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July 16, 2009 at 08:00 PM
Members of a National Association of Insurance Commissioners panel talked Thursday about topics such as experience credibility and projection length while going over proposed amendments to a valuation manual draft.
The NAIC’s Life and Health Actuarial Task Force reviewed VM-20, a section of the valuation manual draft, during a conference call.
The Valuation Manual gives specific details about how readers should use the Standard Valuation Law model, another document developed by the NAIC, Kansas City, Mo., to set and implement insurance reserve requirements.
The VM-20 section would establish requirements for principle-based reserving. Advocates of the principles-based approach want to shift toward use of actuarial judgment and risk-based valuations to set reserves, and away from reliance on rigid reserving formulas.
