This is the exposure draft of the Academy's Variable Annuity Reserve and Capital Work Group's Practice Note Supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities - 2021 Edition of VM-21. The comment deadline for this exposure draft is April 30, 2021, and can be sent to lifeanalyst@actuary.org. 

(February 03, 2021)

Life Valuation Committee's Principle-Based Reserve Review Procedures Work Group practice note. 

(April 17, 2020)

Life Valuation Committee's Principle-Based Reserve Review Procedures Work Group practice note. 

(April 17, 2020)

Life Principle-Based Approach Practice Note Work Group update of the 2017 VM-20 Practice Note to reflect emerging practices and changes to the Valuation Manual since the version effective for 12/31/2019 valuations.

(April 03, 2020)

The PBA Projections Practice Note contains questions and answers related to common practice for projecting future principle-based reserve and risk-based capital calculations. 

(December 30, 2019)

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.

(April 02, 2019)

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. (April 02, 2019)

Life Illustrations Work Group practice note assisting actuaries in performing professional services in compliance with ASOP No. 24 and providing information to actuaries on current or emerging practices. This practice note has been updated to reflect implication from the 2017 passage of the Tax Cuts and Jobs Act. 

(February 14, 2019)

PBR Assumptions Resource Manual Work Group sample framework for setting, updating, and governing life insurance assumptions for Principle-Based Reserving and other valuation frameworks.  (January 28, 2019)

Life Principle-Based Approach Practice Note Work Group update of the 2017 VM-20 Practice Note to reflect emerging practices and changes to the Valuation Manual since the version effective for 12/31/2018 valuations.  (January 16, 2019)

Life Illustration’s Work Group practice note assists actuaries in performing professional services in compliance with ASOP No. 24 and provides information to actuaries on current or emerging practices. 
(January 26, 2018)

Life Principle-Based Approach Practice Note Work Group practice note to assist actuaries with the implementation of the principle-based life reserve valuation approach adopted by the NAIC as detailed in the Requirements for Principle-Based Reserves for Life Products—VM-20. (May 18, 2017)

Principle-Based Reserve (PBR) Model Governance Practice Note Work Group practice note, Model Governance, providing additional information for practicing life actuaries seeking to better understand models, model risks, model governance, and related issues, as these actuaries implement PBR.
(April 20, 2017)

Addendum to Illustrations Work Group’s practice note, Actuarial Standard of Practice No. 24: Compliance with the NAIC Life Insurance Illustrations Model Regulation, to reflect the recently adopted Actuarial Guideline 49. (August 28, 2015)

Life Financial Reporting Committee practice note detailing practices on the treatment of value of business acquired (VOBA), goodwill, and other intangible assets under the purchase method of accounting of Generally Accepted Accounting Principles, or PGAAP. (October 15, 2014)

Asset Adequacy Analysis Committee practice note exposure draft on current practices in asset adequacy analysis and testing. Exposed for comment until Oct.6. (August 21, 2014)

Practice note detailing practices on the purchase method of accounting on VOBA, goodwill and other intangible assets under Generally Accepted Accounting Principles commonly referred to as Purchase GAAP.  Exposed for comment until June 2.
(April 04, 2014)

Update of the Practice Note for Actuarial Standard of Practice No. 24 on complying with the NAIC Life Insurance Illustrations Model Regulation.
(August 29, 2013)

Life Financial Reporting Committee practice note Optional Retrospective Application of ASU 2010-26 Acquisition Costs. (October 01, 2011)

Variable Annuity Practice Note Work Group practice note on the Application of C-3 Phase II and Actuarial Guideline XLIII. (April 06, 2011)