The mission of the Life Actuarial (A) Task Force is to identify, investigate and develop solutions to actuarial problems in the life insurance industry.
The mission of the Life Actuarial (A) Task Force is to identify, investigate and develop solutions to actuarial problems in the life insurance industry.Ongoing Maintenance of NAIC Programs, Products, or Services
1. Work on implementation of the Valuation Manual (VM) including efforts to support additional VM work, blanks reporting, analysis procedures, work with Statutory Accounting Principles (E) Working Group for coordination with the Accounting Practices and Procedures Manual and the Principle-Based Reserving (PBR) Implementation (EX) Task Force with information needed for legislative adoption.—Essential
2. A focus within the first charge is to develop and submit proposals to facilitate the implementation of a Principle-Based Reserve (PBR) approach to valuation. Included in this charge is the development of a review process to periodically assess PBR and development of resources and a process to support state review of PBR.—Essential
3. Another focus within the first charge is the development of the process for experience reporting requirements within the Valuation Manual including the process regarding the statistical agent, data collection and subsequent analysis and use of experience submitted.—Essential.
4. Monitor international developments regarding life and health insurance reserving. Compare and benchmark with PBR requirements.—Important
5. Work with the American Academy of Actuaries and the Society of Actuaries to develop new mortality tables for preneed, simplified issue and guaranteed issue forms of life insurance and minimum nonforfeiture requirements for life insurance. Provide periodic status reports on this project.—Important
6. Review Actuarial Guideline XLIII, CARVM for Variable Annuities, and recommend changes as appropriate to the requirements. Work with any recommendations from the Joint C-3 Phase II/AG 43 (E/A) Subgroup.—Important
7. Review Actuarial Guideline XXXIII and provide recommendations and changes as appropriate to address reserving issues.—Important
8. Study the feasibility of a new nonforfeiture law for life insurance and annuities to replace the existing nonforfeiture standards. Provide periodic status reports on this project.—Important
9. Work with the Society of Actuaries to continue development of reporting of channels of distribution information needed to better establish GRET factors.—Important
10. 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.—Important
New Objectives and Goals (representing new NAIC programs, services or initiatives):
11. Charge the Joint Qualified Actuary (A/B/C) Subgroup to do the following:
- Recommend a uniform definition of "qualified actuary" for life, health and P&C Appointed Actuaries signing prescribed Statements of Actuarial Opinion, identifying any differences that should remain between lines of business. Recommend a uniform definition of "qualified actuary" for other regulatory areas (e.g. rate filings, hearings). Consistency between uses is preferred, to the extent appropriate.
- In performance of actuarial work upon which the regulators might rely, recommend a definition of inappropriate or unprofessional actuarial work and recommend a process (which could be an existing process) for regulatory and/or professional organizations' action(s). If needed, recommend a means of implementation through a model act, regulation or other means.