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.

Comments on NAIC PBR Draft Implementation Plan

Comment letter to the National Association of Insurance Commissioners' Principles-Based Reserving (E) Working Group with suggested changes to its November 2012 draft implementation plan for principle-based reserving of life insurance. (January 11, 2013)

Report on Possible AG 33 Solution for GLIB Business

Annuity Reserve Work Group report on guaranteed living income benefits submitted to the Life Actuarial Task Force at the NAIC Fall 2012 National Meeting. (November 27, 2012)

VM-20 Asset Default Presentation

Life Reserves Work Group presentation on background of VM-20 Asset Default Methodology and Development Process to the Life Actuarial Task Force at the NAIC Fall 2012 National Meeting. (November 27, 2012)

LPC Comment on NAIC PBR Budget Item

Life Practice Council comment letter to the NAIC commending the inclusion of a budget item for the purposes of “Actuarial Guideline 38/Principle-Based Reserving Implementation and Monitoring. (November 9, 2012)

Ideas for AG43/C-3 Phase II Review Process

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)

Post-NAIC Update/PBA Webinar (#24)

Post-NAIC Update/PBA Webinar slides reviewing the NAIC Summer 2012 National Meeting and progress on the principle-based approach (PBA) to life reserves. The August 30 webinar included a comprehensive update on the status of the Valuation Manual, and updates on Actuarial Guideline 38, professionalism issues and capital developments.
(August 30, 2012)

PBR Implementation and Review Process Presentation

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)

LPC Comment Letters to NAIC on Valuation Manual

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)

VM-20 Amendment Proposal on Mortality

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)

VM-20 Simplified Approach for Mortality Assumption Determination of X and Proposed Margin

Life Financial Soundness Risk/Risk Management Committee presentation offering its findings of a simplified approach for mortality assumptions determination to LATF. (May 17, 2012)

FS/RM Presentation to LATF Regarding Value of X

Life Financial Soundness/Risk Management Committee presentations to LATF regarding the determination of X in a simplified mortality approach. (May 17, 2012)

FS/RM Presentatuin to LATF on Mortality Loads

Life Financial Soundness/Risk Management Committee presentation to LATF regarding a comparison of the impact of mortality loads. (May 17, 2012)

FS/RM VM-01 Amendment to LATF

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)

FS/RM PBR Review and Updating Amendment to LATF

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)

Post-NAIC Update/PBA Webinar #23

Post-NAIC Update/PBA Webinar #23 hosted by the LPC covering the Spring 2012 LATF meeting, a simplified approach for the VM-20 mortality assumption and other LPC topics. (March 29, 2012)

ARWG Report on Definition of Deterministic Reserves in VM-22

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 Amendment Proposal Regarding VM-20

LRWG's amendment proposal form regarding VM-20 to the Life Actuarial Task Force at the NAIC’s Spring National Meeting. (March 1, 2012)

Academy/SOA POG Reports on New Mortality Tables

Life Experience Subcommittee presentation providing a report of the joint SOA/Academy Project Oversight Group regarding new mortality tables. (March 1, 2012)

LRWG Simplified Mortality Amendment to LATF

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)

LRWG Amendment to VM-20 Outlining Streamlined Approach to Mortality

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)