as necessary, the Buyer’s Guides to Fixed Deferred Annuities, which was Appendix A of the Annuity Disclosure Model Regulation (#245)—Important
6. Appoint a Viatical Settlements (A) Working Group to review and consider revisions to the Viatical Settlements Model Regulation (#698) for consistency with the 2007 revisions made to the Viatical Settlements Model Act (#697), including reviewing and considering revisions to or replacement of, as appropriate, Appendix A - Informational Brochure.—Important
7. Review the U.S. Securities and Exchange Commission (SEC) Life Settlements Task Force Staff Report and the U.S. Government Accountability Office (GAO) Report to the U.S. Senate Special Committee on Aging on Life Insurance Settlements and assess their effect on the functional state regulation of life settlements, if any, and make recommendations, as necessary, to the NAIC.—Important
8. Appoint a subgroup to review the issues identified in the Life Actuarial (A) Task Force referral concerning contingent annuities and report the results of its review to the Committee.—Essential