Committees & Activities

Life Actuarial (A) Task Force
Life Insurance and Annuities (A) Committee

Aggregate Margin (A) Subgroup
C-3 Phase II/AG 43 (E/A) Subgroup
Contingent Deferred Annuity (A) Subgroup
Experience Reporting (A) Subgroup
Index-Linked Variable Annuity (A) Subgroup
VM–22 (A) Subgroup

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.

2014 Charges

Ongoing Support of NAIC Programs, Products or Services:

1. Address charges to the Life Actuarial (A) Task Force as provided in the Principle-Based Reserving (PBR) Implementation Plan adopted by the Principle-Based Reserving (PBR) Implementation (EX) Task Force. These charges include Valuation Manual and PBR work expected by the parent Life Insurance and Annuities (A) Committee. Report progress to the PBR Implementation (EX) Task Force and to the Life Insurance and Annuities (A) Committee.—Essential

2. Continue development of the experience reporting requirements within the Valuation Manual and provide input as appropriate for the process regarding the statistical agent, data collection and subsequent analysis and use of experience submitted.—Essential

3. Work on appropriate revisions to Standard Nonforfeiture Law for Life Insurance (#808) and the Valuation Manual to support continued tax qualification of life insurance policies under the Internal Revenue
Code. —Essential

4. Respond to requests / referrals from the Life Insurance and Annuities (A) Committee regarding reserves or other requirements including any relating to current or new product lines.—Essential

5. Monitor international developments regarding life and health insurance reserving. Compare and benchmark with PBR requirements.—Important

6. Work with the American Academy of Actuaries (AAA) and the Society of Actuaries (SOA) 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

7. Review Actuarial Guideline XLIII (AG43), 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

8. Review Actuarial Guideline XXXIII (AG33), Determining CARVM Reserves for Annuity Contracts with Elective Benefits and provide recommendations and changes as appropriate to address reserving
issues. —Important

9. 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

10. Work with the SOA to continue development of reporting of channels of distribution information needed to better establish Generally Recognized Expense Table (GRET) factors.—Important

11. 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

12. Provide appropriate recommendations in response to the work of the Joint Qualified Actuary (A/B/C) Subgroup whose charges are:

  • 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. —Important
  • 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.—Important

13. Address approvals from the Life Insurance and Annuities (A) Committee regarding Task Force requests to work on model requirements including any approvals for modifications to the Actuarial Opinion and Memorandum Regulation (#822).—Important

14. Consider whether Model 808, or any provisions thereof, should be required for accreditation.—Important

15. Consider any revisions, as appropriate, for the Synthetic Guaranteed Investment Contracts Model Regulation (#695).—Important

16. Evaluate Actuarial Guideline XLIII (AG43) to determine whether the reserve guidance as it applies for variable annuity guarantees would be deficient when applied to contingent deferred annuities (CDAs). Recommend changes, as appropriate, to address any deficiencies and determine whether clarifying guidance would be useful due to different nomenclature than variable annuities with guarantees.

17. Consider revisions to the Standard Nonforfeiture Law for Individual Deferred Annuities (#805) to specifically exclude contingent deferred annuities (CDAs) from the scope of the model.

NAIC Support Staff: Reggie Mazyck/Eric King

 

Conference Call Calendar

NAIC conference calls & interim meetings are available on the NAIC Conference Call Calendar. See NAIC's revised policy statement on open meetings.

Life Actuarial (A) Task Force
Conference Call
Thursday, April 24, 2014
1:00 p.m. CT/2:00 p.m. ET (60 minutes)

2014 Spring National Meeting
Thursday, March 27, 2014
8:00AM – 4:00PM
Hilton Bonnet Creek—Floridian Ballroom E/F—Lobby Level

Friday, March 28, 2014
8:00AM – 11:00AM
Hilton Bonnet Creek—Floridian Ballroom E/F—Lobby Level

There are no education and training events at this time.

Go to the exposure draft index.
Process for Updating Valuation Manual Exposure (4-10-14)
Please send comments to Reggie Mazyck by COB May 30, 2014
VM-20 Small Company Exemption
Please send comments to Reggie Mazyck by COB May 14, 2014
VM-20 Use of Asset Adequacy Analysis for the Stochastic Exclusion
Please send comments to Reggie Mazyck by COB May 14, 2014
VM-20 Net Premium Reserve Clarification
Please send comments to Reggie Mazyck by COB May 14, 2014
Proposed Actuarial Guideline for Indexed Universal Life Illustrations
Please send comments to Reggie Mazyck by COB May 14, 2014
Draft Guidance for AG 43
Please send comments to Reggie Mazyck by COB May 14, 2014
Proposed Edits to AG 33 for Non–Elective Benefits
Please send comments to Reggie Mazyck by COB May 14, 2014
documents and resources
Report on the Results of the Principle - Based Reserving State Resource Survey
Valuation Manual with Revisions Adopted
VM-20 Impact Study – Towers Watson

Amendment Proposal Form

2014 LATF Commissioner Representatives

Generally Recognized Expense Table ("GRET"):

The report of the Society of Actuaries (SOA) Committee on Life Insurance Company Expenses regarding the 2014 GRET Factors was adopted by the NAIC Executive Committee/Plenary at the 2013 Fall National Meeting.

These factors will become the new GRET standard as of Jan. 1, 2014 to 2015.

Life Insurance Illustrations Model Regulation
Related NAIC Publications

Annual and Quarterly Statement Blanks

Annual and Quarterly Statement Instructions
Compendium of State Laws on Insurance Topics
Life and Health Actuarial Subscription
Model Laws, Regulations and Guidelines
Contacts
Media queries should be directed to the NAIC Communications Division at 816-783-8909 or news@naic.org.
Reggie Mazyck
Life Actuary
Phone: 202-471-3991
Please see the current Committee List for a complete list of committee members.