Key takeaways:

• The NAIC made substantial progress on proposed revisions to Actuarial Guideline XXXVIII governing the statutory reserve requirements imposed on life insurers offering universal life with secondary guarantee and term universal life products.
• Following the NAIC Summer National Meeting, the NAIC Life Insurance and Annuities (A) Committee adopted the new Valuation Manual that sets out the principles-based reserving requirements for life insurer products with two states abstaining and New York dissenting.
• The NAIC issued a draft White Paper that included recommendations and conclusions on insurer use of captive insurers and special purpose vehicles.