Risk-based capital:
Variable annuities
The Academy’s most recently completed principle-based initiative is the C3 Phase II risk-based capital (RBC) project. It gives instructions on how to take a company’s individual mix of assets and liabilities into account when determining capital adequacy for variable annuities and several other types of annuities. The original C3 Phase II project focused entirely on RBC, but it has since expanded to address reserving questions, too.
The recommended C3 Phase II instructions were adopted by the NAIC in October 2005 and took effect Dec. 31, 2005. A new Academy group, the C-3 Phase II Variable Annuity Work Group (VAWG), will monitor and review the work of the NAIC’s C3 Phase II Results Subgroup and will “touch” up the October 2005 recommendations.
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