The Life GAAP Reporting Committee submitted an agenda request to the Financial Accounting Standards Board (FASB) regarding the application of accounting guidance for funds withheld and modified coinsurance. 

The Life GAAP Reporting Committee submitted an agenda request to the Financial Accounting Standards Board (FASB) regarding treatment of long-duration targeted improvements (LDTI) products under changing accounting guidelines. 

The Life GAAP Reporting Committee submitted an agenda request to the Financial Accounting Standards Board (FASB) regarding the application of accounting guidance for indexed annuity products.

The C-3 Subcommittee presented to the Life Risk-Based Capital (E) Working Group on additional considerations for plans to address C-3 alignment, including a possible field test in 2026.

The Life Investment and Capital Adequacy Committee presented to the Life Risk-Based Capital (E) Working Group on correlation across factors for life risk-based capital.

The Life Practice Council (LPC) provided comments to the NAIC’s Life Actuarial (A) Task Force (LATF) on the most recent AAT for Reinsurance Actuarial Guideline Draft Exposure.

Director of State Public Policy Outreach Katie Dzurec provided an update on Life Practice Council (LPC) activities to the NAIC’s Life Actuarial (A) Task Force (LATF) at NAIC’s Spring National Meeting in Indianapolis.

The C1 Subcommittee gave an update to NAIC’s Risk-Based Capital (RBC) Investment Risk Evaluation (E) Working Group on its work determining comparable attributes of collateralized loan obligations (CLOs).

The C3 Subcommittee presented an update to NAIC’s Life RBC (E) Working Group on its work on C3 alignment with the other RBC c-factors.

Vice presidents of the Academy’s Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Council provided comments to the NAIC’s newly established Risk-Based Capital (RBC) Model Governance (EX) Task Force on the task force’s 2025 goals and proposed charges.

The Life Practice Council provided comments to the Life Actuarial (A) Task Force on the most recent AAT for Reinsurance Actuarial Guideline Draft Exposure.

The Life Practice Council provided comments to the Life Actuarial (A) Task Force on the Illustration Actuary Knowledge Statements. 

The Life Products Committee provided comments to the Life Actuarial (A) Task Force on a re-exposure of APF 2024-16, meant to provide guidance on a universal life nonforfeiture issue. 

The Annuity Reserves and Capital Subcommittee sent a comment letter to the NAIC’s Life Actuarial (A) Task Force VM-22 Subgroup on the Chair Exposure for Remaining Decisions on Framework.

The C1 Subcommittee presented an update to the Risk-Based Capital Investment Risk Evaluation (E) Working Group on their work determining comparable attributes of collateralized loan obligations (CLO).

The Academy's Research Department along with representatives from EY presented to the Valuation Manual (VM)-22 (A) Subgroup, providing preliminary VM-22 Field Test results. 

The Annuity Reserve and Capital Subcommittee provided comments to the Valuation Manual (VM)-22 (A) Subgroup on proposed edits to the Standard Projection Amount (SPA) Policyholder Behavior Assumptions. 

The Life Products Committee commented on the recent exposure of APF 2024-16, which attempts to address requests for guidance on a standard nonforfeiture issue related to universal life policies in VM-02. 

The Life Practice Council provided comments to the NAIC Life Actuarial Task Force (LATF)'s exposures: Asset Adequacy Testing (AAT) for Reinsurance Actuarial Guideline (AG) Exposure Questions 111824, AAT for Reinsurance AG Presentation LATF 111524, and Draft AG ReAAT 111524.

The Life Practice Council’s Non-Guaranteed Elements Subcommittee released a public policy practice note, Actuarial Standard of Practice (ASOP) No. 2: Non-Guaranteed Elements for Life and Annuity Products, which examines the circumstances in which insurers have the right to exercise discretion to prospectively change a non-guaranteed element to be within the scope of ASOP No. 2.