LATF - Life Actuarial Task Force - (A) - NAIC

  • 2023 0601 - NAIC - Life Actuarial (A) Task Force
    • Rachel Hemphill / Pat Allison / Jennifer Frasier - Donna Claire, Linda Lankowski, Donna Megregian, Birny Birnbaum, Brian Bayerle, David Hippen, Fred Anderson, Laura Hanson, Mary Bahna-Nolan, Mike Boerner, Mike Yanacheak, Pete Weber, Purushotham, Teresa Winer, Tomasz Serbinowski, Vincent Tsang, William Leung-?
    • Valuation Manual - 
    • 1 or 2% - Rachel Hemphill - LATF is very split. Pete Weber - Could we do 1.5%?
  • 2014 0928 - Letter - Sheryl J. Mooreto NAIC (LATF) - Moore Market Intelligence - RE: Actuarial Guideline on Illustrations for Indexed Life Insurance Policies - [link]
  • 2022 1117 - NAIC LATF Conference Call - 1pm
    • Rachel Hemphill, Bill Carmello, Vincent Tsang, Fred Andersen
    • :20 - Vincent Tsang - main point, why can't they say it that way
    • :26 - ACLI - Paul Graham - History -
      • Reason for IMR, Regulators at this time were concerned about...., 
    • :33 - Jennifer Combs
    • :34 - Julie Gann - SAPWG
    • :35 - Bill Carmello / Paul Graham - History
      • ACLI - Paul Graham - I think we know more now than we did then.
    • Dave Neve - What's the goal.
    •  - :48 - Agenda Item #3 - LIbor to  Sofir
      • Alan Routhenstein, Pat Allison
      • Pat Allison - 2023 Valuation Manual
    • :50 - IULSG - Fred Andersen
      • 2 phase project to 3 phase project
      • AG49 revisions or opening of model regulation
      • Broader look at Illustrations
      • Tampa - March 2023 - Adoption - Quick Fix Proposal Exposures
      • :54 - Birn Birnbaum -
        • Quick Fix - Fred: Securian Proposal in the lead.
        • BB - Complexit, required time, Coalition Proposal could be implemented. False Choice.
        • Broader Look at Illustrations, IUL Specific vs General Illustration issues
          • Solve the Problems with Illustrations?
          • Fred:  Yanachek, 
          • A Committee - Look at bigger picture re: Illustrations. Waiting for IULSG.  Illustrations need attention from others other than Actuaries. 
    • Pete Weber , William Leung- re:
      • MAV - Market Value Adjustments
      • Sammons
      • 1:16 - Birnbaum -
        • Pete Weber - no momentum.
      • SEC, Consumer Protection
  • 2019 - NAIC (LATF) - Conference Call
    • Birny Birnbaum (Center for Economic Justice—CEJ) said AG 49 was developed to address the issue of companies using unrealistic crediting rates and providing less misleading information to consumers.
      • He said despite using lower crediting rates and higher policy fees, the illustrations are producing significantly higher accumulation values.
      • He said the bonuses and indexed crediting multipliers by creating illustrations appear to be perpetual cash machines.
      • He said the idea that more disclosures will address the problem is incorrect.
      • He noted that disclosure is not an actuarial issue and that consumer testing is essential.
      • He recommended going back to the Life Insurance and Annuities (A) Committee to make them aware that the scope of the issue is broader than initially thought.
  • 2020 0521 - NAIC - Life Actuarial (A) Task Force Conference Call
  • Report of the Life and Health Actuarial (Technical) Task Force to the Life Insurance (A) Committee Chicago, Illinois - June 23, 1993
  • 13. Non-Guaranteed Element Annual Statement Interrogatories
    • The actuarial task force is monitoring work being done by the American Academy of Actuaries group considering this area.
    • The task force decided at its June 1993 meeting this project should be combined with Project 14 "Disclosure and Sales Illustration Practices."
    • Accordingly, the actuarial task force recommends that this be deleted as a separate project in June 1993. This project is a priority 2 project.
  • 14. Disclosure and Sales Illustration Practices
    • The actuarial task force is monitoring work being done by the Society of Actuaries and the American Academy of Actuaries and the Actuarial Standards Board in this area and is also monitoring the work of various states covering this area.
    • Many problems with respect to illustrations exist at the present time.
    • The California Insurance Department has developed a proposed regulation which might be studied as the basis for a model regulation (Attachment One-H).
    • This project is a priority 1 project.
  • 10. Recommend deletion of Project 13 "Non-Guaranteed Element Annual Statement Interrogatories" from the actuarial task force's agenda because any remaining work can be done under Project 14 "Disclosure and Sales Illustration Practices."

1993-2, NAIC Proc.

  • 1985-1B
  • 1985-2
  • Excerpt from President Reagan's Tax Proposal (Attachment One-B1) ... 561
  • Letter From Society of Actuaries (Attachment Three-A) ... 592
  • 1986-1 (483-540) (519-576)
    • *List of Projects (Attachment Two) 
    • *Rates oflnterest for Minimum Reserves and Nonforfeiture Values
    • (Attachment Three-A) ...496
    • Correspondence Concerning Error in Smokers/Nonsmokers
    • Mortality Tables (Attachment Three-B) ...501
    • *Proposed Revision of Minimum Reserve Section of the Model
    • *Regulation for Universal Life Plans (Attachment Three-C)  ...501
    • *Proposed Revision of Minimum Nonforfeiture Value Section
    • of the Model Regulation for Flexible Premium Universal Life Plans
    • (Attachment Three-Dl 503
    • Proposed NAIC Variable Life Guideline (Attachment Three-El ...504
    • Proposed NAIC Variable Life Guideline for Separate Account
    • Investments (Attachment Three-F) ...509
    • Proposed NAIC Variable Life Guideline Regarding Illustrations  for Variable Life Insurance (Attachment Three-G) ...512