NAIC Spring 2023 Meeting: Actuarial Research Updates
April 2023
As part of the National Association of Insurance Commissioners (NAIC) Spring 2023 National Meeting, insurance regulators, actuaries and other experts gathered in in Louisville, KY, March 21-25. Staff and volunteers from the Society of Actuaries (SOA) participated in a variety of research presentations and discussions, across multiple business lines.
The Latest Actuarial Research
At the NAIC Life Actuarial (A) Task Force (LATF) meeting, the SOA was invited to present opening comments, and R. Dale Hall, FSA, MAAA, CERA, SOA Research Institute Managing Director of Research, highlighted research related to rising interest rates.
“The presentation focused on how this development potentially applies to insurance and annuity surrenders now that consumers may pursue new products that offer higher rates,” stated Hall.
He also shared findings from the 2014-2019 Payout Annuity Mortality Study that was the result of a partnership between the Institute and LIMRA. This study was published in December 2022 as part of the new Experience Studies Pro series. Long-time SOA volunteer Mary Bahna-Nolan, FSA, MAAA, CERA, presented suggested amendments to the types of data to be collected for industry experience studies. Hall also revealed U.S. Population Observations that have been updated with 2021 experience from U.S. Centers of Disease Control and Prevention data and informed taskforce members about other life experience studies proceeding at the Research Institute.
At the Life Insurance and Annuities (A) Committee meeting, Hall joined Patrick C. Reeder and Dr. Andrew Melnyk of the American Council of Life Insurers (ACLI) in a presentation on the current state of life insurance compared to historical trends. Hall also gave an update on mortality rates by cause of death based on reports published by the Institute.
The Research Institute offered a preview on research to Health Actuarial (B) Task Force (HATF) members, such as the upcoming report, Social Physical and Cultural Determinants of Health: Their Incorporation Into Actuarial Data and Workstreams, and other research underway by the Institute.
A Team Effort
Cynthia MacDonald, FSA, MAAA, the SOA Research Institute’s senior experience studies actuary, and her team hosted the Research Institute’s Regulatory Research Advisory Council meeting in advance of the NAIC meeting.
“In addition to the council meeting, Cindy and team helped organize the population mortality study we shared at both the LATF and the Life Insurance and Annuities Committee meeting,” noted Hall.
Also, the Research Institute participated with the Casualty Actuarial and Statistical (C) Task Force (CASTF) virtual meeting and shared information about the first report from the Catastrophic Cyber Risk Expert Panel Discussion series and on Actuarial Weather Extremes report series, in particular, the special report on the January 2023 Salinas River California Streamflow.
Reinforcing NAIC Ties
Ann Weber, from the SOA Legal Department, hosted the SOA’s member and guest reception, which presented Wisconsin Commissioner of Insurance Nathan Houdek as guest speaker. Life-accelerated underwriting and long-term care were among Houdek’s discussion topics, and he engaged attendees in an informative dialogue.
“The reception provided an opportunity for attendees to visit with each other and to hear from Commissioner Houdek on insurance topics of interest and about his multiple leadership roles on various NAIC committees and taskforces,” said Weber.
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