The American Council of Life Insurers is urging state insurance regulators to come up with a principle-based approach for evaluating life insurance company reserves and risk-based capital levels.[@@]
The board of the ACLI, Washington, voted at its board meeting Friday to endorse a principle-based proposal offered by a group of 10 top insurance company executives.
The executives’ companies developed the proposal as an alternative to a draft of Actuarial Guideline 38, or AG 38. AG 38 is supposed to set rules for reserving for universal life contracts with secondary guarantees.