FOR IMMEDIATE RELEASE
RELEASES DRAFT FRAMEWORK ON
AG 38, ULSG PRODUCTS
WASHINGTON, D.C. (Jan. 13, 2012) — The National
Association of Insurance Commissioners (NAIC) released a Draft
Framework that outlines an approach for evaluating the reserves for a
category of life insurance products. The Joint Working Group
of the NAIC‘s Life Insurance and Annuities Committee and the Financial Condition
Committee was created to address the issues surrounding Actuarial
Guideline XXXVIII (AG 38) and statutory reserve requirements for insurers
offering universal life with secondary guarantee (ULSG) and term universal
life (UL) products.
The Joint Working Group released the Draft Framework for a public comment
period ending at the close of business on Monday, January 30, 2012.
In addition, the Joint Working Group has identified Issues to
be Addressed and The Sequence of Key Decisions,
which are attached to the Draft Framework as appendices.
“This framework, in addition to the process in general, reflects the
states‘ commitment to develop a uniform interpretation regarding existing
reserving requirements for ULSG and term UL products, while also considering
how reserves for these products should be set in the future,” said Eleanor
Kitzman, Texas Insurance Commissioner and Chair of the Joint Working Group.
Any comments regarding the Draft Framework or questions to be addressed to
the Joint Working Group should be submitted to NAIC staff, Dan Schelp
at firstname.lastname@example.org or (816)
783-8027 or Ryan Couch at email@example.com
or (816) 783-8421.
HERE to view the Draft Framework.
Click HERE to
visit the Joint Working Group of the NAIC‘s Life Insurance and Annuities
Committee and the Financial Condition Committee.
About the NAIC
The National Association of Insurance Commissioners (NAIC) is the U.S.
standard-setting and regulatory support organization created and governed
by the chief insurance regulators from the 50 states, the District of
Columbia and five U.S. territories. Through the NAIC, state insurance
regulators establish standards and best practices, conduct peer review, and
coordinate their regulatory oversight. NAIC staff supports these efforts
and represents the collective views of state regulators domestically and
internationally. NAIC members, together with the central resources of the
NAIC, form the national system of state-based insurance regulation in the
U.S. For more information, visit www.naic.org.
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