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The Actuarial Standards Board (ASB) recently adopted a final revision of Actuarial Standard of Practice (ASOP) No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation.
The ASOP provides guidance to actuaries when performing professional services pursuant to applicable law based on the National Association of Insurance Commissioners (NAIC) Life Insurance Illustrations Model Regulation (Model) and related NAIC actuarial guidelines or when performing professional services with respect to illustrations represented to be in accordance with the Model.
The ASB adopted ASOP No. 24 in 1995. Since the promulgation of the original standard, life insurance product innovation has continued. In 2007, ASOP No. 24 was revised to be consistent with the current ASOP format and to update and reflect current, appropriate actuarial practices with respect to illustrations prepared in compliance with the Model. In 2015, the NAIC released Actuarial Guideline 49 (AG 49) to clarify certain requirements of the Model related to policies with index-based interest credits and further amended AG 49 in September 2016. The ASOP was revised to reflect the changes effected through AG 49, to clarify certain guidance, and to be consistent with the current style and format used for ASOPs.
The final revision of ASOP No. 24 can be viewed here.
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