Insurance regulators are talking about the nuts and bolts of setting up a statistical data agent to handle data for preferred mortality tables.
Members of the Life & Health Actuarial Task Force of the National Association of Insurance Commissioners, Kansas City, Mo., say any preferred mortality statistical agent framework created could shape future efforts to move to a principles-based reserving system.
NAIC Model 815, the Model Regulation Permitting the Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities, includes a provision permitting insurers to use a designated statistical agent to file mortality reports with state regulators.
The statistical agent would collect and prepare preferred mortality data for use, according to Tom Rhodes, actuarial director of MIB Group Inc., Westwood, Mass.
But Paul Graham, a life actuary with the American Council of Life Insurers, Washington, is asking whether the model regulation really requires life insurance companies to submit data.
The model appears to refer only to the filing of reports, not of data, Graham says.
Even if batches of data were to be submitted, the data might not be useful because the figures might not represent a broad enough collection of data, Graham says.