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March 28, 2006 at 08:17 PM
A leading actuary says work on a shift to a more flexible, principles-based approach to life reserving is going well.
The product “won’t be perfect from day 1,” says Donna Claire, chair of the risk management and financial soundness committee at the American Academy of Actuaries, Washington. “There might be some unexpected bumps.”
But the committee is still on track to complete the principles-based update by the end of the year, Claire says.
Claire is seeing strong interest in the project: she says an academy conference call on the project recently drew more than 1,000 participants.
Although the committee now is focusing on life insurance products, the next phase of the project will cover health insurance, says Claire, who is a life actuary with Claire Thinking Inc., Fort Salonga, N.Y.
