Academy Statements on Principle-Based Reserving


The Academy has assembled materials to assist actuaries and regulators as the U.S. moves into the implementation phase of PBR for life insurance. Click here to access these materials. Public statements made by the Academy related to PBR are below.

Report to NAIC C-3 Phase II/Actuarial Guideline 43 Subgroup detailing ideas for a C-3 Phase II/Actuarial Guideline 43 review process.  (October 12, 2012)
Life Practice Council presentation to the NAIC Life Actuarial Task Force with recommendations for review, assessment and improvement of principle-based reserves. (August 9, 2012)
Comment letters to both the NAIC Life Actuarial Task Force and the Life and Annuities (A) Committee from the Academy's Life Practice Council and Life Financial Reporting/Risk Management Committee regarding the need for changes to the valuation manual as well as a formal updating and review process. (July 16, 2012)
Life Financial Soundness/Risk Management Committee presentation of NAIC's Life and Health Actuarial Task Force Amendment proposal outlining a simplified approach for determining prudent estimate mortality assumption for VM-20. (June 18, 2012)
Life Financial Soundness/Risk Management Committee presentations to LATF regarding the determination of X in a simplified mortality approach. (May 17, 2012)
Life Financial Soundness/Risk Management Committee presentation to LATF regarding a comparison of the impact of mortality loads. (May 17, 2012)
Life Financial Soundness Risk/Risk Management Committee presentation offering its findings of a simplified approach for mortality assumptions determination to LATF. (May 17, 2012)
Life Financial Soundness/Risk Management Committee's VM-01 amendment to the NAIC Life Actuarial Task Force regarding definitions in the Valuation Manual. (May 11, 2012)
Financial Soundness/Risk Management Committee's amendment proposal form to the NAIC Life Actuarial Task Force regarding the addition of a PBR Review and Updating Process to VM-00. (April 23, 2012)
ARWG report to the NAIC's Life Actuarial Task Force regarding the development of a possible definition of Deterministic Reserves for use in VM-22 at the NAIC's Spring National Meeting with accompanying slide set. (March 1, 2012)
LRWG's amendment proposal form regarding VM-20 to the Life Actuarial Task Force at the NAIC’s Spring National Meeting. (March 1, 2012)
Life Experience Subcommittee presentation providing a report of the joint SOA/Academy Project Oversight Group regarding new mortality tables. (March 1, 2012)
Life Reserve Work Group amendment proposal form to the NAIC’s Life Actuarial Task Force regarding the simplified mortality approach to the proposed principle-based reserve (VM-20) requirements. (February 17, 2012)
Life Reserve Work Group's VM-20 amendment proposal form to the Life Actuarial Task Force outlining a streamlined approach to mortality. (January 31, 2012)
The Academy Life Valuation Subcommittee submitted a comment letter to the NAIC Joint Working Group of the Life Insurance and Annuities (A) Committee and Financial Condition (E) Committee regarding their draft Framework on Actuarial Guideline 38.
(January 30, 2012)
Tax WG and the Nonforfeiture Improvement WG's amendment proposal form to LATF regarding maximum nonforfeiture interest rate. (January 12, 2012)
Tax WG and the Nonforfeiture Improvement WG's amendment proposal form to LATF regarding nonforfeiture references to mortality tables. (January 12, 2012)
Tax WG and the Nonforfeiture Improvement WG's amendment proposal form to LATF regarding VM-02 references to mortality tables. (January 12, 2012)
Tax WG and the Nonforfeiture Improvement WG's amendment proposal form to LATF regarding VM-02 transition period. (January 12, 2012)
Tax WG and the Nonforfeiture Improvement WG's amendment proposal form to LATF VM-20 transition period, maximum nonforfeiture interest rate, nonforfeiture references to mortality tables, VM-02 references to mortality tables, and VM-02 transition period. (January 4, 2012)