Skip to main content
Life Actuarial (A) Task Force

2023 Membership
 

2023 Adopted Charges

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 Support of NAIC Programs, Products, or Services

  1. The Life Actuarial (A) Task Force will:

    1. Work to keep reserve, reporting, and other actuarial-related requirements current.
      This includes principle-based reserving (PBR) and other requirements in the Valuation Manual, actuarial guidelines, and recommendations for appropriate actuarial reporting in blanks.
      Respond to charges from the Life Insurance and Annuities (A) Committee and referrals from other groups or committees, as appropriate.
    2. Report progress on all work to the Life Insurance and Annuities (A) Committee and provide updates to the Financial Condition (E) Committee on matters related to life insurance company solvency.
      This work includes the following:

      1. Work with the American Academy of Actuaries (Academy) and the Society of Actuaries (SOA) to develop new mortality tables for valuation and minimum nonforfeiture requirements, as appropriate, for life insurance and annuities.
      2. Provide recommendations for guidance and requirements for accelerated underwriting (AU) and other emerging underwriting practices, as needed.
      3. Evaluate and provide recommendations regarding the VM-21, Requirements for Principle-Based Reserves for Variable Annuities/Actuarial Guideline XLIII—CARVM for Variable Annuities (AG 43) standard projection amount (SPA), which may include continuing as a required floor or providing as disclosure. This evaluation is to be completed prior to year-end 2023.
      4. Work with the SOA on the annual development of the Generally Recognized Expense Table (GRET) factors.
      5. 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.
      6. Work with the selected vendor to develop and implement the new generator of economic scenario generators (GOES) for use in regulatory reserve and capital calculations.
      7. Monitor international developments regarding life and health insurance reserving, capital, and related topics. Compare and benchmark these with PBR requirements.
  2. The Experience Reporting (A) Subgroup will:
    1. Continue the development of the experience reporting requirements within the Valuation Manual.
      Provide input, as appropriate, for the process regarding the experience reporting agent, data collection, and subsequent analysis and use of experience submitted.
  3. The Generator of Economic Scenarios (GOES) (E/A) Subgroup of the Life Risk-Based Capital (E) Working Group and the Life Actuarial (A) Task Force will:
    1. Monitor that the economic scenario governance framework is being appropriately followed by all relevant stakeholders involved in scenario delivery.
    2. Review material GOES updates, either driven by periodic model maintenance or changes to the economic environment and provide recommendations.
    3. Regularly review key economic conditions and metrics to evaluate the need for off-cycle or significant GOES updates and maintain a public timeline for GOES updates.
    4. Support the implementation of the GOES for use in statutory reserve and capital calculations.
    5. Develop and maintain acceptance criteria that reflect history as well as plausibly more extreme scenarios.
  4. The Indexed Universal Life (IUL) Illustration (A) Subgroup will:
    1. Consider changes to Actuarial Guideline XLIX-A—The Application of the Life Illustrations Model Regulation to Policies with Index-Based Interest to Policies Sold On or After December 14, 2020 (AG 49-A), as needed.
      Provide recommendations for the consideration of changes to the Life Insurance Illustrations Model Regulation (#582) to the Task Force, as needed.
  5. The Longevity Risk (E/A) Subgroup of the Life Actuarial (A) Task Force and the Life Risk-Based Capital (E) Working Group will:
    1. Provide recommendations for recognizing longevity risk in statutory reserves and/or risk-based capital (RBC), as appropriate.
  6. The Variable Annuities Capital and Reserve (E/A) Subgroup of the Life Risk-Based Capital (E) Working Group and the Life Actuarial (A) Task Force will:
    1. Monitor the impact of the changes to the variable annuities (VA) reserve framework and RBC calculation and determine if additional revisions need to be made.
    2. Develop and recommend appropriate changes, including those to improve accuracy and clarity of VA capital and reserve requirements.
  7. The Valuation Manual (VM)-22 (A) Subgroup will:
    1. Recommend requirements, as appropriate, for non-variable (fixed) annuities in the accumulation and payout phases for consideration by the Task Force. Continue working with the Academy on a PBR methodology for non-variable annuities.

NAIC Support Staff: Scott O’Neal/Jennifer Frasier

Life Actuarial (A) Task Force - 09/21

Public Webex Meeting
Thursday, September 21, 2023
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr
Webex Link

CALL CANCELED


Life Actuarial (A) Task Force - 09282023

Public Webex Meeting
Thursday, September 28, 2023
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr
Webex Link

September 28 Agenda

  1. Consider Adoption of the 2023 GRET Recommendation
    1. GRET Recommendation
    2. GRET Presentation
  2. Consider Exposure on APF 2023-10 VM-20 SR Discount Rate
  3. Consider Exposure of the Task Force’s 2024 Charges
  4. Other Matters

Life Actuarial (A) Task Force - 10052023

Public Webex Meeting
Thursday, October 05, 2023
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr
Webex Link

To be determined.


Life Actuarial (A) Task Force - 10122023

Public Webex Meeting
Thursday, October 12, 2023
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr
Webex Link

To be determined.


Life Actuarial (A) Task Force - 10192023

Public Webex Meeting
Thursday, October 19, 2023
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr
Webex Link

To be determined.


Life Actuarial (A) Task Force - 10262023

Public Webex Meeting
Thursday, October 26, 2023
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr
Webex Link

To be determined.


Life Actuarial (A) Task Force - 11022023

Public Webex Meeting
Thursday, November 02, 2023
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr
Webex Link

To be determined.


Life Actuarial (A) Task Force - 11092023

Public Webex Meeting
Thursday, November 09, 2023
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr
Webex Link

To be determined.


Life Actuarial (A) Task Force - 10162023

Public Webex Meeting
Thursday, November 16, 2023
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1 hr
Webex Link

To be determined.


Life Actuarial (A) Task Force

Life Actuarial (A) Task Force
Friday, August 11, 2023
8:00 AM - 4:30 PM PT

Columbia Ballroom CD - Level 3 - Hyatt Regency Seattle

Life Actuarial (A) Task Force

Life Actuarial (A) Task Force
Saturday, August 12, 2023
8:00 AM - 11:00 AM PT

Columbia Ballroom CD - Level 3 - Hyatt Regency Seattle

Related NAIC Publications

Contacts

Media Inquiries
(816) 783-8909
news@naic.org


Scott O'Neal
Life Examination Actuary 
816-783-8814

Please see the current Committee List for a complete list of committee members.