Weekly Tip: 2013 Actuarial Submission Requirements


Weekly Tips

Actuarial Submission Requirements


This week's Weekly Tip is focused on the Actuarial Submission requirements. The majority of the Uniform Standards contain Actuarial Memorandum Requirements which can be found as a separate provision under the Additional Submission Requirements section. But do remember that there are other requirements in other sections of the Uniform Standards, such as the "Specialized Product/Marketing" sections of the standards. Many of the Uniform Standards include templates for nonforfeiture demonstrations and actuarial certifications in the Appendices. So please forward the entire Uniform Standard to the filing actuary so they understand all applicable actuarial requirements.

All actuarial documents that are required for the filing submission should be provided as part of the Actuarial Submission Requirements in SERFF. This means that if there are multiple documents for the actuarial memo, actuarial certification, numerical examples, and /or nonforfeiture demonstrations that they all need to be included as part of the Actuarial Memorandum Submission Requirement. Do not forget that the Actuarial Memorandums and Certifications need to be signed, dated, and include the actuary's professional designations. Remember that the Actuarial documents should be consistent with other documents included in the filing - the forms, specimen spec pages, SOVs, and filing description, etc.

For life and annuities filing submissions, the actuarial materials are submitted as part of the Supporting Documentation. For long-term care and disability income filings, the actuarial materials and rate information are submitted as part of the Rate/Rule Schedule.

Not all Uniform Standards include Actuarial Submission Requirements nor require actuarial review. You can find a list of Uniform Standards Without Actuarial Review on the Insurance Company Resources page. If an actuarial memorandum is not required, please do not attach one as we will request it be removed.

When the actuary is working on their part of a life and annuity product filing remind them that the Uniform Standards do have specific requirements for the nonforfeiture values. Do not refer to state law when describing compliance of nonforfeiture values. The values are subject to the IIPRC Uniform Standards and many of them refer to specific NAIC Model nonforfeiture laws.

Want to learn more actuarial tips to make your product filing submission smoother, it is not too late to sign up and participate in our webinar on Thursday, June 20th at 2 pm ET / 1 pm CT / 12 pm MT / 11 am PT. More information may be found on the Event Calendar located on the Insurance Compact website.