Many life insurers want regulators to include preferred mortality tables and lapse rates in a temporary life reserving system.
A representative for the American Council of Life Insurers, Washington, talked about those goals here during a Life & Health Actuarial Task Force session at the spring meeting of the National Association of Insurance Commissioners, Kansas City, Mo.
The American Academy of Actuaries, Washington, is trying to help the NAIC develop a permanent, flexible, “principles-based” life reserving model that would rely heavily on actuarial judgment.
The ACLI wants to see the NAIC adopt an interim model for use while work on the principles-based model continues.
Paul Graham, ACLI chief actuary, asked at the spring meeting for regulators to consider work done by Tillinghast, at the request of the ACLI, on developing preferred mortality tables, which could reflect improvements in mortality data.