Salt Lake City
Regulators overwhelmingly voted to continue work on an actuarial guideline detailing how to reserve for universal life products with secondary guarantees.
In an 11-3 vote, regulators, many of whom are actuaries, voted down a motion to stop work on Actuarial Guideline 38 with its formula approach and only pursue a reserving solution that would involve asset adequacy testing. The vote was taken by the Life & Health Actuarial Task Force during the spring meeting of the National Association of Insurance Commissioners. The motion was called for by retiring Arkansas Deputy Commissioner John Hartnedy. Arkansas was joined by Nebraska and North Dakota in supporting the motion.