The Actuarial Standards Board (ASB) of the American Academy of Actuaries approved a second exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 24, now titled Compliance with the NAIC Life Insurance Illustrations Model Regulation. The standard provides guidance to actuaries when performing actuarial services in support of a certification or representation that life insurance illustrated scales are in accordance with the National Association of Insurance Commissioners (NAIC) Life Insurance Illustrations Model Regulation (Model) or applicable actuarial guidelines. Such certification or representation may be made in an illustration actuary’s certification pursuant to applicable law based on the Model or may be made in the absence of an applicable law based on the Model

The first exposure draft was released in July 2021 and received two comment letters. Notable changes made to the exposure draft include clarifying the purpose and scope of the ASOP, reorganizing section 3, and clarifying guidance to explicitly recognize that experience factors may be developed based on a combination of the types of sources specified in this ASOP.

The comment deadline is Sept. 15, 2023. Information on how to submit comments can be found in the draft.

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