Actuaries led a Webcast last week to provide an update on work on the principles-based reserving project.
Participants in the workshop, which was sponsored by the American Academy of Actuaries, Washington, included actuaries, regulators and insurance company representatives.
Donna Claire, a life actuary with Claire Thinking, Fort Salonga, N.Y., and AAA member who is spearheading the project, said the project is basically on schedule for completion and noted that, as planned, as the actuarial work is completed, the project is increasingly being put in the hands of regulators.
Leslie Jones, vice chair of the Life & Health Actuarial Task Force, the group of regulators of the National Association of Insurance Commissioners, Kansas City, Mo., that is handling the PBR project, said work on revisions to the Standard Valuation Law, should be finalized in September.
If the SVL is adopted by LHATF in December, then it could be fully adopted by the NAIC by year-end, according to Claire.
Another component of PBR, the Valuation Manual, which details how PBR works, should be ready in 2009, she continues.