Presented by the American Academy of Actuaries’ Life Capital Adequacy Subcommittee to the National Association of Insurance Commissioners’ Capital Adequacy Task Force Larry M. Gorski, F.S.A., M.A.A.A., Chair Robert A. Brown, F.S.A., M.A.A.A., Vice-Chair Boston, MA – June 2005 Page 1 of 1 (*It should also be noted, that since this project has been on-going for several years, many other other individuals contributed to the work that paved the way for this report.) Page 2 of 2