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May 12, 2006 at 01:31 PM
Members of the Life & Health Actuarial Task Force are hoping to complete a draft of new variable annuity reserving rules sometime this summer.
The National Association of Insurance Commissioners, Kansas City, Mo., would then expose the draft, the work of the Variable Annuity-Commissioners Annuity Reserve Valuation Method project, to public comment.
The full membership of the NAIC would have to approve the model before it would take effect, officials said Thursday during a task force discussion.
Members of the VA-CARVM team hope to replace the old, formula-based approach to regulating VA reserves with a new, more flexible, principles-based approach.
Project team members are hoping to get company data from the American Council of Life Insurers, Washington, that will focus on risk-based capital and the effect of differences between Contingent Tail Expectation 65 and CTE 75 and different versions of a standard scenario.
