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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  or (816) 783-8027 or Ryan Couch at or (816) 783-8421.

Click 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

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