Principle-based Approach (PBA)

Modernization of the framework for determining life insurers' statutory required capital and reserves in the United States. Click here to know more about PBA.

Proposed Revisions to Draft Valuation Manual
(November 30, 2007)
Valuation and Law Manual Team Report to LHATF
Valuation and Law Manual Team report to the LHATF. (October 31, 2007)
Review Opinion Requirements for Principle-Based Valuation VM-40
Proposed revisions to draft valuation manual and review opinion requirements for a PBR valuation.
(October 24, 2007)
Proposed Revisions to Experience Reporting Requirements VM-50
Proposed revisions to draft valuation manual.  Section 50:  Experience reporting requirements. (September 30, 2007)
Draft Valuation Manual
Draft valuation manual (September 2007):
(September 30, 2007)
Sample PBR Actuarial Report for Life Polices Subject to PBR Valuation
Sample actuarial report for life policies subject to PBR valuation. (September 30, 2007)
CWG Report to NAIC on PBA for Life, Annuity and Health Products
Consistency Work Group report on the Conceptual Framework of a Principles-Based Approach for Life, Annuity and Health Products and On the Purpose of Reserves and Risk-based Capital under a Principles-Based Approach. (September 30, 2007)
Proposed Test for Material Tail Risk by LRWG Group Modeling Subgroup
Life Reserves Modeling Subgroup report on a possible tail risk test. (September 30, 2007)
Modeling Efficiency Work Group Status Report to NAIC
Modeling Efficiency Work Group reports to the LHATF. (September 30, 2007)
Governance Requirements for Principles-Based Reserves and Capital for Life Insurance and PBA Governance Report
Report on governance requirements for principle-based life reserves and capital with exhibits.
(September 30, 2007)
Governance Requirements for Principles-Based Reserves and Capital for Life Insurance and PBA Governance Report
Report on governance requirements for principle-based life reserves and capital with exhibits.
(September 30, 2007)
RWG Report to NAIC on PBR Risk Transfer Requirements
Reinsurance Work Group report on PBR risk transfer requirements. (September 30, 2007)
Meeting Summary with New York State Insurance Department on PBR Proposal for Life Products
Summary of a meeting with a New York State Insurance Department official on life PBR. (September 30, 2007)
Comments on Life, Health Insurance Principles Proposed by NAIC PBRWG
Comments from Life, Health, and Casualty Practice Councils on life and health insurance principles proposed by the NAIC's Principle-based Reserving (EX) Working Group. (August 17, 2007)
LRWG Response to NY Insurance Department Comments on LRWG Proposal
Life Reserves Working Group response to the New York Insurance Department's comments on the Requirements for Principles-Based Reserves for Life Products from the LRWG. (July 31, 2007)
Valuation Law Manual and Report from Valuation and Law Manual Team
Valuation and Law Manual Team draft valuation manual plus accompanying report and slide presentation and news release. (June 30, 2007)
SVL2/PBA Presentation to LHATF
Life Financial Soundness/Risk Management (SVL2) Committee presentation to LHATF on SVL2/PBA. (June 1, 2007)
LRWG Update to LHATF on Requirements for Principle-Based Reserves for Life Products
LRWG report to LHATF and an update to the March LHATF exposure of the Requirements for Principle-based Reserves for Life Products. (June 1, 2007)
Principles-Based Valuation Review Opinion Requirements from Subgroup 1 of Valuation Law and Manual Team
Updated version, in requirement format, of a proposed draft model regulation for review opinions of principle-based valuations. (March 31, 2007)
Valuation Law and Manual Team Status Report and Presentation on Transition to Principle-based Framework
(March 31, 2007)