Who Will Keep Track Of Reserving Principles?

But Jim Poolman, chair of the principles-based reserving working group, argued that lawmakers may resist the idea of ceding authority to a central authority such as the NAIC.

Birny Birnbaum, executive director of the Center for Economic Justice, Austin, Texas, said any centralized body that tries to maintain consistency in reserving methods must offer an open decision-making process and make itself accountable to the public.

Paul Graham, a life actuary representing the American Council of Life Insurers, Washington, said any valuation manual that a centralized body creates should take effect in each state on the same date.