VLMT PBR Life Scope Subgroup draft report containing an analysis of potential scope and implementation options for Life Insurance Policy Reserves as outlined in VM-00, Section II of the Valuation Manual that is being developed by the VLMT PBR Life Scope Subgroup. (
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Consistency Work Group draft amendment form for VM-00 revising language describing six underlying concepts of the principle-based approach, potentially in keeping with the draft standard valuation law. (
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LRWG Asset Subgroup presentation to interested parties and regulators on a proposed methodology for setting prescribed net spreads on new investments in VM-20. (
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Presentation to PBR Working Group on PBR Training for Regulatory Actuaries. (
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Life Practice Council presentation on Principle-Based Reserving. (
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American Academy of Actuaries and the Society of Actuaries comments to the NAIC. (
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Life Financial Soundness/Risk Management Committee comments on company generated scenarios. (
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Reinsurance Work Group comments to the NAIC on risk transfer rules. (
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Life and Annuities Committee presentation on the role of the Academy in the development of PBR.
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Life Reserves Work Group overview of asset modeling and discount rate issues in VM-20. (
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Life Tax Steering Group comments on an IRS notice to life insurers about potential federal income tax issues concerning proposed principle-based reserving and proposed Actuarial Guideline VA-CARVM. (
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Modeling Subgroup of the Life Reserves Work Group report to the National Association of Insurance Commissioners’ Life and Health Actuarial Task Force in Orlando, FL. (
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Consistency Work Group report on definitions to include in VM-1 of the Valuation Manual as presented to the NAIC’s Life & Health Actuarial Task Force. (
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Variable Universal Life Subgroup of the Life Reserves Work Group report to the National Association of Insurance Commissioners’ Life and Health Actuarial Task Force (LHATF) at the LHATF Spring 2008 NAIC Meeting. (
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Report to NAIC's Life and Health Actuarial Task Force by the American Academy of Actuaries’ Reinsurance Work Group on Principles-Based Reserving Reinsurance Examples. (
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Recommended changes to the statutory blank to accommodate principle-based reserving. (
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- Section 20: PBR requirements for life products.
- Section 40: Review opinion requirements for a PBR valuation.
- Section 50: Experience reporting requirements.
- Section 51: Experience reporting formats.
Valuation and Law Manual Team report to the LHATF. (
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Proposed revisions to draft valuation manual and review opinion requirements for a PBR valuation.
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Draft valuation manual (September 2007):
- Section 0: Introduction
- Section 1: Definitions for terms in requirements
- Section 2: Definitions for types of contracts
- Section 3: Applicability to contracts
- Section 5: Draft model standard valuation law
- Section 20: PBR requirements for life products
- Section 22: PBR requirements for non-variable annuities
- Section 25: Health insurance minimum reserve requirements
- Section 26: Life and disability reserve requirements
- Section 30: Actuarial opinion and memorandum requirements
- Section 31: Reporting and documentation requirements for business subject to a PBR valuation and memorandum requirements
- Section 40: Review opinion requirements for a PBR valuation
- Section 50: Experience reporting requirements
- Section 51: Experience reporting formats
