State insurance regulators and a major actuarial group are exploring attitudes about the idea of setting up a peer review system for actuaries.[@@]
Many advocates of proposals to shift to a more flexible, statistics-based system for assessing life insurance company stability say developing a program for reviewing actuaries’ work might be important to making the system work.
The National Association of Insurance Commissioners, Kansas City, Mo., polled states about actuarial review programs, and the American Academy of Actuaries, Washington, polled actuaries.
The actuaries participating in the academy’s survey gave a grade of A to the importance of rating actuaries’ work on reserve valuation, an A- to the importance of rating actuaries’ work on risk-based capital valuation and just a C to the importance of rating actuaries’ work on tying assets and liabilities to the annual statement.