SOA Research and the NAIC – Fall Meeting 2014

This mid-November, insurance industry professionals gathered in Washington, D.C. for the Fall National Meeting of the National Association of Insurance Commissioners (NAIC). SOA members and staff attended the NAIC meetings to discuss key insurance topics, including long-term-care, mortality tables and general insurance credentials.

During a meeting of the Life Actuarial Task Force (LATF) of the NAIC, the SOA and the American Academy of Actuaries joint Preferred Mortality Working Group presented updates on the proposed 2014 Valuation Basic Tables. The joint Working Group discussed comments from the recently completed VBT exposure draft and also discussed the development of the Commissioners’ Standard Ordinary (CSO) tables. The SOA is helping to sponsor a study to analyze the effect of the proposed tables on various reserves under VM-20, nonforfeiture benefits and Internal Revenue Code calculations.

The SOA presented updates on long-term-care research to the Health Actuarial (B) Task Force (HATF) of the NAIC. The project is focused on creating experience basic tables on claim terminations, incidence and utilization, and also developing databases on long-term-care experience data. The Experience Basic Table and report may be made available by the end of March 2015.

The SOA’s General Insurance track was also discussed, in terms of how to allow Fellows of the SOA to sign statements of actuarial opinions for property/casualty annual statements. The Casualty Actuarial and Statistical (C) Task Force (CASTF) met to discuss next steps in this continuing process to evaluate the General Insurance track. The SOA continues to urge the NAIC to undertake an independent review.  An independent review would provide a number of benefits including an impartial analysis.

Stay tuned for new SOA research and SOA developments involving the NAIC. Click here for a recap of the past NAIC Summer National Meeting.

– Ann Weber, SOA Director of Regulatory Affairs

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