1980s - AAA - American Academy of Actuaries - NAIC

  • 1981-12 - AAA - Journal of the American Academy of Actuaries re: Manipulation, Dividends, Life Insurance Buyer's Guide -12p
    • Date: June 2, 1981
    • To: NAIC Life Insurance (C3) Subcommittee, From: AAA - American Academy of Actuaries - John Harding
      • Background: This statement was presented at a meeting of the Task Force on Manipulation, Lapsation, Dividend Practices and Annuity Disclosure of NAIC Life Insurance (C3) Subcommittee as a status report of the activities of the Committee on Dividend Principles and Practices.
      • This statement follows previous submissions on this subject to the NAIC (see statements 1979-14, 1960-18, and 1980-32) .
  • 1986-2 NAIC Proc. - NAIC Technical Services (EX5) Subcommittee 
    • DATE: June 11, 1986
    • TO: NAIC Technical Services (EX5) Subcommittee
    • FROM: American Academy of Actuaries Liaison Committee - ATTACHMENT ONE
    • Carl R. Ohman - Committee Chair
      • The American Academy of Actuaries Committee on Liaison with NAIC was established early last year to provide on-going, mostly non-technical, coordination and communication between the Academy's Executive Committee and the NAIC Technical Services (EX5) Subcommittee on issues of actuarial significance to insurance regulators.
  • 1987-2, NAIC Proceedings -
    • Date: October 30, 1986
    • To: NAIC
    • From: AAA - American Academy of Actuaries
    • RE: NAIC Model Life Insurance Cost Disclosure Regulation - Recommended Changes To The NAIC Model Life Insurance Disclosure Regulation - ATTACHMENT TWO
      • Products that contain non-guarantee charges, benefits or premiums have become a very significant portion of today's life insurance market.
      • Universal life insurance is only one example of such a product.
      • Various insurance departments and members of the American Academy of Actuaries have expressed concerns about sales disclosures used with non-guarantee element products.
      • As a result, the Academy appointed a task force on nonguarantee elements.
      • This task force recommends that the NAIC Life Insurance Disclosure Model Regulation be amended to incorporate the enclosed changes.
      • At the time the latest revision was made in the Life Insurance Disclosure Model Regulation, generally accepted actuarial standards had not been established for dividends paid by stock life insurance companies.
      • As a result the revisions apply only to mutual life insurance companies.
      • Generally accepted actuarial practices have now been developed for dividends paid by stock life insurance companies.
        • As a result we recommend that any references to mutual life insurance companies in a model regulation be eliminated.
  • 1987-2, NAIC Proceedings
    • Date: - ? -
    • To: NAIC -
    • From: AAA- American Academy of Actuaries, William T. Tozier, Chairman of the Task Force on Non-Guaranteed elements.
    • RE: Attachment Four - Comments Received from Industry Regarding Proposed Amendments to NAIC Model Rules Governing the Advertising of Life Insurance
      • Recommended modifications specific to definitions and sales illustrations directly related to life insurance products which contain "non-guaranteed elements;" e.g. values, premiums or benefits whose amount is not guaranteed by the term of the contract.
      • Response: The suggested changes were consistent with the intent of the proposal; and were incorporated into the draft of the rule.
  • 1988-2, NAIC Proceedings - (p495) - LATF, Life and Health Actuarial Task Force 
  • The Life and Health Actuarial Task Force (LATF) asked the American Academy of Actuaries Life Committee to develop amendments to the valuation and nonforfeiture provisions of the NAIC's Universal Life Model Regulation.
    • In a letter to John Montgomery, dated Oct. 22, 1986, Gary Dahlman, chairperson of the Academy's Committee on Life Insurance, stated that a Universal Life Task Force (ULTF) would be created to work on this problem.
    • The work of the ULTF has proceeded in several phases.
      • The first phase attempted to document the LATF's concerns relative to the current model regulation and to suggest standards and criteria for evaluating proposed revisions.
        • A preliminary report covering this initial phase was presented for the December 1986 meeting of the LATF, with the objective being to achieve a consensus on the major issues before proceeding to the development of solutions.
          • A copy of the report (without attachments) is included in Appendix A.
      • The second phase has been an analysis by the ULTF of the problems identified with the current model regulation and the development of our initial conclusions and recommendations regarding the concerns described in the December report.
        • The target was a preliminary report that could be discussed at the June meeting of the LATF.
        • ⇒  This is that report.
        • With input from the LATF, it is hoped that a more complete report from our task force could be ready in September.
  • 1989-1, NAIC Proceedings - Society of Actuaries - Task Force on Nonforfeiture Principles Interim Report-Tentative Conclusions (p612-?)
    • Universal Life
      • Unlike adjustable life, where a current plan is defined, but is subject to change, a universal life policy at any time has only a "minimum" and a "maximum' plan....  (p662)