NAIC’s LATF solicits feedback on options to address concerns related to AG 49-A
August 31, 2022 by Eversheds Sutherland (US) LLP
On August 15th, the NAIC’s Life Actuarial (A) Task Force (LATF) re-exposed for comment four options to address a concern raised by state insurance regulators regarding the use of illustrations for indexed universal life insurance (IUL) policies with volatility-controlled indexes that allow for crediting fixed bonuses under the policies. The four options include a brief revision to amend Actuarial Guideline (AG) 49-A with the possibility of opening up NAIC Life Insurance Illustrations Model Regulation (#582) to revision as well as a more extensive revision of AG 49-A. All were previously exposed by LATF’s Index Universal Life Illustration (A) Subgroup (the Subgroup) prior to the NAIC’s National Meeting in August for a shortened nine-day public comment period that ended on July 26, 2022.