The Annuity Reserves and Capital Work Group’s (ARCWG) proposed draft of revised NAIC VM-22 requirements for fixed annuity principle-based reserving framework. The following draft includes a version demonstrating the changes to the current VM-22 framework as well as a clean version of the document.
( )The Academy’s Annuity Reserves and Capital Work Group’s summary of the differences between the Academy fixed annuity principle-based reserving (PBR) framework proposal exposed by the National Association of Insurance Commissioners VM-22 Subgroup in October 2020 and the current framework for Valuation Manual (VM)-21 (variable annuity PBR).
( )PBR Governance Update to the Life Actuarial (A) Task Force at the NAIC 2020 Summer National Meeting
( )VM-21 Checklist produced by the Variable Annuity Reserves and Capital Work Group.
( )Annuity Reserves Work Group Summer 2020 presentation to the NAIC VM-22 Subgroup on the preliminary framework elements for Fixed Annuity PBR.
( )Annuity Reserve Work Group (ARWG) presentation to the NAIC VM-22 (A) Subgroup on the development of their preliminary framework for fixed annuity PBR.
( )Life Valuation Committee's Principle-Based Reserve Review Procedures Work Group practice note.
( )Life Valuation Committee's Principle-Based Reserve Review Procedures Work Group practice note.
( )The PBA Projections Practice Note contains questions and answers related to common practice for projecting future principle-based reserve and risk-based capital calculations.
( )PBR Governance Work Group update at the NAIC 2019 Fall National Meeting.
( )A four page resource outlining the critical elements of PBR for life insurance.
( )PBR Governance Work Group update to the Life Actuarial (A) Task Force at the NAIC Summer 2019 National Meeting.
( )PBR Governance Work Group update to Life Actuarial (A) Task Force at the NAIC Spring 2019 National Meeting.
( )Life Reserves Work Group presentation to the Life Actuarial (A) Task Force on PBR treatment for individually underwritten group insurance.
( )Exposure Draft of the PBR Review Procedures Work Group practice note on risk-focused examinations. Comments are due to the Academy by July 1, 2019.
( )Common Practices of Examining Actuaries Involved in Statutory Financial Solvency Examinations of Life and Health Insurers (Including Considerations for Principle-Based Reserves)
Exposure Draft of the PBR Review Procedures Work Group practice note on risk-focused examinations. Comments are due to the Academy by July 1, 2019. (
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Life Practice Council letter to Life Actuarial (A) Task Force on concerns with the NAIC moving in a direction that would deviate from principle-based approach for life insurance.
( )PBR Assumptions Resource Manual Work Group sample framework for setting, updating, and governing life insurance assumptions for Principle-Based Reserving and other valuation frameworks. (
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Annuity Reserves Work Group presentation to Life Actuarial (A) Task Force on non-variable annuities. (
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Reinsurance Work Group presentation to the Life Actuarial (A) Task Force on PBR Allocation and credit for Reinsurance.
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