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Actuarial Guidelines

Background

Issue: The NAIC may develop and adopt actuarial guidelines in response to risk and solvency concerns. 

Overview: The Life Actuarial (A) Task Force and the Health Actuarial (B) Task Force, formerly known as the Life and Health Actuarial Task Force, are often asked to help state insurance departments interpret a statute on an actuarial topic about an unusual policy form or a situation that was not considered when the statute was originally established. When the Life Actuarial (A) Task Force and the Health Actuarial (B) Task Force interpret a statute, they often consider the intent of the statute, including why the statute was initially adopted, as well as the current environment.  

Because these situations are common in all states, the Life Actuarial (A) Task Force and the Health Actuarial (B) Task Force believe that published actuarial guidelines on these topics would be beneficial for state regulatory officials and that the guidelines would promote uniformity in regulation, which is beneficial to consumers and regulators. Therefore, the Life Actuarial (A) Task Force and the Health Actuarial (B) Task Force have developed certain actuarial guidelines and will continue to produce these guidelines as needed. The guidelines should not be seen as statutory revisions but instead as a guide when applying a statute to a specific circumstance. 

Actions

Recent examples of actuarial guidelines include Actuarial Guideline LI—The Application of Asset Adequacy Testing to Long-Term Care Insurance Reserves (AG 51) and Actuarial Guideline XXXVIII—The Application of the Valuation of Life Insurance Policies Model Regulation (AG 38), which relate to long-term care insurance (LTCI) and life insurance, respectively. Actuarial guidelines are published in the Accounting Practices and Procedures Manual (AP&P Manual)

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