The Academy’s Life Capital Adequacy Subcommittee (LCAS) and Variable Annuity Reserve Work Group (VARWG) have been leaders in the C3 Phase II project, which is part of a broader Academy initiative on risk-based capital and principle-based reserving.
C3 Phase II resources include:
- September 2006 practice note
- Pre-packaged scenarios and revised interest-rate generator
- Legal disclaimer
- Alternative methodology factors
- Reports
- More info
(Note: Many of these files are zipped. They must be unzipped before they can be opened in Excel or another program. (Info about zipping and unzipping is available from WinZip or from technology staff at your workplace.)
Legal disclaimer
From time to time, the American Academy of Actuaries makes available through its website or other means various pre-packaged scenarios and tools. The Academy takes reasonable steps to develop such pre-packaged scenarios and tools consistent with accepted actuarial principles and practices. However, the Academy does not warranty these pre-packaged scenarios and tools as fit for use in any respect, and no warranty should be assumed or implied by any individual.
Actuaries, insurers, regulators and other parties use the Academy’s pre-packaged scenarios and tools at their own risk. The Academy disclaims all responsibility for any party’s use or misuse of its pre-packaged scenarios or tools and for any work product generated through use or misuse of the pre-packaged scenarios and tools.
Alternative methodology factors
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General instructions and background on the alternative methodology factors (PDF format, May 2004) |
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RBC factors and reserve factors for an alternative GMDB methodology, plus setup instructions, all in zipped files (March 2005) |
Reports
Vist the NAIC reports page to view more recent reports from the Academy to the NAIC.
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Selected reports from VARWG: August 2006, March 2006, December 2005, June 2005 with attachment, March 2005, March 2004) |
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Summary of results from VARWG’s C3 Phase II survey for the NAIC Capital Adequacy Task Force (June 2006, March 2006) |
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LCAS’ recommended approach for setting regulatory RBC requirements for variable annuities and similar products (June 2005, March 2005) |
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RBC and reserve portfolio comparisons, in zipped files (March 2005) |
More info
For more information, please call the Academy at 202-223-8196 and ask for Ian Trepanier.