With great actuarial flexibility comes great corporate responsibility.
That was the underlying message earlier this month during 2 separate conference calls.
State regulators and members of an actuarial group organized the calls to discuss the possible effects of a shift to “principles-based” actuarial standards on corporate governance standards for life insurers.
The Capital Adequacy Task Force/Life and Health Actuarial Task Force joint subgroup at the National Association of Insurance Commissioners, Kansas City, Mo., held one of the 2 conference calls.
Participants talked about the influence of corporate governance concerns on proposed revisions to the NAIC’s Model Audit Rule.