Actions Taken At The NAIC Fall Meeting
The following actions occurred at the fall meeting of the National Association of Insurance Commissioners in New Orleans earlier this month.
The Life Insurance and Annuities “A” Committee adopted the “Recognition of the 2001 CSO Mortality Table for use in determining minimum reserve liabilities and nonforeiture benefits model regulation.” The model provides the regulatory mechanism for putting the 2001 CSO tables into operation.
Actuarial guideline MMMM, which establishes reserves for variable annuities with guaranteed living benefits, is to be exposed through mid-October and then possibly adopted by the Life & Health Actuarial Task Force, the “A” committee was told by LHATF Chair Mike Batte. If adopted, the plan is for LHATF to have a joint call with the “A” committee in November and for both panels to fully adopt the guideline at the NAICs winter meeting in December.