 The Reserves (and Capital) They Are A-Changing
Principles-Based Reserves & Risk-Based Capital for Life Insurers
Webcast
Jan. 12, 2006
The American Academy of Actuaries Life Practice Council strongly advocates the concept of principles-based reserving and risk-based capital, and this concept is at the heart of much of the council's current work with the NAIC.
In order to provide updates on these projects, the Life Practice Council plans to present a one-hour webcast after each quarterly NAIC meeting. The first webcast, on Jan. 12, was free and was open to anyone who wanted to keep up with developments in this important effort.
Why the principles-based effort matters
The traditional formulaic approach produces reserves and required capital that may be too high in some instances and too low in others, while a principles-based approach uses assumptions that are developed on company experience. The point is to develop reserves and risk-based capital that are reasonably conservative but not so high that they stifle competitiveness.
Speakers
- Donna Claire, Donna Claire, Chair of the Risk Management and Financial Soundness Committee (also called the SVL2 Steering Committee), which is overseeing the Academy project
- Dave Neve, Co-chair of the ALife Reserve Working Group, which has developed a regulation and accompanying proposed actuarial guidelines for a new reserve methodology for life insurance products
- Tom Campbell,Chair of the Variable Annuity Reserve Working Group, which has developed a new reserving methodology for variable annuities
- Larry Gorski, Chair of the Experience Studies Subcommittee and Vice Chair of the Life Capital Adequacy Committee, with an update on preferred mortality and the RBC C-3 Phase 2 project
Questions?
If you need more information about the content of the webcast, contact Natalie Jones at the Academy (jones@actuary.org, 202-223-8196). If you have technical problems accessing the MP3 file, check with your IT department. MP3 files can be opened with Windows Media Player and other programs.
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