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Life Actuarial (A) Task Force

2021 Membership

2022 Proposed 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 and Services

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, 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, 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 economic scenario generator (ESG) 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 with PBR requirements.
  1. 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 risk-based capital (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.
  1. The Experience Reporting (A) Subgroup will:
        1. Continue 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.
  1. The Indexed Universal Life (IUL) Illustration (A) Subgroup will:
  1. Monitor the results and practices of IUL illustrations following implementation of 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). Provide recommendations for consideration of changes to Life Insurance Illustrations Model Regulation (#582) to the Life Actuarial (A) Task Force, as needed.
  1. 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 RBC, as appropriate.
  1. 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 Life Actuarial (A) Task Force. Continue working with the Academy on a PBR methodology for non-variable annuities.
  1. The Guaranteed Issue (GI) Life Valuation (A) Subgroup will:

A.    Provide recommendations regarding valuation requirements for GI life business, including any appropriate mortality table(s) for valuation as well as nonforfeiture.

  1. The Index-Linked Variable Annuity (A) Subgroup will:
    1. Provide recommendations and changes, as appropriate, to nonforfeiture or interim value requirements related to index-linked variable annuities (ILVAs).

2021 Adopted Charges

LIFE ACTUARIAL (A) TASK FORCE

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 and 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, as needed. 
      3. Evaluate and provide recommendations regarding the VM-21/AG 43 Standard Projection Amount, 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 a new economic scenario generator (ESG) 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 with PBR requirements.
  2. 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 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 variable annuity (VA) capital and reserve requirements.
  3. The Experience Reporting (A) Subgroup will:
    1. Continue 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.
  4. The Indexed Universal Life (IUL) Illustration (A) Subgroup will:
    1. Monitor the results and practices of IUL illustrations following implementation of 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). Provide recommendations for consideration of changes to Life Insurance Illustrations Model Regulation (#582) to the Life Actuarial (A) 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. Complete by the 2021 Summer National Meeting.
  6. 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 Life Actuarial (A) Task Force. Continue working with the Academy on a PBR methodology for non-variable annuities.
  7. The Guaranteed Issue (GI) Life Valuation (A) Subgroup will:
    1. Provide recommendations regarding valuation requirements for GI life business, including any appropriate mortality table(s) for valuation as well as nonforfeiture. Initial recommendations are to be provided to the Life Actuarial (A) Task Force by the 2021 Summer National Meeting.
  8. The Index-Linked Variable Annuity (A) Subgroup will:
         A. Provide recommendations and changes, as appropriate, to nonforfeiture, or interim value requirements related to              index-linked variable annuities.

NAIC Support Staff: Reggie Mazyck/Jennifer Frasier

Life Actuarial (A) Task Force - 12012021

Public Webex Meeting
Wednesday, December 01, 2021
11:00 AM ET, 10:00 AM CT, 9:00 AM MT, 8:00 AM PT
Expected Length of Call: 1 hr
Webex Link

To be determined.


Life Actuarial (A) Task Force - 12082021

Public Webex Meeting
Wednesday, December 08, 2021
10:00 AM ET, 9:00 AM CT, 8:00 AM MT, 7:00 AM PT
Expected Length of Call: 6 hr
Webex Link

To be determined.


Life Actuarial (A) Task Force - 11182021
Joint Meeting:
Life Actuarial (A) Task Force
Valuation Manual (VM)-22 (A) Subgroup

Public Webex Meeting
Thursday, November 18, 2021
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 - 11112021

Public Webex Meeting
Thursday, November 11, 2021
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 - 11042021

Public Conference Call
Thursday, November 04, 2021
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 - 10282021

Public Webex Meeting
Thursday, October 28, 2021
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 - 10212021

Public Webex Meeting
Thursday, October 21, 2021
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 - 10142021

Public Webex Meeting
Thursday, October 14, 2021
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 - 10072021

Public Webex Meeting
Thursday, October 07, 2021
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 - 9232021

Public Webex Meeting
Thursday, September 23, 2021
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 - 9162021

Public Webex Meeting
Thursday, September 16, 2021
2:00 PM ET, 1:00 PM CT, 12:00 PM MT, 11:00 AM PT
Expected Length of Call: 1.5 hr
Webex Link

To be determined.


Related NAIC Publications

Contacts

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


Reggie Mazyck
Life Actuary 
Phone: 202-471-3991

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