NAIC Life and Annuities (A) Committee adopts amendments to Actuarial Guideline 49-A

March 14, 2023 by Eversheds Sutherland (US) LLP

On February 24th, the NAIC Life Insurance and Annuity (A) Committee (A Committee) adopted amendments to Actuarial Guideline (AG) 49-A to address a concern raised by state insurance regulators regarding the use of illustrations for indexed universal life insurance (IUL) policies with uncapped volatility-controlled indexes that allow for crediting fixed bonuses under the policies. Insurer issuers of IUL policies using uncapped volatility-controlled indexes have been able to illustrate those policies at higher rates of return than illustrations for IUL policies without volatility-controlled indexes because of the fixed bonus features. 

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Originally Posted at JD Supra on March 8, 2023 by Eversheds Sutherland (US) LLP.