Description: The NAIC calendar for 2008 is well underway. An overview of recent activity within certain aspects of the groups associated with the evolution of the Valuation Manual is presented here.

Description: Update on Principles-Based Reserving

Description: Non-guaranteed elements are parameters of life insurance and annuity polices that are not fixed when the policy is issued but may be changed from time to time by the insurance company.

Description: The article discusses the developments thus far with the adoption of the NAIC Valuation Manual and what steps still lie ahead. It also discusses the NAIC Life Actuarial Task Force’s response to the NAIC’s VM-20 Impact Study. In general, outcomes of the Phase III testing support the suggestion that the modifications made to VM-20 as a result of the NAIC Impact Study made progress in addressing the excessive conservatism demonstrated in the Phase I and Phase II testing.

Description: 2015 VBT Mortality 2017 CSO Mortality

Description: Discusses the recent developments with RBC requirements. At the forefront of the RBC changes is the stochastic exclusion test.

Description: The SOA Research Institute engaged Milliman to perform a study examining life insurer practices on accelerated underwriting and how COVID-19 has impacted them. This effort included a separate outreach to actuaries working for twelve different state insurance departments. At the time of this report, three responses to our regulatory survey had been received. Therefore, the results of the three-question survey are discussed in broad terms, rather than using numerical measurements.

Description: Discussion of progress made at the NAIC Fall National Meeting on amendments to the Standard Valuation Law, the Valuation Manual - particularly with regard to principles-based reserves, and The Academy of Actuaries work on Risk Based Capital re C-e Phase III.

Description: Article discussing developments in Principle-Based Approach: net asset earned rates and discount rates, and net premium approach.

Description: This article summarizes the recent changes to the C3 Phase III proposal, initial industry comment letters to the proposal and outstanding issues identified by the regulators.