Non-Elective Incidence Reserve Proposal
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1 Non-Elective Incidence Reserve Proposal John Blocher, Chairperson Actuarial Guideline 33 Non-Elective Task Force Copyright 2014 by the American Academy of Actuaries All Rights Reserved.
2 Agenda Report published to LATF August 2013 Presentation to LATF December 2013 Discussion on LATF call February 2014 Discussion Today March 2014 Report AG33 Reserve Proposal Standard Valuation Law Alternative AG33 Reserve Proposal Requested during LATF call Discussion Copyright by the American Academy of Actuaries All Rights Reserved. 2
3 Application of Incidence Rates (Report) Since CARVM was adopted, there has been an increase in the types of benefits offered under certain annuity contracts, including enhanced death benefits, nursing home benefits, and various partial withdrawal provisions, including some depending on values other than the values used to determine cash values and which may allow for benefits to continue past the point where the cash value is zero. Copyright by the American Academy of Actuaries All Rights Reserved. 3
4 Elective and Non-Elective Benefits (Report) In some cases it may not be clear whether some benefits are elective or non-elective. The presence of certain types of non-elective benefits may affect other non-elective benefits and/or elective benefits. For example, some annuity contracts offer benefits which vary depending upon the age of retirement. In such cases, tthe Valuation Actuary should use judgment in making this these determinations, by considering factors such as the degree to which contract owner actions would be influenced by the availability of theeach benefit in the contract. March 28, Copyright by the American Academy of Actuaries All Rights Reserved. 4
5 Incidence Rates in CARVM (Report) For non-elective waiver-of-surrender-charge benefits other than mortality-based benefits, incidence rates greater than zero are not to be applied after the earlier of the end of the surrender charge period applicable immediately after the first premium is paid or when the cash value has been depleted. Copyright by the American Academy of Actuaries All Rights Reserved. 5
6 Incidence Rates in CARVM (Report) For non-elective benefits other than mortality-based benefits, incidence rates greater than zero for nonelective benefits where it is unlikely that a contract owner would report a claim or make an election (such as collecting one benefit while other more valuable benefits exist in the contract) and which could thereby place a smaller reserve value on the contract s other benefits should not be considered to the exclusion of other incidence rates that would result in a larger reserve. Copyright by the American Academy of Actuaries All Rights Reserved. 6
7 Standard Valuation Law (SVL) SVL (See Section 5a. Reserve Valuation Method Annuity and Pure Endowment Benefits) requires the maximum present value held as the annuity reserve with exceptions: Accidental Death Disability Note: Mortality is prescribed as a separate decrement. What annuity benefits are included under Disability? How well do the SVL and AG33 match? In AG33, what is the meaning of...where no benefit options are available under the terms of the contract? Copyright by the American Academy of Actuaries All Rights Reserved. 7
8 Incidence Rates in CARVM (Alternative to Report) For non-elective benefits where the SVL requires the greatest present value as described in Text paragraph 1 below, determine the present value available immediately after the occurrence of a contingent or scheduled event, compare the present value with the present value of elective benefits and use the maximum as the present value of non-elective benefits. Copyright by the American Academy of Actuaries All Rights Reserved. 8
9 Discussion Report: Non-mortality waiver-of-sc incidence turns off at end of initial SC period. For other similar benefits the contract owner must be likely to use the benefit. Alternative: Unless an exception, an incidence table is used for a non-elective benefit and the present value is compared to elective benefits as if it were an elective benefit. Actuary interprets the SVL and what benefits are included in a maximum present value comparison. Copyright by the American Academy of Actuaries All Rights Reserved. 9
10 Questions For more information, please contact: John Meetz, Academy Life Policy Analyst (202) Copyright 2014 by the American Academy of Actuaries All Rights Reserved. 10
Please contact Bill Rapp assistant director of Public Policy at the Academy, if you have any questions.
July 25, 2014 Mike Boerner, Chair Life Actuarial Task Force National Association of Insurance Commissioners Dear Mike, The attached revisions to AG33 are the result of a request from the NAIC s Life Actuarial
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