NU Online News Service, Feb. 18, 2004, 6:03 p.m. EST – Regulators are still deciding how to frame the new reserve rules for variable annuity guarantees.[@@]
Officials with the National Association of Insurance Commissioners, Kansas City, Mo., are talking about whether any new guidance should be retroactive and whether the guidance should take the form of a law, a regulation or an actuarial guideline.
The American Academy of Actuaries, Washington, is working on VA guarantee reserve valuation for the NAIC. NAIC officials plan to discuss the reserve issue in March, at an NAIC meeting in New York.
Implementing an actuarial guideline would be easier and quicker than creating a new law or regulation, but a new law or regulation might provide more legal certainty, officials say.